The Association of Financial Advisers (AFA) has called for a consultative approach to the issue of adviser education in response to the release of the FPA’s education consultation paper last week (see previous story Call for Dramatic Shakeup of Education Requirements - FPA).
AFA CEO, Richard Klipin, said the FPA’s policy paper contains some good ideas and raises many key points which he says the AFA Board ‘…will thoroughly consider’:
“In the wake of falling returns and corporate collapses, the role of the adviser has been up for debate and adviser education has been put under the spotlight. What this means is that the industry as a whole needs to examine the issue of education very closely,” said Mr Klipin.
But Mr Klipin also warned that “Fragmented examination of the issue, played out in the media, will only lead to more consumer confusion.”
As well as supporting a consultative approach to raising the standards of adviser education, the AFA also stresses the importance of linking formal education with practical experience.
AFA President, JimTaggart, commented “Adviser education is an extremely important ingredient in providing quality advice but so is experience and learning from your peers.”
Education … is only one key part of the puzzle
“Education which ensures advisers have the right skills and knowledge to do the job is only one key part of the puzzle - the other key parts include having the right staff, the right business model, the right service, the right technology, the right systems, the right product lists and the right specialisations,” said Mr Taggart.
