Advisers are able to meet the new academic qualification requirements much more easily than many expect, according to training company Mentor Education.
In a statement, Mentor managing director managing director Mark Sinclair said that the new education standards would see “heightened levels” of trust and confidence in the financial advice industry, and reinforce financial planners’ positions as “highly respected professional practitioners”.
“Although there continues to be small pockets of resistance and negativity to the academic and professional industry standards, the reality is they herald the start of a new and exciting era for the advice sector,” Dr Sinclair said.
Dr Sinclair noted that the new education standards had prompted older advisers to head for the exits and enter “succession mode”, but added that time was “still well and truly” on their side.
Completing a master's of financial planning degree requires advisers to complete 12 units, for which the average adviser will receive four exemptions, and as each of the remaining units can be completed within three months, advisers will typically be able to complete their course in two years, Mr Sinclair said.
Additionally, Mr Sinclair said that each unit will provide as many as 50 CPD points, and that Mentor research found that many financial advisers find studying “worthwhile and gratifying”.
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