Mentor Education has seen an increase in enrolments following the passing of the professional standards bill – an indication that the industry is moving forward, the financial services training company has said.
In a statement yesterday, Mentor Education founder Dr Mark Sinclair said the advice industry has officially been lifted out of a “holding pattern” of uncertainty, and is moving towards professionalism.
“The appointment of the professional standards body is therefore a crucial priority for this momentum to be maintained as education and academic qualifications are at the top of the list in most industry conversations,” he said.
“Advisers, dealer groups, education providers and stakeholders are all waiting for clarity around the syllabus for bachelor degrees, bridging courses and transition pathways for existing advisers.”
Dr Sinclair added that “the better dealer groups” are already assisting their advisers to consolidate and convert their existing qualifications into diplomas and advanced diplomas ahead of the new regime.
He believes the subject of ethics should be the core of all financial services and advice related academic qualifications.
“From an economic/cost perspective, the expectation is the completion of diploma and advanced diploma qualifications for current advisers will result in exemptions – this could possibly be as many as six (out of 12) for the master qualification if current predictions are realised,” Dr Sinclair said.
“I am confident the new academic framework will propel the advice industry forward, attract high calibre entrants and achieve greater public recognition and appreciation for the advice sector as a profession.”
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