Advisers need to start planning for FASEA
With the Financial Adviser Standards and Ethics Authority’s (FASEA’s) education reforms looking inevitable now, advisers need to turn their mind to where and how they will study once the changes kick in.
Technical manager at wealthdigital, Rob Lavery, said that once planners worked out what further study they needed to do they would then need to choose a provider from the “explosion” of postgraduate financial planning qualification courses that had cropped up in the last two years.
Planners should compare factors such as entry requirements, whether it is offered face-to-face, by distance or both, the length and frequency of study periods, cost, the types of assessments, the course content and the reputation of the educational institution.
Lavery warned that, importantly, planners should consider providers’ policies on recognition of prior learning, as these could stall their progress through their qualifications if not properly managed.
He said that advisers then needed to determine when they will study to ensure they had completed the necessary subjects by FASEA’s deadline of 1 January 2024.
“The key is to not leave it until the last minute. Planners who start their study sooner will have more time to complete their course and will find it easier to fit their study around their life,” Lavery said.
AUTHOR
Hannah Wootton
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
