Last Friday, FASEA released a blueprint for their new professional standards that included draft legislative instruments and a consultation program for finalising these standards.
The AFA’s chief executive, Philip Kewin, said that on first review there were still many questions, but some material improvements had been made.
“A number of our concerns have been addressed, however there are a number of concerns remaining, particularly around RPL [recognition of prior learning] and the outcomes for experienced advisers,” he said.
Mr Kewin said that earlier in the year the AFA had met with Assistant Treasurer Stuart Robert where he announced existing advisers would get two credits for completion of the advanced diploma of financial planning.
“These credits will be available to existing advisers with a relevant degree, those with a non-relevant degree and those with no degree,” Mr Kewin said.
“The minister also announced that advisers with a professional designation beyond a certain date would get two further subjects’ credit.”
On Friday, FASEA clarified that this was for CFPs after 2008 and FChFPS after 2014 and Mr Kewin said the AFA had not been consulted on those dates and did not know why FASEA had chosen to exclude graduates before those dates.
“This is something we will continue to advocate for a better outcome,” he said.
Mr Kewin did say that FASEA had defined a relevant degree that was in alignment with what they had advocated but there had been no changes to address experienced advisers.
“There have been no changes to address what we had proposed for experienced advisers without the ADFP or a professional designation, which is an area that we will be carefully looking at,” he said.
Mr Kewin was pleased that the exam had been clarified to be open book and with a provided curriculum, but the FPA is waiting for further details.
The AFA also still had concerns around the CPD requirements despite FASEA announcing it had reduced the required hours.
“The proposed CPD requirement has been reduced from 50 hours to 40 hours, when we had advocated for 30 hours. We expect that we will still have a number of areas of concern with CPD,” Mr Kewin said.
Mr Kewin said the association would now respond to the legislative instruments and FASEA standards, and said that all members should read them when they are released.
“I would like to reinforce the fact that the AFA has and will continue to work hard to advocate for the best outcomes, while assisting you our members in understanding the requirements and to help you prepare for this journey,” he said.
Didn’t know why they selected those dates? Well the TPB code of conduct didn’t come into existance until 2009. So if you’re an 18 year old from Bejing who studied a University course you’ll read one page on the TPB code of conduct.
Let’s now compare that to someone who studied in 2008 and updated that knowledge by CPD and training and learned about the TPB code of conduct, plus renews their membership and signs off on that code, plus pays money each year to TPB. So FASEA feels that level of knowledge is not as good as the 18 year that read the one page.
This is why FASEA is a joke and is just a rort.
Let’s go back and make all the IT graduates go back to Uni cause Windows 10 is out.
So an adviser with 20 years experience dealing with high net worth complex clients, 2 non financial degrees, Actuarial studies, a 5 unit of study CFP finishd in 2007 preceded by the Deakin DFP, and continuous CFP over 20 years has to do 8 units yet an accountant with a 20 year old taxation degree, no
financial planning study beyond a 2 week fast track PS146 course and minimal experience (other than recommending SMSF set ups for property purchases without considering the clients alternatives and Insurance situation) can do 3 units and probably negotiate out of two of those with RPL. Am I missing something here???
This is where FASEA has made things complicated to make money for Universities. It’s now it’s own revenue generating body by creating a code of conduct and stating that all previous studies are deficient due to that Code of conduct not being taught.
The same AFA that caved at the conference over FASEA. Nothing done by either the FPA or AFA until its too late.
You might as well stop talking. There will only be a few that survive this and they will certainly not need the AFA or FPA so you two clown bodies are as doomed as the rest of us.
Well I finished my DFP in 1994 and became a CFP in 1998. I then had to resit all the exams in early 2000’s when FSR came out because I had completed my DFP before the arbitrary date. I have sat through hundreds of hours of ongoing development over the last 27 years. And now a bunch of academics tell me this was all for zip. If my CFP is worthless I know what I will be doing when I receive my next membership renewal notice.
If you received your CFP in 1998 it was grandfathered. You never should have received it in the first place. Why do all the grandfathered CFPs constantly talk about leaving the FPA and then never do? Stop promising, just do it. Resign now and take all your grandfathered mates with you.
I would encourage you to start your own association and get me to pay you $1,000 a year. Go on see how you go. You see we took a punt in 2008 and wanted to create a profession and so we made it happen.
regardless CFP is now a joke. It’s the sign of advisers whose members takes bribes, lie to ASIC, charge dead people fees. It’s CEO takes 12 months to handle a complaint. Full of advisers all complicit in their fellow members behavior who are forced to join an association because there employer forced them to and pays for there membership fees.
At the end of the day FPA and AFA gave us the CFP (the gold standard in fp) and the FChFP (the practical designation for the modern adviser)…each now worth the same as an advanced diploma…and they still want to talk to us about standards?
The FPA has the distribution rights in Australia for the CFP logo. Advisers just need to write to the CFP standards boards and highlight how the FPA was dragged before the Royal Commission and request the FPA to be removed of it’s distribution rights.
The AFA and FPA are doomed. They just don’t seem to want to admit it.
Think about it. There will be around 30% of advisers left. All having achieved an ethics qualification. Why would that 30% want or need to be members of either the FPA or AFA? Even if they did its not enough members to keep either of them afloat. What are they going to do triple their fees to the few remaining who will tell them to go jump anyway. Best to ditch these useless bodies now and save your money as I have.
As you have to pay membership in order to keep the designation once you pass the courses, you should consider yourself lucky that the AFA weren’t required to remove this rule in order to get any credits from FASEA. That would of been real interesting.
Oh please AFA, you and the FPA have done nothing and yet here you are trying to pat yourself on the back.
So glad I didn’t renew my membership
thank you sir. I salute you.