Updated registration numbers for the two sessions revealed exam registrations had surged in the last month, as advisers hedged their bets against the possibility of the extension bill failing to pass into law.
FASEA revealed 2,250 advisers had sat the exam via remote proctoring during the June session, a significant increase on the approximately 2,000 advisers that had registered for the June session when FASEA last provided figures at the end of May.
Registrations for the August exam are now at over 2,200, FASEA said, compared with 1,200 that had registered to sit in August at the end of last month.
FASEA chief executive Stephen Glenfield noted that 86 per cent of the 8,000 advisers who had taken the exam to date had passed.
Mr Glenfield welcomed the passage of the bill through Parliament on Wednesday, after a protracted period of deadlock that saw the bill delayed by Labor and Centre Alliance amendments.
“FASEA welcomes the certainty the extension of time frames provides to existing advisers seeking to pass the exam and meet the higher education standards,” he said.
Mr Glenfield noted that almost 3,000 advisers had already enrolled in bridging courses to meet the education standards by the new 2026 deadline, while more than 6,500 were undertaking individual subjects of bachelor or higher degree equivalence to meet the necessary education pathways.
The authority noted it had approved more than 160 degrees and bridging courses and recognised 15 courses of study to attain professional designations.
I’m the same age from the country. Come on James do the FASEA exam and stop complaining. It achieves nothing.
He’s got his BOLR, and sold at 3 times revenue. Smart man and problem the reason why you’re doing a FASEA exam.
@ James, Wondering when you Die, and all your clients have long died, and they give your eulogy and when it’s written James was a “Financial Planner”” whether people will think “used car salesman” or “dedicated professional”. I’m pretty disappointed at some of the choices Advisers have made after my 20 years, that we’re more the used car salesman. All the best James, I’m sure your clients valued your advice. I just hope we can move that dial for you towards the professional a little more and advisers don’t take the loss of your care, and experience for granted and don’t reflect on what’s needed to change. I know, I will do my bit, in that I won’t be renewing my FPA membership this year given the conflict they have with the big end of town.
Well this almost seems like you think there’s going to be a profession left after this… The government are pushing FP towards a government run institution. They want you out.
agree with you james. sadly the profession is going to lose good people and skills you won’t get in a text book.
blame the FPA. 100%. the new system will most likely fail.
I am aged 62 and after being a planner since late 89 and will bow out in the latter half of 2021. It is not worth the time and effort doing exams etc. Let a younger generation fight the battles assuming there is a profession left. I have a practice ( sold 5 years ago but still look after my clients) in a rural area and while my old practice will continue to growth and servive it would not even had a chance to open if the new rules/system were place back in 89. Most of my clients have been with me between 15-30 years. When I explain I will need to hand in my licence they are quite frankly dumbfounded that some someone with 30 plus years experience can be shown the door. I have a few old solicitors and accountants as clients and they never had degrees but where grandfathered when their changes happened. Anyway thats life. This profession should be solely focussed on client outcomes, sadly the last 2 or 3 years as a planner it has become compliance focused with clients, planners and staff paying the consquences for decisions made which we have no control over or to a large degree no imput.I have enjoyed coming to work from day one until about 2 years ago where the amount a paperwork has just become overbearing and non productive. Financial planning is about long term relationships but unfortunately the powers that be including dealer groups have forgotten this. I hope after 2021 that there will be affordable planning available to rural people who are in some ways the back bone of this country.
Stephen Glenfield welcomed the extension of the exam for one reason only……..because this will generate significantly more income via initial exam attempts and potential re-sits over an extended time frame.
Anything else Stephen Glenfield states that appears to be supportive of financial advisers current situation is to be taken with suspicion and lack of trust.
So the alternative of no extension should’ve been the option he was chasing?? some people are never happy