The legislative instrument is updated with additional information from higher education providers on their historical degrees and extends the range of approved historical programs.
It also includes the first approved recognition of prior learning (RPL) for education undertaken to attain a professional designation.
The FPA’s five-unit Certified Financial Planner (CFP) program (commencing semester two, 2003) has been assessed pursuant to FASEA’s program and provider accreditation policy and as a result financial advisers and planners who have completed this program will receive two credits for the appropriate existing adviser pathways set out in FASEA’s Education Standard.
FASEA has also worked with higher education providers to enhance information on historical degrees, and with industry associations to review potential recognition of learning opportunities following on from queries and information received from industry.
“We welcome stakeholder feedback as we continue to update FASEA’s approved list for the education standard, and all feedback will be carefully reviewed prior to making of the legislative instrument and release of the explanatory statement,” FASEA chief executive Stephen Glenfield said.
FPA, still out there selling Beta Video Cassettes. CFP fees and Product Payments. Ah bless them. Good on them… Keep clinging to the past FPA, yep I’m sure it will work. What’s the Vision/ Strategic plan this year FPA, turn off lights to save money? Yep thought so.
Too much a business risk to be tied to that mob. For some unknown reason I hung onto that CFP brand myself, was quite passionate about the whole thing and even spoke about the merits of the CFP & professionalism one year…..but then I quit two years ago..the smell of the past was just too rancid. Pretty sure the only members left work for AMP and the Banks and that’s only because of an ASIC understanding and their membership is paid for them. I even wrote to Dante & spoke with their CEO and said Royal Commission is a coming, time to lift your game dudes be the leaders we need. The valued CFP brand = 2 FAESA credits, oh how management have let their members down, just how did it get soooo bad.
I noticed that there would always have at least one CPA or CA member sitting on the boards/management committees in the top 100 ASX listed companies (including big financial groups). Not the same with FPA members!!!
is it true that CPA is being sued by its members? and CA financially is not doing well. It seems that general public has a great trust in Accountants than CFP. Two leading roles in FASEA are led by accountants too. I guess accountants more professional and they look beyond merely financial planning. Being a member of FPA is simply a very narrow career path for anyone.
CPA marquee? you mean the same association embroiled in a major governance failure(s) and is being sued by its members? that one?
the same association -like the FPA – whose professional program is a “masters level” qualification without an AQF rating?
that one?
dante is out in force, responding to every query on LinkedIn (total of 3)
busy as on $300k pa. i wish i could have his job, tweeting all day, and then 3 x responses on LinkedIn
it’ gold
I wish I had stayed with my original strategy to complete a Masters instead I was sucked in to the CFP program. Ah regrets
the FPA are moving with the times.
fasea has given them their marching orders. bye bye FPA
The times, they are a changing… 20 years ago the FPA was something akin to a union or a peak industry body. The environment has changed, the FPA may not have changed enough to deal with it, but going forward they need to position CFP to be more like the CA or CPA marques.
This is not about age or experience, it’s about the need to move with the times.
Don’t worry about you deep grasp of poetry, literature and the classics.
The fact is you keep posting this stuff under anonymous.
Anyone with the slightest amount of emotional intelligence would intuit you are an apologist fro the FPA possibly an officer of it.
Oh Adam, the ignorance of youth ! Can I respectfully suggest you google “An Essay On Criticism, ” Part 2 by Alexander Pope (1688-1744), the English Poet and Philosopher. You may be vaguely familiar with its wisdom, its the poem with a verse which commences with “A little learning is a dangerous thing ;” Good luck in in the future with what’s left of our industry. With people like you around it can never be called a “profession”
So everything bad that has every happened (to Advisers) is the fault of the FPA? Wrong. Everything bad that has ruined the name of financial planning has been the result of “those advisers” who were around 20 years ago. I can’t wait for this old, uneducated and bitter group of Advisers to leave. Leave the profession, leave behind your grandfathered commissions, leave behind your complaints, go elsewhere. No Adviser under 40 wants you around.
stop giving the FPA a hard time. they tried their best. but their best was not good enough. they failed.
isn’t it enough that they and their cfp program have been deemed irrelevant.
please be kind and let them be, they will just fold or try to come up with another scheme, like the code monitoring body
Let’s examine the FPA’s achievements. On a positive, after 20 years of lobbying I can witness a stat dec. On a negative, FOFA, Optin, FDS, Government Intervention, Red Tape, lack of advice to all Australians, Red tape, Advice fees up, Red tape, salaries down, practice values down and thus retirement dreams torn up, TPB fees, ASIC regulatory levies, a Royal Commission.
FPA members have just been found guilty of laziness. CFP course holders should be asking just why is their CFP course worth only 2 FASEA credits? Answer: It’s because the FPA is not a professional body it’s just a collective funded by parties (also members) hauled all before a Royal Commission and proven to have breached the Corporations law. FASEA have just found the FPA guilty. The FPA is like the Australian Medical Association getting payments from the Tobacco industry and giving certain members a 10% discount off your fees because you work for a Tobacco Company.
In turn CFP holders have been found guilty of laziness, being complicit in the behavior of their fellow members and content to being nothing more than puppets of AMP/CBA as opposed to representing Australians. Guilty of belonging to an industry association claiming to a profession whilst getting payments from Product Manufacturers. Until CFP members stand up and say enough… just exactly who are the FPA representing here in Australia then CFP holders deserve all the Red tape, Government intervention out there. You surely can’t keep paying $1,000 a year and expecting the same outcome.
as Helen says, you cant teach wisdom and the public are going to be also impacted greatly by this mass loss of services.
What about the the CFP 1-4 and 1-4 +c !!! When will we find out, so that we can plan our studies. How long will the FPA and FASEA take? There is no clarity and I am in limbo land about my future within this business??
We need to find out what is happeining with Insurance commissions prior to wasting time doing these studies. These studies are a waste of time anyway but it would be even worse if we wasted our time only to have our jobs and industry disappear in 2021 due to the commission bans. I think if that happens ill do the 2 week course and become a mortgage broker, im sure they will still be able to recommend insurance and recieve commissions for it.
Geoffrey,
clients should get advice from both an experienced planner [b]and[/b][b][/b] one with a relevant degree. that is best. there are many.
so my masters level CFP is worth the same as the advanced diploma of financial planning.
FPA, please explain?
Agree with Geoffrey. There is no substitute for wisdom and experience. Older advisers over 60, should be grandfathered as they probably only will work ten years max anyway and the industry sorely needs mentors for the young and inexperienced who have no life experience. You cant learn life experience at a university. But clients will pay for it.
As a client would you rather get advice from an experienced planner (no relevant degree) or a young planner with a relevant degree but limited experience; especially if you are a mature client? FASEA says it’s “too difficult” to quantify experience when assessing qualifications. Is FASEA acting in client’s best interest?
Over 2 years into FARSEA and they are still working out what counts for past study completed. Should be done about December 2023 i reckon.
When will the Board of FARSEA provide FULL disclosure of ALL conflicts of interest for education providers, text book sales, course preparation fees, etc that they will gain from this process.
Surely the Board of FARSEA has to be made to be ETHICAL and provide Full disclosure of ALL conflicts.