Advisers join AFA’s professional designation
More than 500 people have enrolled in the Association of Financial Advisers (AFA) Fellow Chartered Financial Practitioner (FChFP) designation since its relaunch in 2013.
The FChFP curriculum was recreated with the AFA's newly-appointed education partner, Kaplan Professional, according to statement by AFA.
General manager of AFA member services and campus Nick Hakes said the rise in enrolments confirms "our belief that the new FChFP curriculum is getting the balance right between technical skills and knowledge and the practical application of skills and knowledge".
"From the outset we wanted to create an education pathway for both new and existing advisers to acquire a post-graduate education. We also wanted to challenge traditional financial adviser education by focusing on the importance of the relationship between client and adviser," he said.
As early adopters of the FChFP designation graduate, there is evidence of material differences in the way these advisers think about their advice offer, their target market and about the delivery of advice, according to Mr Hakes.
"We are also seeing the outcomes of applying post-graduate thinking to existing financial advice practices in the form of a deeper understanding of business strategy, corporate governance and culture and significant skilling-up in technical advice strategies," he said.
"What is unique with the FChFP is that the efforts of the adviser are focused on what is relevant to their core client segment. It means that the financial advice is better but so is the client experience. These four segments represent the four units of the FChFP."
Adviser education is the sleeping giant of reform and offers advisers a way to help deal with current disruptive influences, Mr Hakes added.
"The Life Industry Framework is one example where advisers need to think about their business models. Now is the time when many are choosing to hardwire post-graduate academic thinking into how they will provide great advice in the future," he said.
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