February 27, 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 results suggest a lot of advisers remain uncertain about what additional studies they’ll need to undertake to comply with the new minimum education standards, while very few advisers believe they’re already good to go.
As we go to print, 41% of those taking our poll are unclear as to what additional studies they’ll need to do to comply with the new standards. This is understandable because the FASEA Board has yet to release the details of what it believes will be fair transition arrangements for existing advisers who hold an array of different degrees (both relevant and general), diplomas, certificates and professional qualifications.
Meanwhile, 36% of our poll respondents have said they think they’ll need to achieve additional professional/tetiary qualifications to meet the new standards and 18% believe they will need bridging courses. Only 5% think they are already qualified under the new arrangements.
Advisers attending the National AFA Connect Tour over the last two weeks have been encouraged to avoid making any decisions about their future in the industry until the final transition arrangements have been released.
…the equivalent of 9 months full time study is too much…
Until then, some of the comments we’ve received tend to reflect a range of issues associated with the new professional standards, including frustration and some unintended consequences. A selection of these comments includes:
“Overall and long term I believe this is a good change for the industry, but they haven’t gone about it in the best way.”
“A great opportunity for young advisers buying in but not only are older advisers going to be forced to retire earlier than expected, the value of their businesses when they are forced to retire in 2024 may halve!”
“I know of many close to my tender age of 58 saying why bother and will exit the industry. I want to stay as I enjoy what I do but the equivalent of 9 months full time study is too much…”
Our poll remains open for another week and wewelcome your further thoughts on how the new minimum professional and educational standards will impact you and your business …as far as you can tell!