In a statement, Mentor managing director managing director Mark Sinclair said that the new education standards would see “heightened levels” of trust and confidence in the financial advice industry, and reinforce financial planners’ positions as “highly respected professional practitioners”.
“Although there continues to be small pockets of resistance and negativity to the academic and professional industry standards, the reality is they herald the start of a new and exciting era for the advice sector,” Dr Sinclair said.
Dr Sinclair noted that the new education standards had prompted older advisers to head for the exits and enter “succession mode”, but added that time was “still well and truly” on their side.
Completing a master’s of financial planning degree requires advisers to complete 12 units, for which the average adviser will receive four exemptions, and as each of the remaining units can be completed within three months, advisers will typically be able to complete their course in two years, Mr Sinclair said.
Additionally, Mr Sinclair said that each unit will provide as many as 50 CPD points, and that Mentor research found that many financial advisers find studying “worthwhile and gratifying”.
just pushing his own companies agenda. A lot of $$ for their courses!
jape
just answering 2 areas, read again and you will see. cheers
Having seen this in the uk and thousands of advisers leaving the industry the time to act is now and whilst I agree with some of the comments made in the article the simple facts are that advisers work long hours often running their own business so please expect longer timelines than two years to complete a masters
There also needs to be better support from dealer groups this is not just a leave it to the adviser scenario they need to be helping and supporting both financially and physically
Section 921B(2) states[i] a person has completed a bachelor or higher degree, or equivalent qualification, approved by the standards body, or a foreign qualification approved by the standards body[/i]……another words no one will know what to study, whether their existing degree prior to 2011, is equivalent until the standards body spells it out. One would assume any courses at AQF standard 7 or above and post the introduction of this standard in 2011, and on the AQF register, would go towards this requirement.
Shambolic
The relevant body to advise on the requirements has yet to publish these requirements. it may be easier than most think. For those needing [b]commercial law and tax,[/b] look on the CPA site, around $500 per unit and according to them, satisfies requirements- but check for yourself. Remember, the statements so far refer to degree equivalent- the composition is yet to be determined. maybe the reasons perceived for departure from the industry do not exist and I am sure the relevant professional bodies will offer suitable bridging courses- so no stress and hang in there till a clear solution is available, including riskies.
Hey Dave, I think you are confusing the TPB registration requirements with the new broader education standards here buddy.
Some clarity on the ‘four exemptions’ might be required…..advice provided by one of your competitors states that a Diploma of Financial Planning is delivered on level 5 of the Australian Qualification Framework (AQF). For recognition of prior learning, previous studies must be equivalent to post graduate subjects on AQF level 8 or 9.
Rubbish! That’s because he’s articulated with Notre Dame to offer a degree, so he wants to push this for himself! Loads of well qualified, experienced advisors are going to exit. Who wants to do a degree at 50 plus with business and family pressures..
The next six and a bit years will provide an opportunity for those capable junior planners to move through to partner in the firm.
The education is merely a catalyst for the passing of the baton. Ultimately the on the job training will be far more valuable to the future partners, than the academics.
yes, lots of opportunity coming up as the exiting advisers close the shop, abandon their clients and their employees.
Dr Sinclair conveniently glosses over the $20-$30,000 cost and the time investment required to complete the Masters program, until the FASEA announce exactly what the requirements are we are all speculating.
When did it become clear what the education requirements actually are? Especially relevant when some advisers already have varying degrees and qualifications that are yet to be sanctioned, or is Dr Sinclair simply pushing his own education barrow?
Anxiety exists because FASEA hasn’t announced yet what the requirements are.
Ignorant bliss?
Exactly. What exactly is a ‘relevant degree’? I saw an education provide claim that a graduate certificate met the requirements…
Hopefully they will release some direction on what the pathways will be shortly. What degrees will be considered to be ‘related’? Commerce, Economics, Business, Law, Finance? Will any of those plus additional qualifications assist? DFP, CFP, SMSFA?