FAAA signs MOU with FPSB India to ease adviser shortage
Formalising its arrangement to bring international advisers to Australia, the Financial Advice Association Australia (FAAA) has signed an international memorandum of understanding (MOU) with FPSB India.
Last week, Money Management wrote how the FAAA is looking to India as a source of talent, especially with the strong Indian community in Australia.
Indians living in Australia are the second-largest group of immigrants to Australia, according to the Australian Bureau of Statistics, with a population of 846,000.
FAAA chief executive Sarah Abood said: “That’s an area where clearly there are a lot of financial planners and students. We also have such a strong community with Indian heritage here in Australia.
“If we are able to free up cross-border opportunities and education for people who might be practising or thinking about studying in India to come to Australia, we think that’s one way we can really help drive the pipeline and those international opportunities are very much part of what we are looking at.”
The two parties have now signed a formal MOU, which it described as an “important milestone for international cooperation for the financial planning profession” and one that will allow advisers in both countries to develop their career across borders.
The document was signed between Krishan Mishra, chief executive of FPSB India, and the FAAA’s Abood in São Paulo, Brazil, during FPSB’s 20th year celebration. It was witnessed by FAAA chair David Sharpe and FPSB CEO Dante De Gori, who is himself a former FAAA chief executive.
The partnership focuses on developing:
- Global career opportunities for CFP® professionals in India and Australia.
- Specialised content tailored to both regions, enhancing skills and expertise.
- New pathways for education, employment and professional development.
One of the key objectives is to enable CFP professionals to meet local regulatory requirements when seeking employment across borders and the partnership will ensure Indian CFP professionals can access FAAA-accredited CPD programs while in India, allowing them to complete required coursework before seeking certification, or employment in Australia. Similarly, Australian CFP professionals will have the opportunity to prepare for the Indian market through local CPD programs.
Furthermore, the two organisations will work together to align certification requirements in accordance with FPSB’s cross-border certification policies. This will make it easier for Australian CFP professionals to seek certification in India, fostering professional exchange and collaboration.
This agreement also facilitates a pathway for Indian CFP aspirants to gain Australian financial planning qualifications, including units of study that meet Australian legislative standards.
Abood said: “This partnership with FPSB India will create pathways for financial professionals to move between Australia and India. The collaboration provides our members and aspiring professionals with opportunities to expand their expertise and gain international experience. Australia is one of the most multicultural countries in the world, with almost 30 per cent of the population born overseas. India is our second-largest source of migrants (second only to England) and this initiative will also help our profession better serve this strong and growing community.”
According to FPSB India, there are 2,731 financial advice professionals in India which grew by 8.5 per cent over the year. This is out of a total of 223,770 worldwide, including 4,492 in Australia.
Mishra said: “We are thrilled to announce that India’s CFP professional community has reached an unprecedented milestone, boasting 2,731 dedicated professionals committed to delivering high-quality financial guidance.
"This remarkable 8.5 per cent surge reflects not only the growing demand for financial planning advice in our country, but also underscores the increasing importance individuals place on securing their financial future.
“As India proudly ranks among the top five in global net growth rates, this achievement speaks volumes about our nation’s dedication to fostering financial literacy and stability. Together, we continue to empower individuals to make informed financial decisions and navigate their journey towards prosperity.”
AUTHOR
Laura Dew
Recommended for you
Over 70 per cent of financial advisers are regularly working with other specialists in tax, aged care and estate planning, according to Viridian, to meet increasingly complex client needs.
A global investment management firm executive has called for standardised promotion policies to close the “gendered promotion gap”.
Almost half of financial advice firms are still holding back from using managed accounts in their practice, Netwealth uncovers, despite the efficiency benefits they can offer to advisers.
ASIC data shows the number of smaller AFSLs with less than $50 million in revenue has increased by 25 per cent in the past year, but the regulator believes they are still under reporting breaches.
