In a statement on its website, FASEA released new guidance which suggested all advisers will be required to complete at least one unit of study as part of a bridging course.
According to the new guidance, advisers with a bachelor’s degree in a “related field” (including accounting, financial planning or advice, business, commerce, law or economics) will need to complete a bridging course of three study units.
Additionally, advisers with a degree and postgraduate studies in a related field will still need to complete a one-unit bridging course covering the new code of ethics created by FASEA.
Advisers without a degree will have to complete a relevant degree at bachelor’s level in order to continue practicing in the industry.
Speaking at the ASIC Annual Forum in Sydney hours after the new guidance was released, FASEA chief executive Deen Sanders said it was important to note that “financial advice is much bigger than financial planning” and that the standards are still relevant for life insurance providers as well as accountants and stockbrokers who deal in personal advice.
However, Mr Sanders said there was nothing in the guidance which would restrict education providers from providing specialised courses which met the requirements but also aimed to add value to specialist advisers’ practice.
“It’s hard to make an argument – but we welcome it in consultation – as to why [the bridging course] units would not be relevant to any participant in the financial services marketplace, but in terms of … the argument being people are being forced to do full financial planning qualifications, that’s certainly not our expectation,” he said.
“There’s nothing in this document that says that, it does say though that obviously[,] qualifications that deliver on these units should provide opportunities for specialisations, what we’ll be looking to hear from the marketplace in consultation.”
A common sense approach is required from Dean Sanders FASEA. 40 hours of CPD’s p.a.(including ethics), an eight unit Deakin Diploma of Financial Planning, and experience bring tremendous value to clients affairs. Dean Sanders FASEA is taking a single dimensional approach to the educational standards trying to crowd out and cloud what is supposed to be a “consultation period” closing on the 29th June one of the busiest periods in the financial planning calendar.
According to the FASEA guide (http://fpaa.informz.net/FPAA/data/images/FASEA%20Education%20Pathways%20-%20March%202018.pdf)
Not sure this statement is correct:
[i]Advisers without a degree will have to complete a relevant degree at bachelor’s level in order to continue practicing in the industry.[/i]
Thankfully FASEA have recognised past relevant degrees, so my B.Economics, double major in Economics and Business Law is worth something.
– Yet my Deakin Uni Adv. DFP (whilst currently only half of the DFP is the legal requirement for advice) is worth = nothing.
– Grant Abbott SMSF Specialist Adviser Course and SMSFA accreditation worth = nothing.
– UTS Estate Planning Specialist Financial Adviser course and worth = nothing.
– Of course 20 years experience and CPD is worth = nothing.
So back to Uni FASEA want me to go and they say it will only be for 3 subjects, at a cost of i guestimate $6K per course = $18K course costs
Plus FASEA’s Sanders say it will take 120 hrs per course x 3 = 360 hours at an hourly professional charge out rate of $300 = $108,000.
[b]Thanks FASEA for the approx $126,000 education reform bill. [/b]
And supposedly i’m one of the lucky ones.
And times this by how many advisers who already have very good qualifications = ? Squillions wasted
Where are the ethics in that O’Dwyer and Sanders ?