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Everyone has an opinion, and some people feel compelled to speak out.  Share your views, opinions and insights with financial advisers accross Australia today. If you'd like to write a blog or to submit a letter to the editor please contact the editorial team on [email protected] or call 02 9922 3300.

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Advisers to suffer ‘horrendously’ from FASEA

Haha wow now were pulling out the sexism card for asking both genders to complete further study. We've hit a new low as an industry trying to avoid the hard work to be a profession.

1 day ago.
Advisers to suffer ‘horrendously’ from FASEA

No, they dont read the announcements.... People just love to complain if there is ever anything asked of them. I mean seriously, anyone who cant complete a graduate diploma in 5 years (when they should already know the content) probably needs to look at a new career anyways.

1 day ago.
Advisers to suffer ‘horrendously’ from FASEA

Good for you Dan you have just started your business, so you have far too much time on your hands from not having a mature and comprehensive business. Just having to write new business is great. But wait until the calls come in that require you to have knowledge on behavioural finance. Wait until your clients start talking to mates at the BBQ or reading the Barefoot Investor and of course there are the reviews all of which will compete for your limited hours in the day. Your kids havent gotten to the point where sport and extra curricular activities will also compete for your time. You only have 24 hours in the day. It's simply not enough to do everything properly.

1 day ago.
Advisers to suffer ‘horrendously’ from FASEA

Agreed, who came up with the idea that a BCom majoring in Economics and Finance wasn't a related degree...........

1 day ago.
Advisers to suffer ‘horrendously’ from FASEA

Experience without any qualification is not worth course credits. But I agree completely that a degree AND experience means that the holder has been capable of researching and studying the advice they give. NO FURTHER EDUCATION should be necessary if the adviser is able to pass the following test. TEN LETTERS FROM CLIENTS stating how disadvantaged they would have been and might be if they had never been able to work with THEIR TRUSTED ADVISER.

1 day ago.
Advisers to suffer ‘horrendously’ from FASEA

Dan wrote:
I think its time we all just got on with it. FASEA and the education requirements arent changing. Personally, I started my own business 12 months ago, no degree, have 3 children under 4.5 and in the last 12 months, completed the Grad Cert, and will complete the Grad Dip in 5 weeks time. I have 2 subjects to complete my Masters now by the end of the year.


What I read is you are a full time daddy that studies! That is not the description of a real FP business!

1 day ago.
Advisers to suffer ‘horrendously’ from FASEA

18 mths ago I started my master’s Degree knowing full well what was coming. I am a 3rd of the way through and 'Yes" it has greatly impacted on my young family and indeed created tension in my marriage at times.
Like Ms Anderson, I run a business, I spend considerable amounts of time before and after work as well working on the weekends. My wife, takes our children to school, I pick them up after school/day care has finished at around 5:30pm, I often prepare dinner, get them bathed (jointly with my wife) then I put our 2yr old to bed at around 7pm, then our 7 yr. old will go to bed at around 8:30pm (as it's the school holidays), I then pick up where I last left my studies that day and can be in the office at any time between 4:30am - 6:30am the next morning. It is Groundhog Day and incredibly draining mentally.

Why am my making the above point? The comment 'Where it becomes difficult there is often women working in the industry that have other demands,” I find offensive,

I truly have a great respect for women and would like to see more in our industry, but you know.... men also share the same demands that are placed on women when raising a family.

Please stop using the sex discrimination card when in fact this is not the case. The discrimination is against all advisers regardless of sex.

If in case you were indeed wondering, my wife has a full-time job as well. What I would suggest to you Ms Anderson, is this 'as you have indicated that you have accepted raising education standards', drop the so called sex discrimination as it is a discrimination against all in the industry and like me, you could have started raising your education standards before this point in time but have chosen not too in the hope education demands would be lessened after various consultations.

For the record, a colleague that I know who a single mother is and raises 3 children without any support whatsoever from the children's father is also completing her studies at present, she had the foresight to start her education pathway early and it will probably take her 6 years on a part - time basis to complete.

The demands placed on all advisers is erroneous that I do agree with you on.

1 day ago.
Advisers to suffer ‘horrendously’ from FASEA

Dan wrote:
I think its time we all just got on with it. FASEA and the education requirements arent changing. Personally, I started my own business 12 months ago, no degree, have 3 children under 4.5 and in the last 12 months, completed the Grad Cert, and will complete the Grad Dip in 5 weeks time. I have 2 subjects to complete my Masters now by the end of the year.
Dan wrote:
I think its time we all just got on with it. FASEA and the education requirements arent changing. Personally, I started my own business 12 months ago, no degree, have 3 children under 4.5 and in the last 12 months, completed the Grad Cert, and will complete the Grad Dip in 5 weeks time. I have 2 subjects to complete my Masters now by the end of the year.

