In a statement, the association said the new partnership would “[provide] members and the wider financial planning profession with the skills and resources to meet the needs of Australians moving into the later stages of their retirement”.
The new designation would be called the FPA Aged Care Specialist Professional and follow the curriculum of Aged Care Steps’ Accredited Aged Care Professional Program.
CFP and AFP members would be able to take the course as an add-on to their existing designation, while members who had previously taken the course under Aged Care Steps prior to 2019 would need to complete a refresh course in order to be eligible for the designation.
Those with the designation would need to complete nine CPD hours in aged care in order to maintain it.
The news comes as Aged Care Steps took out the overall ifa Excellence Award – Company at the recent virtual ifa Excellence Awards.
Commenting on the news, FPA chief executive Dante De Gori said the course would provide worthwhile training for members regardless of whether they were planning to develop a specialist service in aged care.
“Not all financial planners will become aged care advice specialists, but all financial planners must be aware what aged care is and the role that our profession plays in guiding Australians through this process,” Mr De Gori said.
Aged Care Steps director Louise Biti agreed that the course could also help holistic financial planners to better understand and service customers whose family were moving into aged care.
“While there are only a couple of hundred financial planners in Australia who specialise in aged care advice, a large number of those who have completed the training have built some aspect of aged care advice into their service proposition,” Ms Biti said.
The FPA signalled the new designation was “part of a suite of specialist designation programs” the association was developing for members.
Louise has helped raise the profile of age care advice but there are many of us who were providing this advice long before she or the FPA ever took notice. As has been said here the carpetbaggers have well and truly taken over and now wish to control any strategic advice using product floggers in the guise of accreditations.
Linking a designation based on a) completion of a single course (you need to enroll Post 2019) and b) offered by a sole private promoter is not the makings of a Professional Designation. Many advisers got caught out when their Diploma or CFP offered by the Bob School of Dance and Finance was deemed worthless by FASEA.
If you’ve completed any qualifications in Aged Care at AQS 7 or above from the several Universities offering Aged Care combined with years of experience it does not count.
I wonder how much per annum you will be charged by the FPA to say you meet the FPA Aged Care Specialist Professional designation. Now that the CFP designation is next to useless thanks to FASEA, the FPA must increase revenue to justify the CEO’s $485,000 pa salary.
A designation eh? Or you can just read the Age Care act and hone your skill. Challenger has some good material but I won’t be bothering with a BS designation from the carpet baggers at THE FPA.
Gotta try make more money somehow right?