Advisers divided on psychology education

While more readers responded that psychology should not be included as part of adviser education, this accounted for only 54 per cent of respondents (956 respondents), with 46 per cent (811 respondents) saying it should be included as part of advisers’ education.

Treysta Financial Life Management executive director Mark Nagle, who’s practice requires its advisers to receive a psychology degree, told ifa that while there was less support for psychology’s inclusion in education than there was opposition, the 45 per cent supporter figure shows interest in psychology is growing.

“If you’d asked that question three years ago the people that said yes would have been 10 or 15 per cent if you were lucky,” he said.

“To have that number move to 45 per cent is a really encouraging result.”

Mr Nagle said it was unsurprising that more people opposed the idea than supported it, but that if the same question is asked in another three years’ time, the split will likely be closer to 80 per cent for and 20 per cent against.

“The 55 per cent who opposed it, well, there’s always going to be luddites and probably some people that are yet to be convinced, but there’s unstoppable momentum now,” he said.

Mr Nagle said even industry bodies appeared to be coming around to the idea of including psychology into their material, noting that University of Sydney Business School researcher Dr Helen Parker was one of the speakers at the FPA Professionals Congress in Tasmania earlier this year.

“That’s a significant step forward,” Mr Nagle said.

“That’s a fairly stagnant industry body that’s now seemingly embracing psychology in the content that advisers are consuming.”