Advisers should study beyond FASEA requirements
Advisers should study beyond the Financial Adviser Standard and Ethics Authority (FASEA) requirements to capitalise on the predicted increased demand of financial advice.
Luke Knight, Kaplan head of corporate sales, said the education provider encouraged advisers to continue to study beyond their FASEA requirements.
“This is a current gap in the industry which we think can only be addressed by those who understand and practice with the right qualifications to support the growth and continuity of the industry,” Knight said.
“It’s [Kaplan’s] opinion that advisers who meet the education sooner and progress beyond it would be positioned to capitalise on the predicted economic upswing in a post-COVID environment, while also being able to make the most of opportunities afforded by the increased demand for financial advice.”
When it came to study load, Knight said it was most common to see working professionals complete three subjects a year over four years.
“It’s the ideal time for advisers to build up momentum towards meeting the FASEA education standard,” Knight said.
“Yes, there’s a fair bit of time to the end of 2025, but it will creep up and we don’t want to sit around waiting until the very end and try to cram in subjects whilst manging businesses.”
The most popular course taken up was the ethics component, likely to help candidates prepare for the FASEA exam.
“From the data we have, there is quite of a lot of advisers that have now passed the industry exam plus have completed [the] ethics [subject],” Knight said.
“A lot of advisers use the ethics [subject] as an exam preparation tool for the industry exam, which was a really great approach.”
AUTHOR
Chris Dastoor
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
