In a submission to FASEA, SAFAA said it is “not happy with FASEA’s proposed pathways”, noting that a “significant number” of advisers are expected to leave the industry if the pathways are enforced in their current form.
“This will result in a low level of advice for retail clients,” SAFAA said.
“Additionally, it will also mean that there will be a reduced number of experienced advisers to mentor new entrants to our industry. It is highly probable that consumers will be disadvantaged for a number of years.”
SAFAA suggested this problem could be mitigated by accepting an AQF level 8 certificate as a sufficient qualification for “an existing, experienced adviser without a degree” and provide a more practical pathway for older advisers to leave the industry by “extending the sunset period” for these advisers.
“This would still necessitate these advisers passing the national exam and complying with CPD during that time,” SAFAA added.
The association also suggested the national exam focus “exclusively on the subjects intended for the bridging course”, which would then make the bridging course redundant, “as would any separate requirement to study ethics”.
Last week, ifa reported that SAFAA had joined a number of other associations, including the AFA, to form the Alliance for a Fairer Retirement System – a lobby group opposed to the Labor party’s proposal to disallow refunds for excess franking credits.
Thought this might be of some interest to people:
https://www.kaplanprofessional.edu.au/wp-content/uploads/2018/06/AdvancedStandingPrecedent_v2.pdf
Just finished a behavioural finance unit with Uni Adelaide (as part of the Grad Cert SMSF)
It’s not on the list, but will be gunning for exemptions when the list actually comes.
We used:
Investor Behavior: The Psychology of Financial Planning and Investing (Baker).
Had to buy the e-book as well, as I have trouble keeping awake when reading. I don’t recommend studying two units if you have a family, and don’t want a divorce.
So start on something that will likely get an exemption.
Received a 1 unit exemption, from a previous PC.SMSF, so two more units for the Grad Cert SMSF.
But basically taking a risk by not studying the limited approved courses, so FASEA need to play catch up.
If you are lucky also your respective dealer groups should be getting bulk group purchasing power under Kaplan.
Good luck with those exemptions Studying Dad!
So far FASEA has shown extreme unwillingness to provide exemptions for a whole range of higher education options that are clearly aligned with the spirit of the legislation. The FASEA agenda seems far more focused on press ganging advisers into spending money at institutions affiliated with FASEA board members. If they get away with this, then a corruption inquiry surely awaits them further down the track.
Thanks Anon,
Yes very awful the FASEA engagement. We are seeing a lot more ‘related’ bodies/disiplines lobby now.
I find it funny how they are out-sourcing the construction of the bridging course, even though they have had been on the moral high-horse for sometime, so I would have thought they knew the industry inside and out, seems not. We basically got rolled by a fly by nighter.
I wanted to do that course Studying Dad. I’ve got a list of qualifications and was looking for something specialized but with FASEA all study is on hold for the moment. Pitty. Seems like I’ll be learning about the co-contribution at a broke Uni with the other 18 year olds from China, all so I can tick a box. Yeah me.
hi good to study with the Chinese as next 20 years or so would be their playing field in Australia financial landscape
SAFAA represent stockbrokers who have unfortunately been caught up in the mess that Planners created. A stockbroker has no need for a DFP or CFP nor would they want one. Entry requirements at well known institutions are typically much higher to begin with.
oh, those poor stockbrokers. If their quals are so ‘much higher’, what is the point of their complaint? On your assertions they should have no issues with the FASEA requirements. Somehow I think this isnt the case…
I wonder how many advisers actually belong to SAFAA?…2?
About one third of the 3,000 advisers employed by ASX Market Participants…and growing.
about one third?…so let’s say 20%…600 if that…most of whom have other memberships…so SAFAA has 5% of the FPA membership and 1-2% of all financial advisers…pull your head in SAFAA.
“Additionally, it will also mean that there will be a reduced number of experienced advisers to mentor new entrants to our industry.”
That would be a great result in a lot of cases. New entrants being mentored by someone who wasn’t a DFP/grandfathered CFP operator part of the previous sales, non-compliance culture we are trying to leave behind.
No DFP / CFP / Uni degree or Ethics course will replace decades of real world adviser’s experience.
For those poor FASEA and newby advisers thinking so, good luck in reality.
Actually it will probably mean that more of the new entrants will lack the ability to effectively service and communicate with clients. The FACT is that many of these “qualified” advisers who seem to knock the less “qualified” yet highly experienced advisers lack the ability to effectively communicate and service clients because they are so busy telling the clients how important they are etc. A lot of this opposition and defamatory statements about the more experienced, less “qualified” adviser stems from the fact that they are simply envious that many of these advisers have been able to build better business, with a loyal client base that values their advice and service, because they look after their clients first before looking after their own back pockets. The sooner that these knockers get a pin and pop their heads the better. And lastly, there will be no windfall of clients to you when these older or less qualified advisers leave the industry. Clients deal with an adviser based upon the service and quality of advice delivered, not the number of certificates hanging on the wall!
ahh, envy….that’s the cause of all issues, obviously….
I have well over a decade of experience, that doesnt change that anything pre-fofa was an absolute joke. Straight up sales regime with no management of conflicts. Most people in the industry at that point were crooks just flogging as much product as they could, we all know this.
I too didnt have a degree when it became clear they were going to be needed years ago… Instead of complaining I, and my colleagues, just went about and completed them… Education isnt everything but cant wait for FASEA to get rid of the lowest common denominator (DFP only advisers who have had years to increase their quals).
No need for a windfall of clients, referrals alone are plenty. No commission, no grandfathered income either.
glad to have you on board sir, we need more like you. welcome aboard, toot toot, either get busy learning or dying there is no other way folks toot toot all aboard
you are going to have to know stuff – real finance stuff –
actually no. he who has most certificates wins. you should see my wall (and my boutique designer office). it is awe inspiring so many certificates. clients love it they even tell jokes at bbq’s about how their adviser (moi) has 3 more degrees than their friends adviser and how they are so much better off because of it
get studying folks, the exam and degree requirements ain’t going away
If I only knew [b]what [/b]to study. FASEA hasn’t approved any Grad Dips yet!
Yeah they have. See the FPEC list for a list of approved post graduate study options – which has been adopted by FASEA.