The education requirements are still charging:
1. Graduate Diplomas (except a small sprinkling) have NOT yet been approved by FASEA
2. If approved course does not yet cover FASEA code of ethics even though you may have done an approved degree you must complete a FASEA approved bridging subject in ethics.
3. Bridging subjects have NOT yet been approved.

Thats just 3 examples that show the FASEA education requirements are still changing.

1 day ago.
Advisers to suffer ‘horrendously’ from FASEA

Anonymous wrote:
Why does Ms Anderson think she needs to complete a Masters-level qualification? Seems like someone who doesnt understand the pathways for existing advisers.

Do people not read the announcements from FASEA? Or is it just easier to have a bit of whinge....

MS Anderson is probably better informed that FASEA require Graduate Diploma of Financial Planning at minimum the Legislative Instrument. However absurdly FASEA nearly exclusively only has approved Bachelors and Masters. Where are all the Graduate Diplomas that FASEA should have approved?!?

1 day ago.
Advisers to suffer ‘horrendously’ from FASEA

As an owner of an accounting practice, and a partner in a lw firm, I would NOT sit any client in front of a graduate student PERIOD. They may have the knowledge from a text book and have cramped for an exam and gotten through but experience matters in the real world Mr Meilkle. I think you should get your head out of the sand and use it wisely. Clearly you are not.

1 day ago.
Advisers to suffer ‘horrendously’ from FASEA

It is not just Women it is also Men who are caught and have problems.

This whole mess is making the Financial industry worse that being a tax agent

1 day ago.
Advisers to suffer ‘horrendously’ from FASEA

While i feel your anguish, i do not agree with your comments, experience is of course invaluable, but, so is education, ideally they would go hand in hand. Your comment that no uni course has every educated anyone correctly, is of course absolute rubbish. I myself have an MBA and currently completing a PhD, I am not defending the academic side of life but education is a requirement that CANNOT be replaced by pure experience

1 day ago.
Advisers to suffer ‘horrendously’ from FASEA

Don't men have the same amount of time challenges in raising a young family? A spurious argument.

1 day ago.
High demand for advisers and paraplanners in 2019

Where are all the customers yachts?

1 day ago.
Advisers to suffer ‘horrendously’ from FASEA

Surely the simple compromise solution would be to retain the current FASEA educational requirements and just add 2-3 years to the deadine.

1 day ago.
Advisers to suffer ‘horrendously’ from FASEA

There's two different arguments against FASEA. One is that experience should be allowed as a substitute for education. Unfortunately the law doesn't allow for that, and its pointless blaming FASEA.

The second is that FASEA is not providing sufficient recognition for previous relevant education. FASEA is totally to blame for this. They have acted outside the spirit of the law, and appear to be doing so in order to generate revenue for course providers with links to FASEA Board members. They have been extremely intransigent, and only made very minor concessions as part of a token "consultation process". The current FASEA Board does not appear willing to act according to the spirit of the law. They should be sacked, and investigated for corruption.

1 day ago.
Advisers to suffer ‘horrendously’ from FASEA

Having been an adviser for 20 years and involved with the University sector an issue is that the tax payer funded University sector has failed the Advice Industry. As an adviser I have had to do countless amount of hours and yet there is a deficiency in courses targeted at experienced financial advisers. Most courses presently written are aimed at entry level students. As an example there are only two Universities that offer Aged Care courses. Due to adviser numbers in Australia the market place is not large enough for Universities to target this market.

Hence the private sector has filled this gap and I'm sure I'm like most advisers, in addition to my formal education I have had to do a range of short courses, SMSF accreditation, Margin lending, Derivatives and equities, add on TPB requirements and most advisers could rightly claim they have the equivalent of a Graduate Certificate. Therefore experience should count.

1 day ago.
Advisers to suffer ‘horrendously’ from FASEA

Why does Ms Anderson think she needs to complete a Masters-level qualification? Seems like someone who doesnt understand the pathways for existing advisers. Given she only has the bare minimum quals to be an adviser at any rate, being the 4 subject DipFP, Ms Anderson can meet the ed requirements by doing an 8 subject Grad Dip rather than the longer 12 subject Masters program. She can upgrade to the Masters qual after the 2024 deadline by undertaking additional study & completing the extra 4 units.

Do people not read the announcements from FASEA? Or is it just easier to have a bit of whinge....

1 day ago.
Advisers to suffer ‘horrendously’ from FASEA

They do not listen !!! FULL Stop. Keep hitting your head against the brick walls!

If there is not clarity by the end of this financial year, move on!!

Perhaps that is the intention.

1 day ago.
Advisers to suffer ‘horrendously’ from FASEA

"I am not against FASEA but......"

1 day ago.