Tony, who works with Equilibrium Financial Services, joined this week’s episode of the ifa Show to share his story with host Sarah Kendell and what inspired him to stay.
“It was important that I left the industry on my terms,” he said.
“I was determined to do the FASEA [exam] and I was confident that I could do it once.”
In this episode, Tony also shares his thoughts on the exam process and the current landscape of the advice sector.
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Jane Hume needs to listen to this podcast
I commend Tony for his courage in telling his story. I have been in financial planning for over 20 years, provide holostic advice, have an accounting degree and have never had a client complaint. I am refusing to do the unethical Fasea exam out of spite. I am selling my client base and wish those remaning all the best.
God luv ya Tony! 🙂 Great podcast by both Tony and Sarah. Thank you. I’m a ‘riskie’ age 60 and was very interested to hear Tony. I don’t listen to podcasts generally as too time consuming, preferring to read instead. I’m glad I made an exception and listened to Tony and Sarah thrash it out today. I concur with all Tony said. I am retiring in and have not done the exam.
I have so many philosophical arguments against this ludicrous exam I’d be sick if I forced myself to do it. It isn’t in any way relevant to risk advisers anyway. They laughingly call it an “ethics exam” – what an oxymoron! What genius concluded one could ‘test’ an individual for ethics?! Some of the criminal activities I’ve seen in my 35 years as an adviser were perpetrated by highly intelligent people – people easily smart enough to study for and pass an ‘ethics’ exam with flying colours. Just like any other exam for which they would study and pass).
I ‘may’ have stayed in the industry, continued to look after my clients, if there had been a half-reasonable exam for risk advisers and a risk-centric degree for risk advisers. That would then make sense to do and be involved. But no – it is all run by self-absorbed pollies with specific agendas and we are now seeing the sad outworking i.e. 35 year-experienced advisers forced to leave their clients and life company new business inflows stagnating. Dangerous. The life companies sat on their hands when our commissions were cut and responsibility periods bloated. They will now experience the effects of their inaction for advisers.
The life companies didn’t sit on their hands when commissions were cut, they actively lobbied for it through the FSC to save themselves money. Stagnating inflows is the result of their own doing.