In a statement, the authority said it had recognised the University of Canberra’s Graduate Diploma in Financial Planning commenced between 1 January 2003 and 31 December 2005, meaning advisers who had completed this qualification only needed to do a bridging course in Ethics for Financial Advisers to meet the education standard.
In addition, FASEA recognised RMIT’s Master of Financial Planning and Graduate Diploma of Financial Planning, saying that completion of either of these courses would see advisers meet their education requirements.
Coursework completed as part of the FPA’s Life Risk Specialist designation between 2009 and 2018 would also be awarded one recognition of prior learning (RPL) credit, as would coursework for CPA’s Associate program between 1985 and 1988.
The authority said it had also approved three bridging courses available at RMIT including Professional Ethics, Financial Planning Regulatory Obligations and Behavioural Financial Advice.
FASEA chief executive Stephen Glenfield said the approval of the additional courses built on the body of courses already approved by FASEA and provided additional choice to advisers seeking to meet the education standard.
The approved courses would be added to a future legislative instrument, the authority said.
I am currently doing the Ethics subject even though I did a full course in Ethics which was CFP5. Makes complete sense.
If FASEA does not recongnise all Diploma’s done via the FPA regardless of when it was done it’s and indictment on the FPA as a whole and they are defunct as an association. Absolutely ridiculous that FPA temerity Diploma are not recognised.
My DFP 1-6 the DFP 8 all done before the year 2000 = no credits. Smh
Yep I hear you on this
I like so many have had a guts full of these self serving buffoons running FASEA who think the term nanny state is a good thing. What was once a good business to be in has now become a joke with so much red tape every way you turn. Time to do things in life that are far more enjoyable and leave this to those few that are prepared to put up with crap Ike this. Good luck.
This is a FARCE. All Diploma of Financial Planning graduates should be credited. (at least for 4 units) End of story.
If only
For heavens sake, just let all advisers over 60 stay until they have had enough. Their experience and the things they have absorbed by osmosis and CPD points is priceless. I would hate to be a person who is currently 60 and thinking of retiring in 5-6 years cause the people you will have left to see will not be anywhere as experienced in retirement and life planning as a current older adviser. You cannot teach about divorce, domestic violence, mental health, complicated asset protection structures, death of a person close to you…the human toll of the GFC, market falls..holding someones hand whilst they cry in your office and then hugging then on the way out..listening to stories that the four walls should never repeat…..no university course covers this. But advisers have either experienced it all or listened to it from clients over the years. Their empathy is second to none – but without a piece of paper they are apparently useless in assisting clients. Let the younger ones making a career out of this industry complete the study, but we older advisers who did every possible course available to us at the time and then some, and kept up all our CPD, are now expected to give up the careers we love to keep bureaucrats happy. Common sense says a carve out will retain advisers when they are most needed.
Couldn’t have said it better. I am 60, I have an Accounting Degree, Chartered Accountant, Diploma of Fin Planning and recently completed the two year FChFP course, I have an umblemished 35 year career as a Partner/Director with many staff who I have trained to be professional in every way. The worst part is that I feel totally disrespected. When you consider the experience that is going to be lost over the next five years, that truly warrants a Royal Commission.
So much for being an early adopter . I did the original DIp FP as soon as it was available and was in the first intake of CFP’s in the late 90’s and have held the “highest designation ” since, including all of the relevant CPD etc specialist cources in SMSF, Direct Equities , Estate Planning and 30 plus years experience … sorry mate back of the que for you no recognition of anything …
With decades of experience and studies through University, Kaplan, Finsia, Tribecca, Pinnacle and God knows how many other companies’ internal education courses, I’ve yet to actually learn any theory that’s useful, practical or beneficial to clients. It’s very beneficial to the education providers though.
[b]FARCE-IA [/b][b][/b]simply has no clue. They would not know how to the words ‘consistency’ or ‘professionalism’ – does anyone disagree?! There is clearly no place for these inanimate creatures in our (once great) industry. It is a travesty what they have done. No other word.
Every educational institution allows for Recognition of Prior Learning (RPL) on a subject basis towards qualifications, so that if the subject is relevant and appropriate, your get RPL. You can also often do specific assessments for subjects to show your prior knowledge.
Not the FASEA joke, they only provide RPL on the whole qualification! It is completely against the procedure universities and other institutions have used for decades.
The whole FASEA process is a farce and in years to come, people will look back and say, well that wasn’t very clever decimating the number of adviser/planners.
yeah its not really a massive good news story is it??? I mean i have a degree in Psychology and Legal studies/GRad dIp in Business and the full DFP and 15 + years experience in this industry but been told i still need to do 5 of the 8 Grad Dip subjects!!!?? They (FASEA) really are living on another planet aren’t they? To rub salt in the wound i already know neither the exam nor these 5 subjects will teach me anything i haven’t already learnt or seen or absorbed already…so what is the point of that except to waste my time and money…
I couldn’t agree more. Perfect summation!!
Absolutely agree. Try the DFP, ADFP, 10 years Accounting experience, 22 years Financial Planning experience, 15 years stockbroking experience, 17 years Private Banking experience (multinational/cross-border) and 15 years Management experience in Financial Services….and I’m apparently not sufficiently qualified or experienced. I wonder how much actual experience and knowledge the guys who’ve put together FASEA’s requirements actually have outside a classroom.
The point $$$$$ for the educators. Cynical, well one doesn’t needs to wonder too much when they look at the people that designed the requirements. One does have to laugh at the ethics behind this.
What ethics? Bwahhahaha
Will they refund people who’ve done additional (now unnecessary) courses? Happy to have more prior learning recognised but jeez.
correct . all this should of been thought through instead of rushing it.
April 2020 and they’re only now saying a Masters in Financial Planning completed in 2005 is accredited. Disgusting. Your poor soles that did that course. [b]That happens when the staff from Griffith Uni is running the show[/b][b][/b]. No conflicts there. I sweated for months and wrote FASEA 5 letters to get my degree listed and approved early last year (no help from the FPA) which enabled me to get on with my life and since that date I’m 80% of my way through another piece of study.
Discussions between FASEA and the FPA via it’s FPEC program to rip off as many planners via the sale of education courses has broken down and finally jsut starting to be exposed…I’m currently doing a TPB course do save me $1,000 a year in crappy FPA fees.
Not sure how some CPA coursework from 1985 can possibly be added. Makes a mockery of everything.
This all REALLY nice, but still not a single day’s credit ANYWHERE for CPD, in direct contravention of FASEA’s mandate. And this, in spite of being grilled by politicians on the issue. #FARCEA