FAAA expanding approved specialisations program

Currently, the program only includes specialisations in aged care, life risk and the Fellow Chartered Financial Practitioner (FChFP), but applications are now open to education and designation providers offering qualifications in a broader range of financial advice areas.

Namely, the FAAA is seeking programs in estate planning, retirement, money therapy, self-managed superannuation funds (SMSF) and responsible investing, however, other specialist fields relevant to advice will also be considered.

Speaking on the announcement, FAAA general manager of education Anne Palmer said this initiative comes on the back of increased demand from consumers for advisers with demonstrated expertise in specific areas.

“We want to support advisers in their ongoing learning and development and help them stay in the profession they’ve worked hard to be part of. Licensees with advisers focusing on aged care or SMSF, for example, often mandate further education in these fields for their advisers.

“An FAAA-endorsed specialisation ensures the education content is of sufficient standard and that advisers holding the specialisation are continuing to undertake at least five hours of CPD per year in staying up to date in that field.”

Expanding the program, Palmer said, will help advisers “distinguish themselves professionally”, while partnering with quality education providers to “raise the standard of advice across the industry”.

“Recognising high-quality specialist education is one way we can make that pathway clearer, more rewarding and more accessible.”