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Retain DFP For Non-Advice Roles

The Diploma of Financial Planning (DFP) should be retained for the training of financial services professionals who do not provide advice but who will need some further training, according to Mentor Education Group principal, Dr Mark Sinclair.

Mentor Education, Principal, Mark Sinclair

He said while the DFP would no longer be applicable for use by financial advisers under new education proposals, it would be the ‘qualification of choice’ for people entering financial services as an associate adviser, paraplanner or client relationship manager.

“The DFP and Advanced Diploma of Financial Planning have both served the industry well (and will continue to do so) having evolved since inception to meet the needs of advisers, stakeholders and regulators,” Sinclair said, adding the current focus on education is about advisers meeting the proposed FASEA requirements.

“The age of compliance will require the entire advisory practice to be on the same page as the authorised adviser…”

“The reality is that post 2024 will be the era of compliance and entry level qualifications, ongoing professional development and study won’t be restricted to, and the exclusive obligation of the adviser or principal alone,” he said.

“The age of compliance will require the entire advisory practice to be on the same page as the authorised adviser in order to operate efficiently and effectively,” Sinclair added.

As such, there will be a need for two sets of qualifications after 2024, according to Sinclair, with the DFP suited to advisory practice operational staff as well as client relationship managers, paraplanners and prospective advisers.

“No doubt many cynics will say the DFP for operational staff is overreach, expensive and inconvenient.  In reality it represents a prime opportunity to expand the knowledge base and appreciation of staff to the demands of advice delivery, with both the individual and business the beneficiaries,” Sinclair said.

  • paulkate72

    As I said a few weeks ago, Dr Sinclair might make some useful points if he spoke in English. I agree with a few of them. but needed to get my head around it all first.

    Example: “’No doubt many cynics will say the DFP for operational staff is overreach, expensive and inconvenient. In reality it represents a prime opportunity to expand the knowledge base and appreciation of staff to the demands of advice delivery, with both the individual and business the beneficiaries,’ Sinclair said.”

    That’s a 12 on my Flesch Readability score. It should be a 6 or 7 to be effective. No doubt the good doctor, who has a Ph.D, is good at his job and pretty smart. But he needs to either improve his written communications or speak in everyday English if he is to be really effective.

    So why not say it like this: Cynics might feel that the DFP for inside staff is more than what’s needed, apart from being expensive and inconvenient. That said, it is a good opportunity to upgrade their understanding and respect for how advice to the public works. These things will ultimately benefit staff, clients and business generally.

    • Ken

      I still find it hard to believe you can spend all those months studying do 8 modules with 6 7 & 8 in particular being quite difficult and have it thrown out as not being effective enough to advise people on what they need to consider but is ok to play “ secretary “ with and assist new entrants as long as no advice is given ???
      Talk about move the goal posts How these educational groups must be loving this little windfall