Speaking to ifa, the chief executive of non-aligned group Shartru Wealth, Rob Coyte, said the improvements are “absolutely” needed.
“If the industry [overall] can become more qualified, that will be a positive in the way the industry is viewed,” he said.
“A lot of people are still not using advisers. One reason is because people perceive the industry as a bit of a product flog rather than getting advice based on sound principles.”
The two phased increases from 1 January 2015 and 1 January 2019 will apply to new advisers and to those changing specialisations and will increase on knowledge and skill requirements for advisers beyond the current diploma-equivalent to something more akin to an advanced diploma level and eventually more in line with a bachelor’s degree.
“The industry has to acknowledge the fact that there is a perception problem,” Mr Coyte said.
“In some cases that might be right, in some cases it might wrong, but what we need to do is counter that. These [proposed] measures are best practice anyway.”
Financial Planning Association general manager of policy and government relations, Dante De Gori, said the new measures are part of an “inevitable” shift towards a degree qualification as a minimum standard of entry to the industry.
“There is an expectation of standards from investors seeking financial advice, they want to make sure that person is qualified to a high degree and a degree qualification entry is inevitable in our industry,” he said.
“In any other profession there is a clear pathway. We need to make sure in financial advice, if you want to become a financial planner, there is a clear pathway in terms of your entrance requirements,” he added.
Well said Simon! Every planner i know is faving similar levels of work & issues! God help us all. How did this industry get hijacked the way it has? Well, i put 95% blamebon the education & membership FLOGGERS – you know the compliance & morals mafia the FPA & lts like bodies. They stood by fueling this eduction standards as THE ONLY ISSUE and left all its members & its industry high & dry. Selling every one of us out & encouraging asic & clueless polies that this is the direction to take. Hence fofa & here we are with a worthless industry selling compliance to clients instead of giving advice.
This year I have done 75 CPD points including upgrading my smsf education to a new level. but its still not enough I am enrolled in more courses but don’t have time to do them because I am doing FOFA bullshit, marketing my business, running seminars, collecting fees, printing tax invoices, following up bad debts, talking to accountants, lawyers, bdm’s, doing product accrediations, reading and studying investment research, solving IT problems, doing the BAS, talking to my accountant re EOFY etc etc oh! did I forget something….that right I have to service my customers, work out which investment to buy them, work out which strategy is in their best interests …if there is time. Gillard got the sack tonight yay! now for the rest of the losers. Sorry can’t stay got more study to do!
A lot of people are still not using advisers. One reason is because people perceive the industry as a bit of a product flog rather than getting advice based on sound principles.
Well blow me down with a feather.
While I do endorse the higher standards strived for in the planning profession, I believe this is an area that should be sef regulated, not imposed upon any profession.
I also do still wonder at ASIC’s true motivations given the current crop of anti-adviser ISN cronies who head up that seemingly unaccounatble organisation…
NO ASIC! You are WRONG again in your research & the track you are on. What you need to do is hire investigators (with real world experience) who will chase the bad guys. Stop tarring me & every one of my honest collegues with this BS brush!! You can start by getting rid of dealer groups who do NOTHING to solve the situation for the industry or clients but hire complance people with no real world experience to seek out the bad guys. How about you & the FPA get off your FAT FEE SUCKING behinds and get out there & HUNT DOWN the tiny tiny minority that cause the problems. How about you do your jobs & stop outsourcing it by blaming education standards! ATTENTION FPA & AFA – YOUR INDUSTRY IS WAITING FOR YOU TO STAND UP, ACT & Support your members. The spotlight is on you!! Advisers….vote with your feet & wallets if the fpa & afa ignore us & dont stop this constant rubbish they started to sell more courses. OVER TO YOU FPA/AFA!! Dont hold your breath people.
here we go again, more study and if we dont have enough to deal with.