On Wednesday, the standards authority revealed a 180 per cent increase in FASEA-approved university-level course units being studied by existing and potential advisers, with 33,703 individual course unit enrolments at the end of 2020 compared to 12,054 in 2019.
It also noted a 203 per cent increase in the number of bachelor’s degree units being studied by an estimated 2,800 potential new entrants to advice (up from 5,548 units in 2019 to 16,817 in 2020) and a 160 per cent increase in postgraduate and bridging units being studied from existing advisers (up from 6,506 in 2019 to 16,886 in 2020).
Meanwhile, 560 new entrants as of September 2021 have commenced their professional year since January 2019, with enrolments increasing from 47 in 2019, 209 in 2019 and 334 so far this year.
“FASEA commends those financial advisers who have embraced raised industry standards and embarked upon uplifting their education levels,” FASEA CEO Stephen Glenfield said.
“The uplifting of financial adviser levels of education represents a key component of the Parliament’s vision to build a trusted, educated and ethical financial advice profession.
“Advisers who have completed their education or embarked on their education pathway will play a significant role in helping promote a profession that consumers can have confidence in today and into the future.”
The news comes after the Financial Services Council (FSC) urged for prior study and education undertaken by advisers to be recognised following the FASEA transition in 2026.
In a white paper released last week, the FSC called for an assessment of whether industry-developed courses and qualifications meet the FASEA education and CPD standard offered by tertiary institutions.
“Education requirements have increased the cost of advice. However, it is important for professional standards to be given time to mature,” the paper reads.
“The FSC supports changes over the medium term to deliver a professional framework that is more inclusive of different qualifications or development pathways that reflect the FASEA standards.”
FASEA confirmed on Wednesday that approximately 50 per cent of advisers who have no degree have received recognition for prior learning.
BLa Bla Bla to justify why we hit the iceberg.
I say with the interpretation of those statistics Mr Glenfield could get a job in the marketing department of an Industry Super Fund. Financial Planners however are guided by a higher ethical and legal standards it seems. We can’t just assume because an 18 year old Foreign exchange student from Hong Kong is doing Introduction to Financial Planning that our Government funded organization is a huge success.
Where is the scientific ie evidence to back this ridiculous statement up. You cant just get your marketing / communications department together in your “mood room” every month and come up with garbage like this!
So he’s saying student currently enrolled in a Bachelor of Economics that does a brand new financial planning elective, equates to a 180% increase and so FASEA and the Government should all be congratulated. I think someone needs to do some ethics study themselves.
Thanks for your patronising praise Stephen Glenfield. The fact you even said this shows just how out of touch you are.
Can I suggest you now focus on raising the education standards of the politicians and the bureaucrats that have been responsible for the unworkable rules and regulations you have put in place.
Can you explain why the rules and regulations are unworkable? If they are unworkable why have so many practices been able to use them their advantage? I would have though all of the changes are about creating a better industry.
Ah yes.. Here come the comments just complaining……
Dead right! I stand by Glenfield on congratulating those advisers embraced improved standards. Long over due increases. Any complaints coming through are probably weighted towards those who think education is just a couple of PD Days a year.
Advisers have good reason to complain. FASEA is a disgrace. They deserve to be wound up. PS. I already had an approved degree and passed the exam in 2019. So your comment is plain wrong
Lol… as if most advisers had a choice.
“…..180 per cent increase in FASEA-approved university level course units being studied …” the Uni Providers must be loving this huge increase in money $$$$$$$$$$$$$$$$$ in the door.
Being “praised” by a government department is so patronising.
Finally the Professional Year numbers are SLOWLY starting to increase… still, only 560 in 3 years is pathetic. Doesn’t matter how many people are studying to become Advisers if they can’t get past the PY hurdle (like myself).
560 ins v’s > 9,000 exits – congratulations to all involved in Canberra….a great result!!
but why is it becoming so expensive. Obviously the remaining financial advisers are rorting the system.
Perhaps because the reason for both increased exits and increased fees, is a massive increase in bad regulation.