The AFA has issued a response to yesterday’s FASEA guidance update, outlining the actions the association intends to take.
In an email to members, AFA chief executive Philip Kewin said the “additional clarification” offered by the updated guidance, released by FASEA on Tuesday, was welcome, but that some concerns remain.
“We are hopeful that elements of this new proposal will deliver a level of clarity for some members, particularly those who have a relevant degree. Whilst this won’t deliver all that might have been wanted, advisers in this group now have greater certainty,” he said.
“For others, the challenges with these proposals remain. It is important to note that this remains a proposal and is subject to consultation. It is essential that our advice community actively engages in this process.”
Mr Kewin said the AFA will be advocating for a number of changes throughout the consultation period, including an “improved option for older experienced advisers that encourages them to stay in the industry” and the inclusion of courses aimed at adding value to specialist advisers’ businesses.
Other changes the AFA intends to push for include an “alternative solution” to studying a new degree for existing advisers who hold an unrelated degree, greater recognition of professional designations and “access to cost effective solutions” for course fees and exemptions.
Mr Kewin said the AFA’s role at the present is to “advocate for the most sensible options” for members, and encouraged advisers to make their own submissions as well.
“At the end of the day, it is important for the government and FASEA to win the hearts and minds of existing advisers to choose to commence this journey,” he said.
“The AFA will support members through this challenging time, including looking at how we can bring members together to complete study in the traditional peer group approach. We welcome member feedback on how we can better support you in this challenging time.”
Leaders in financial services have the opportunity to widen their moats against upstart competitors. ...
The advice industry is currently in a budding phase but will “bloom in the next three to five years”, according to a new white paper. ...
ASIC has banned a Melbourne-based adviser from providing financial services and performing any function in a financial services business for six years...