FPA urged to talk to universities
A leading university has called on the Financial Planning Association (FPA) to negotiate with universities to establish a set of threshold tertiary qualifications to enable financial planners to call themselves professionals.
The director of the International Centre for Financial Services at the University of Adelaide, Clive Perring, has told Money Management that until financial planners are required to hold appropriate tertiary qualifications they will fail in their ambition to be regarded as professionals.
Perring has backed the approach being pursued by the FPA and has urged that future financial planners have as a minimum an appropriate undergraduate degree that has a strong foundation in finance, economics, accounting, statistics and marketing.
“We would advocate that the FPA should negotiate with universities to have certain requirements met,” he said. “The FPA should also be aware that in the overall picture, comparatively few students will initially opt for a pure financial planning degree.”
Perring said that in such circumstances a university such as Adelaide would offer degrees that provided a broad understanding of finance, accounting, economics, marketing and business statistics.
He said this would provide students with the analytical skills to make finance and investment decisions, understand financial instruments and securities markets, and manage risks.
AUTHOR
Mike Taylor
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
