In response to the draft bill unveiled earlier this month, director of the risk specialist dealer group, Don Trapnell, said because risk advisers are specialists, they need a unique education stream tailored specifically to life insurance and which recognises existing knowledge and experience.
“Financial advisers should be able to elect to study a specialist stream, just as students of any discipline can choose to specialise in a particular area,” Mr Trapnell said.
“In the case of risk specialists, this would of course mean specialising in life insurance.”
Mr Trapnell added that existing advisers with experience over the long-term should be provided with an appropriate education pathway which recognises that experience as well as their knowledge of life insurance and their “unique set of client relationship skills”.
“The average age of Synchron advisers is 43. These people understand what they need to do in order to meet changing education requirements,” he said.
“But we need to also ensure that older, highly-experienced advisers are provided with an appropriate professional pathway that recognises their extensive knowledge, experience and expertise so they can continue to provide the intricate insurance advice and deep emotional support their clients need.”
The government’s draft states that an independent, industry-established body – set to begin operating on 1 July 2016 – will develop the new standards and the transition pathway for current advisers.
Provisions of those details will come into effect by July 2017, and existing advisers will have until July 2019 to complete any further study, pass a one-off exam and subscribe to a new code of ethics.
The draft bill is available for public consultation until 4 January 2016.
The Adv.DFP should be the minimum standard for anyone providing advice or selling in the financial services industry. Anything beyond that should be by choice, but should also be considered as money for jam by those who provide the education programs.
The industry is being dictated to by people who have no involvement in it, and change their allotted portfolio at nearly every election.
Financial planners are in it for the long haul, many years, many more than the average government minister who is saying the first thing that comes into their mind to appease the general population and bolster their position. Change of minister and a new edict comes out.
Please get real. Financial planners are being dictated to by fly-by-nighters who generally lie to the greater population more than any adviser ever has. FInancial planners or advisers are self employed and carry much more personal risk and integrity and actually work for their money and pay tax and employ people at their own expense. They don’t take to flying around the world on junkets or in helicopters to weddings or partys – oopps – party meetings.
Talk about double standards! And only a few people have the guts to stand up and say anything. And they are not the new boys on the block.
Get on with the job of providing protection and stop killing off the industry with stupid laws and regulations which are stifling productivity, and leaving many people at risk of no insurance, and therefore a financial burden on the economy.
Stop killing the life industry!
I think that you should be able to educate yourself in whatever specialization you like. However I don’t think that ‘riskies’ or ‘lifies’ should have easier standards. If the education standards can make those who give the industry a bad name leave, there shouldn’t be a dilution – particularly in the risk arena. I also don’t think the CFP without the degree education should be equivalent to current standard, and should be downgraded to AFP until education standard met. Have a great Christmas.