FchFP to become pathway to university

The Association of Financial Advisers (AFA) has announced a plan that will see its Fellow Chartered Financial Practitioner (FchFP) designation positioned into a pathway to a university degree.

In announcing the 12-month plan at the association’s partner briefing in Sydney, AFA vice president Adam Smith said once the program is fully developed and accredited, advisers who complete the FchFP program would receive certain exemptions during their university courses. Smith noted it was still being worked out behind the scenes as to what those exemptions would equate to.

He added the Future of Financial Advice reforms would most probably raise the entry level bar, “but we just don’t know how high at this stage”.

“Ultimately, everyone who plays in the industry will have to be degree qualified, so [most advisers] will need to go back to university to do that. FchFP will lead to that degree and that’s the pathway we’re creating,” Smith said.

According to Smith, the educational experience of AFA members spans from new GenXT advisers with degrees to established practitioners with PhDs and masters programs.

Around 30 per cent of AFA members at the recent GenXT roadshow have acquired advanced diplomas and are qualified to complete the FchFP course.

“The message to advisers is that educational excellence is the pathway to the future. It’s time to step into the future and go back to school," Smith said.