The graduate diplomas and bridging courses are requirements for existing advisers to meet the education standard across the existing adviser pathways as defined in FPS001 Education Pathways Policy, FASEA said in a statement.
It said the approval is recognition of the alignment of the listed programs and courses with FASEA’s required curriculum and standards.
The courses and diplomas will be added to FASEA’s Degree, Qualifications and Courses legislative instrument.
“The release of the approved list of bridging courses and graduate diplomas gives advisers a clear pathway to meet the education standard by 1 January 2024,” said FASEA chief executive Stephen Glenfield.
FASEA has approved current and historical graduate diplomas and bridging courses for the following higher education providers:
Source: FASEA
Interesting how you don’t require any qualifications to be a politician!
Can’t wait to learn about ‘Ethics’ and ‘Conflicts of Interest’ from our Universities – such paragons of virtue!
In the Sydney Morning Herald, June 18:
[i]”One of NSW’s highest-paid vice-chancellors is charging his university to hold events at his Sydney CBD property, which he bought using a loan from the university.”[/i][i][/i]
https://www.smh.com.au/education/vice-chancellor-s-lucrative-dealings-with-university-20190613-p51xaz.html
Nice work FASEA!!!!
[b]PS. Wake up FPA / AFA!!!!!!![/b][b][/b]
I suppose I am watching all this nonsense with a strange detached bemusement. I hesitate to say “bemusement” as I know how hard this is for many advisers. It would be hard for me too, if I was to elect to stay in the ‘industry’. I’m 58 and a while back I chose to be a risk specialist. I’m a fully qualified planner but enjoy and believe strongly in the place of risk management in a client’s portfolio. I had all good plans to continue for as long as my good health would let me – 70+, no problems. However I am dismayed, disappointed and, frankly disgusted at the life companies, politicians and vested interest special interest groups (we all know them) and the wayt they ALL sold advisers up the creek with LIF (commissions and responsibility periods). The FPA and AFA should be abjectly ashamed of themselves that it has all gone this far.
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I am not in the least concerned about study for these wholly unnecessary exams (for me as a riskie) as I will not be doing any of them. I refuse to do this idiocy. Why would I? TENS OF THOUSANDS OF DOLLARS of mine and untold hours away from family, business and clients into the coffers of self absorbed universities for these ‘courses’ and extraneous exams. For what? All of it will be of ZERO help to me or my clients in the management of their life, trauma and income protection advice. Is FASEA (or anybody) telling me I need more education about FP to help clients with simple risk products at great expense. It is like doctors being told they need to upskill to neurosurgery level – patently ridiculous. These paid-for govt clerks are going to destroy our once great industry, mark my words fellow advisers. FASEA et al would have me study and pay a billion bucks to learn about derivatives, international currency exchange rates, CDs and all manner of high level complex financial planning.
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I’ve never taken a fee from a client in all my 35 years in the industry. I have ALWAYS been completely transparent with clients in conversations about how I get paid and how commissions work. My clients are ALL happy to work with me under the commission basis. Way before SoAs and CARs I had the conversations with clients – nothing new for me. What is new is this ridiculous over the top compliance and exam system that will be the reason for me leaving my precious clients decades ahead of time. I’ll be OK -n sell my client base and retire very nicely than you. But it didn’t have to be this way and, again, I’m disgusted that the above mentioned entities have made it so.
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The life companies are in for a rude awakening – take it from someone who has watched and worked with them intimately for 35 years. There’s hardly a single executive today that doesn’t believe life cover will sell itself using Roboadvice. They want advisers gone to save on commissions – but we can easily see the outworking of that currently with their success in lowering coms and extending claw-back in LIF. These duplicitous life companies cannot be trusted on any level. Hold that thought as it will possibly save you some angst as you travel forward. See you on the other side . . .
Where do universities get off charging existing advisers $3,000+ [b]per subject[/b][b][/b]
I think I’ll be fine navigating through this mess, but many course providers need a massive reality check.
FPA and FASEA, you need to understand that these costs are an absolute cop-out.
Perhaps FASEA would be gracious enough to release the pass mark for the exam? That would be nice. I am one of the 600 suckers who has foolishly enrolled in the first batch of exams in a week or so and guess what, I still don’t know what bloody mark I need to get! This is complete BS. They say the pass mark is a credit, but WTF does that mean? A credit is 60% at some Australian Universities (eg. ANU, Melbourne Uni etc.) and it is 65% at others (UNSW, Flinders etc.). But here is the kicker, it might not be either of those figures. Check this out from the ‘Candidate Information Booklet’ – ‘[b]What is the pass mark for the exam?[/b][b][/b] [i]As the questions in each exam administration vary to ensure exam integrity, the exact number
of questions a candidate must answer correctly to meet the standard also varies. Results for
each exam administration are determined based on the standard required, irrespective of the
version of the exam administered. As a result, it is not possible to provide the number of
questions or a percentage figure needed to meet the standard'[/i][i][/i]
WTF!!!!! It is not possible to provide the percentage!!!! Why the hell not? Are they planning to use us as guinea pigs and then make up the pass mark as they go along? Because that’s how it sounds. If don’t pass this exam by the end of next year, my career will be over. How are these knobs getting away with this behaviour? This not a communist country FFS?
I just read that and thought it’s June 2019 and secondly what a waste the CFP program is. What an absolute goose the FPA are looking at right now. They put in a submission calling for the minimum standard to be a Bachelor of Financial Planning with prior learning being 20 points and as a result there CFP course from which they derive a third of their revenue is now an absolute dinosaur. (yes net loss for 2020 year coming up folks). If they actually looked after the interest of their advisers instead of trying to get a payment via their FPEC body we wouldn’t have advisers sitting here in June 2016 like Martin below wondering if their Grad Dip is going to count. Yet the CEO still stands. Go figure.
Why is the Curtin University (WA) Degree in FP not on the list?
Oh good – I’m 5 weeks from finishing the KAPLAN grad dip so that is good to know finally! :o)