Under its final FPS001 Education Pathways Policy, the maximum requirement for a new entrant will be an approved bachelor degree of 24 subjects and for an existing adviser will be a graduate diploma of eight subjects, FASEA said in a statement.
The minimum requirements for a new entrant will be an approved graduate diploma of eight subjects. For an existing adviser, it will be one subject being FASEA’s bridging course – the FASEA Code of Ethics and Code Monitoring Bodies.
“The amount of education an adviser will be required to undertake will depend on the amount of education they already have,” FASEA said.
“Recognition of prior learning will be available for an advanced diploma of financial planning (including the historical eight-course Diploma of Financial Planning), completion of approved coursework to attain a designation and completion of relevant degree subjects.”
FASEA said the consultation process, involving 92 submissions received in November 2018, gave them the opportunity to refine the pathways such that:
- Financial planning (including financial advice areas of superannuation, retirement, insurance and estate planning) and investments (including investments such as shares, derivatives, foreign exchange and options) have been added as relevant degree subjects; and
- Advisers holding a non-relevant degree who have completed between four and seven of the relevant degree knowledge areas will be awarded two credits as recognition of prior learning.
FASEA also confirmed intentions to update the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2018 on a regular basis to add further approved historical degrees, new programs and courses pursuant to its accreditation process.
Time to change my title to Wealth Coach
Speaking for myself, the final outcome of 3 subjects between now and end 2023 I can live with. As long as tertiary education providers are at <$2,000 per subject, not $4,000 per subject. Seriously disgraceful variation going on.
Hey FASEA!
I saw a damning news report today that has discovered “Victoria Police faked almost 260,000 breath tests to keep up with ‘unrealistic’ targets imposed on catching drink-drivers, according to a report by Chief Commissioner Neil Comrie. It also stated that. “With a target of uncovering no more than one drink-driver per 200 tests, officers had been blowing into breathalysers [u]for almost six years[/u] to create readings with zero alcohol content.”
Furthermore, “The law enforcement agency has adopted safeguards to prevent further statistic forgery.”
I wonder if this so-called ethical organisation is going to ridiculously force all its police officers to now undertake 8 university courses like you’re unethically forcing advisers to in the next 4 years.
What a joke you are…more conflicted than these offending police officers in my opinion.
Just looked at the Kaplan Graduate Diploma of Financial Planning and felt like a walk down memory lane doing the old 8 subject DFP except my wallet gets fleeced at the start of each subject. I do suppose someone had the forethought to compare the 2?????
Kaplan’s Graduate Diploma is set at a higher standard and requires more independent research using scholarly articles than their Diploma or Advance Diploma. While the topics are the largely the same the way you are assessed (exams or assignments) are vastly different.
“[b]topics are largely the same [/b]the way you are assessed are vastly different”, so we don’t learn anything new, we just pay to have your assessors mark us differently, is that what you are saying?!? Wow, can’t wait to get started on this, it just sounds so appealing Kaplan…..
Sorry. Not buying into your BS. Corrupt commission driven educators flogging self interest courses and educational requirements while securing their services to govern something that does not need any further governance.
Go away. Stop leeching off this once great industry simply because of a few bad eggs and because of many advisers overcharge with a fee for service rort.
The industry has no problem with education, never has, yet you want to flog us expensive time wasting courses. Go away, get out of my life and stop forcing up the cost of doing business. I won’t be licenced, I stick my middle finger up at you and have done for years. I continue to give quality advice and will never ever have a compliance issue, a ridiculous SOA to produce that no one reads and continuing education multi choice exams that serve no purpose.
I encourage every adviser out there to wake up and smell the roses. Wipe your eyes and see the rort before you and then you too will stick your middle finger up and advise without the BS.
It’s not a rogue operator thing, it’s just getting my freedom back and knowing full well I’m a good adviser who does not need this ridiculous industry and it’s even more ridiculous panel of tut tutters dictating what I spend my time doing.
Again, go away you leeching red tape snake oil salesmen and stop wasting my time as an adviser.
RIP financial planning. You died and no amount of courses will resuscitate you.
And still we’re being forced to study more units/subjects that hold absolutely zero benefit for clients, and zero practical uses
Thanks goodness common sense prevailed in the end!!
I’m sure the Financial Advisers with a Masters of Financial Planning dropped from the now defunct University would agree that common sense prevailed. Can I ask what Planet are you from?
What an absolute rort and contradiction this organisation is. They brand themselves with a title that includes the word ‘Ethics’. Lets look at this closely though…
1. FASEA board members making decisions that force advisers to undertake countless hours of expensive education are financially linked to the actual bodies providing the education. Conflict…..tick!
2. Extremely important announcements that affect the lives of thousands of advisers, their businesses, their families and their communities are (cunningly, slyly and deceitfully) released on Christmas eve so all parties that need the right to reply have no genuine opportunity to object. That so-called legislation is apparently then made effective one week later when no-one has really been able to review it, let alone submit a response.
3. The AFA apparently submits 92 amendment recommendations yet only 2 are considered / acted upon. Common sense and instinct dicates decisions had already been made and no amendments were ever going to be entertained. Probably as result of ‘their financial loss’.
4. And while this is all unfolding, FASEA members are being paid enormous amounts of money that far out weigh what the majority of advisers out there are earning by actually looking after Australian consumers.
There has very clearly been a set plan by members of this organisation from day one to manipulate a contrived education agenda to suit it’s own financial gain and its an absolute disgrace of the highest order that it’s been allowed to roll on like this without the same ethical scrutiny that advisers have been subjected to the last 4-5 years.
I am so angry about this so I now have a confirmed meeting with my local Federal MP in mid-February to do my absolute best to make sure this is prevented and a motion raised in Parliament for it to be disallowed.
FASEA = ethical. Not on your life. It is so conflicted it’s just farcical.
You are so correct on all counts ‘Anonymous’ I’ve always referred to them as FARCIA. They should be ashamed of themselves and so should the govt for allowing their fraudulent and slimy shenanigans. All thinking people should see this rort for what it is. Shameful. Cannot believe there is so much duplicity in an industry body that claims it helps advisers perform the best interest of the client – everything they do is conflicted. I too am beyond angry with these fraudulent clowns!
forget these assocations such as AFA or FPA or CFP, noone really listen to them with a small representatives in the market and full of conflict. Joint CPA or CA please.
Good on you and your summary is correct! I too am calling my MP Ken Wyatt to get a meeting asap!
Good, I’m going to see my local MP Julian Leeser re FASEA, RC, Commissions, ASIC and it’s definition of Fee for no service, the 10 year look back, why ASFL’s like Dover get exited and AMP etc stay, why Kelly O’Dywer placed ASIC people in the Banks and AMP and DID NOT take the opportunity to do the same to the Industry Funds, explain the cost of compliance to serve clients, ask why the Industry Funds have been allowed basically lie about Asset Allocation verse returns and explain, Industry Fund will help fund the Federal Election campaign for a Labor candidate and ask, why should I vote for Julian. Suggest we all do the same – now or never to save our industry and ourselves (and clients).
Well said and beautifully detailed.