February 20, 2018
This is my status leading into the new minimum Professional Standards regime:
- I expect I'll need to achieve additional professional/tertiary qualifications to meet the new standards (38%)
- I still have no idea what I'll be required to do! (36%)
- I'm degree qualified but expect I'll need to undertake bridging courses (19%)
- I'm qualified in a relevant degree and am confident I will already meet the new minimum standards (7%)
Our latest poll is seeking to gauge ‘the mood of the meeting’ when it comes to what proportion of the adviser community thinks it needs to undertake more studies in order to qualify for the minimum standards that will be required of them under the new professional standards legislation.
Of all the issues we’ve reported in the almost ten years we’ve been talking to advisers, the journey towards new minimum professional standards and its accompanying debate appears to be one of the most complicated and frustrating that advisers have been asked to address and to navigate… and there have been a lot of key issues we’ve reported!
Because the ‘i’s still need to be dotted and the ‘t’s crossed in terms of exactly what standards the FASEA Board will require of existing advisers, we’re only seeking your best guess, given what you know to date.
Last week, we ran an article on the approach being taken by the AFA in arguing for the extent to which a number of existing industry qualifications should be taken into account by the FASEA Board when making its final determination about what further studies each adviser should be required to undertake and which minimum standards must be met (see: Advisers With Degrees… see also: Existing Advisers Will Require Study…).
Some advisers are comfortable with where the minimum professional standards legislation debate is heading. Other advisers have indicated they will simply leave the sector – either retiring or exploring different careers, rather than undertake more studies, while many others appear to be uncertain and/or confused about what it will mean for them.
At the moment, we’re interested in whether you think you’ve got things right in your own mind about your own circumstances when it comes to complying with the new minimum standards and if so, what that will mean for you.
As always, it’s now over to you to continue the conversation and we’ll report back to you next week…