Earlier this week, the university launched five new business and accounting qualifications aimed at helping financial advisers meet the incoming adviser education standards.
Asked what prompted the decision to launch the new offerings prior to the completion of FASEA’s consultation process, Swinburne Online accounting and business program director Andrew Vincent told ifa the education provider had consulted some industry stakeholders in the know.
“Development of these majors by Swinburne University of Technology (SUT) commenced two years ago in direct response to concerns for educational standards in the financial planning industry,” Mr Vincent said.
“New units within the major have been developed with a focus on ethics and communication skills. They have also been adapted for Swinburne Online to benefit students wanting a more flexible and more personalised mode of study online.
“During this process Swinburne worked closely with industry experts and FPA to ensure new changes proposed by FASEA are embedded in our curriculum.”
In its original release, Swinburne Online said the five courses were accredited by Chartered Accountants Australia and New Zealand, however the university subsequently issued a correction to clarify only the bachelor of accounting, bachelor of business with a major in accounting and finance, and bachelor of business (accounting and financial planning) have this accreditation.
The correction also specified that both “the bachelor of business (finance) and bachelor of business (financial planning major) will be FPA/FASEA approved”.
The FPA has been approached for comment.
We await to hear how much Swinburne University paid the FPA to be listed on FPEC list. The list that lazily FPEC adopts. FPEC is of course owned by the FPA. To be blunt, it’s in the interest of the FPA to ensure this continues at the expense of existing FPA members who have existing Finance related degrees. That’s called a conflict of interest. A conflict between the needs of the public, advisers and this revenue source. Time to make some changes at the FPA in my mind.
What a load of bollocks – when will these ‘so called academics” be able to distinguish between training and education – a degree” as currently proposed” does not provide any meaningful training – vis read your degree and undertake training – as a former training specialist – this fails on every level – in the mapping of course elements – to the tangible demonstrated competencies that are required. I really shouldn’t be surprised – we are dealing with another fait accompli along the lines of the LIF fiasco
“Consulting?” or was this a few champagne lunches planning how much money they can make to replace the now useless CFP cash con?
[b]So Swinburne University can write only four new units out of 23 units and get their brand new major on FASEA’s list [/b]and yet the person with the Masters of Financial Planning from 2006 or my existing Bachelor of Business, Diploma of Financial Planning and Gradate Diploma in Applied Finance with four old financial planning subjects and countless privately offered courses and accreditations is not good enough. Please explain? This is why academics who have any link to Financial Planning courses should not be on FASEA board.
and from 2019 if you didn’t study the Business of Business (Financial Planning) and decided to keep your options open and just did their Bachelor of Business you’re not welcome or eligible to become a planner and unlikely to be a candidate for a job in a planners office.
Wow…What was the value of the luncheons and other entertainment over which these measures and courses were most likely discussed…
It’s amazing how many industries leach off a financial planner. Get ready for change when their are less planners.
Swinburne Directors also mentioned only 33% of advisers have degrees. Factually how can this be validated ?? Could IFA question this figure ???????? The ASIC adviser register is only as good as to what the adviser or dealer group “wants” to be placed on there. I was unable to place all my qualifications on the register as it is limited. Hence I selected to place certain qualifications on the register. In my dealer group not all advisers listed a Bachelor Degree in Commerce because they prefered to list SMSF qualifications and the like. I would estimate the number of planners that have degrees is closer to the 70% mark and not the 33% or whatever was quoted.
Can’t wait to hear the FPA’s comment.
Well wait about 6 weeks I reckon for Dante to try to find the right Weasel words to try and defend such a hopelessly conflicted industry body.
I’ve been an adviser for over 20 years, I always do my best t conduct myself with the client in mind always, and I do the best I can to be a good person in my family, personal and business life. That’s just me and how I roll, it also makes me feel good and be happy.
“New units within the major have been developed with a focus on ethics and communication skills”………….. call me naïve but ethics aren’t taught… are they?
Aren’t they innate/values a person holds, ie: you are an ethical person in the way you conduct yourself whether that be in your personal life, family community or business dealings…. telling someone what ethics are in a course won’t make them ethical??? Seriously what has this world come too? If someone is unethical, ban or fine them and move on!!!
Most professions (eg law) will have a unit on professional conduct on their qualifying courses. That is really what is meant by ethics – not the moral sense that you are referring to. But you are right, courses on ethics/professional conduct sometimes just show people how to feather their own nest while not technically breaking any rules (not looking in lawyer’s direction here at all).
Another fee earner for the industry body that backstabbed its members.
If only the FP industry had member representation by a group not concerned with sales of education materials and course.
Proud non FPA member for decades.