As part of an upcoming feature in ifa’s print edition, the standards authority revealed that “over 150” provisional advisers were now enrolled in professional year (PY) programs, as licensees began to bed down the requirements of the supervisory framework.
“FASEA is encouraged by the number of enquiries it is fielding from potential new entrants and licensees with regard to the operation of the PY, with 455 enquiries received over the past 12 months,” a spokesperson for the authority said.
FASEA pointed to the more than 900 “potential new entrants” enrolled in approved degree courses that could indicate an increase in future enrolments in the PY.
The spokesperson added that licensees had been actively engaging with FASEA to “help them support advisers through the professional year process”.
However, advice groups were still struggling to come to grips with a number of requirements around starting up a PY program, including supervisor responsibilities and the timing of different training components.
“The questions from licensees are primarily regarding registering a new entrant and/or requesting clarification of key components of the professional year,” FASEA said.
“The most frequently asked questions we are receiving focus on how to accelerate quarters one and two [of the program], structured training, client notifications and supervisor requirements.”
The authority said it would continue to provide support as needed to licensees while they worked through the requirements for supervising professional year students.
“FASEA works with licensees to provide support on any questions or queries they may have. As licensees operationalise the standard, FASEA will continue to assist where possible,” the spokesperson said.
FASEA is as duplicitous as it is deceitful, incompetent and corrupt. Even if there are enquirers who actually do decide to complete the education and mind $%#@ exam, few actual licensees or business owners would be prepared to foot the bill and massive risk associated with getting a professional year adviser through to the end. Especially when they understand the practical reality of actually doing the year and the mess things are in. Well done FASEA, well done Fed Gov. This is another fine mess you’ve gotten us into. But you all enjoy your taxpayer funded salaries and super.
[quote=Anonymous]expressions of interest in the program is one thing. Converting them into reality is a completely different proposition. Good luck to anyone trying to find a job in this environment of BS red tape. Try and spin the numbers on that FASEA[/quote][quote=Anonymous]expressions of interest in the program is one thing. Converting them into reality is a completely different proposition. Good luck to anyone trying to find a job in this environment of BS red tape. Try and spin the numbers on that FASEA[/quote]
Expressions of interest “translated” is a prospect list.
I will acknowledge, the prospect list is the starting point.
The outcome in any endeavour is those who proceed.
They’ve tried to replicate the accounting profession with this professional year thing however there is one crucial difference between advice and accounting and that is ASIC, licensees and all the other over regulation red tape and compliance at play that accountants dont have to be bogged down with. This FASEA thing is a disaster and it will NEVER work. Take the tip pollies cause you haven’t taken any before from advisers and look at the fine mess uou have created. NATIONS BEST INTEREST DUTY… WHERE?
expressions of interest in the program is one thing. Converting them into reality is a completely different proposition. Good luck to anyone trying to find a job in this environment of BS red tape. Try and spin the numbers on that FASEA
There should be a subsidised traineeship for the PY as there is with apprenticeships and traineeships for other professions. Clear guidance, transportable training, and former advisers allowed to train staff to reduce the impost on practicing advisers who don’t have the time for all of this.
The entry rate should be double the exit rate, not a tiny percentage of it.
455 enquiries so what
That’s like the old year 2000 internet bubble, where every click on a site was considered a sale.
FARSEA trying to make the numbers seem better than reality.
150 new PY Advisers V’s over 5,000 Adviser exits.
3% replacement rate FARSEA, Great job :- /
I think FASEA is dreaming if they think studying Financial Planning is a viable occupation going forward. The compliance requirements are now so prohibitive to run a profitable business students should be discouraged from wasting their money on a course that will lead to nothing. I am just doing a review for a couple and they need to sign 2 separate opt ins, authorities to debit various super funds, authorities to debit across 4 different platforms/accounts and a new SOA is required since their circumstances have changed so will need to meet with them again and have documents re-signed again at next meeting not to mention file notes, non core approval requests, research etc etc !
With the cost of a new SOA, staff time involved etc it is difficult to make a profit !
Agree- a complete waste of time and money for students and all you end up with is a huge HECS debt especially now the government is also increasing fees for commerce and the like degrees. The politicians left hand certainly has no idea what the right hand is doing.
Tell us how many are actually doing the PY! There could be 1,000,000 “enquiries” but it doesn’t matter if nothing comes to fruition. This is just BS spin by FASEA.
its 5 currently, and i know ours sent about 20 of those enquiries in himself
FASEA continue to live in the cloud cuckoo land of the universities. The reason for the low take-up is simple the program is over compliacted, impractical and for 6 months the graduate is a glorified coffee person. The level of unpaid work for the supervisor also makes this completely impractical in its current format. The current enrollments which are the only real measurement is a spit in the ocean of the loss of advisers to the industry. We have had a number of enquiries but when the enquirer understands what it requires they go off and look for another industry. Pretty soon we will have FASEA’s end game achieved – lots of money spent on theoretical education that doesnt improve the industry and all of the experienced advisers gone. We need the entire FASEA rort reviewed before the impact is irreversible.
here here