FASEA Win For Advisers

The Assistant Treasurer, The Hon Stuart Robert MP, has announced that some key industry qualifications will be taken into account by FASEA and counted as credits against the minimum education standards it will require for current financial advisers.

Assistant Treasurer and Minister responsible for Financial Services, Stuart Robert

The announcement was made by the Minister on the closing day of the 2018 AFA National Adviser Conference on the Gold Coast, and was greeted with solid support by the audience of advisers, licensees, life company representatives and other industry stakeholders.

Having identified the non-negotiable elements of the FASEA education requirements, the Minister shared with delegates that he had agreed with FASEA the following:

  • Existing advisers with no degrees will not be required to undertake a bachelors degree but will be required to undertake eight subjects equivalent to a Graduate Diploma
  • Of those eight subjects, advisers who hold an existing Advanced Diploma in Financial Planning will receive two credits out of the eight subjects or credits required
  • An additional two subjects will be credited to existing advisers in recognition of the industry education course work conducted to attain the FPA’s CFP qualification or the FChFP qualification provided by the AFA, provided these qualifications were obtained after a certain date
The Minister noted these additional credits …were in recognition of the hard work advisers … have already done

The Minister noted these additional credits for the FPA’s CFP and/or the AFA’s FChFP qualifications were in recognition of the hard work advisers and their Associations have already done in order to achieve those existing accreditations.

For what the Minister referred to as the ‘more wise advisers’ who had already completed advanced diplomas and industry accreditations, he confirmed they will have already met four of the eight mandatory units.

He said the four remaining units will relate to Ethics, the Corporations Act, Behavioural Finance and another subject of the adviser’s choosing.

The Minister also confirmed existing advisers holding a related degree would be required to undertake three bridging courses, as outlined in an earlier release by FASEA, comprising:

  • Chapter Seven of the Corporations Act
  • The new Code of Ethics
  • Behavioural Finance

The Minister said the remainder of FASEA’s requirements would be released in the coming weeks for final industry comment before the final legislation was introduced into Parliament.

  • Adam p

    What a load o rubbish, so the already most educated related degree qualified, Full DFP, SMSFA, Estate Plan Specialists still have to do as much as most of the others with minimal education.
    What an absolute freaking rort.
    Clearly all the past government uni based education is worth jack sh#t.
    Stuff you FASEA

  • Roger Smith

    Clearly we must have different definitions of the word “win”. This “win” is like reducing a 100 metre race too 99.99 metres. I’m sorry but this is no win for anyone and to be claiming it as such is quite laughable!

    • The Patriot

      I met with this man earlier in the year and he agreed with my assessment of the draconian rules. Said he thought my proposals were valid… he is now in power to make changes and has not. I have asked him to stand up and do something that he tells me he agrees with ie allow some sense into this rip off that is education of we advisers… I’m with you Roger

  • Jeremy Wright

    It is Quid Pro Quo.

    That is the way of the world and always has been.

    The experts in this game, understand that the way to win, is to demand way too much, then be seen to be accommodating and reasonable, by forgiving some of the outrageous demands they knew would never get across the line in the first place.

    The Unions became masters of this game in the sixties and seventies and Big Business plays along, with the Government being “”Advised” along the way.

    Having specialist negotiators to deal with inexperienced Government Ministers and disinterested / disheartened Public Servants is an art form, though once the due learning process is served and everyone around the table “”Understands”” the process, it becomes a standard game of cat and mouse, where the Ministers standing today at the press conferences and podiums, embellishing speeches they did not write and do not understand, are exited via our democratic system, or via a scandal due to their intransigence and not toeing the line, it is just a matter of retraining the new batch of idealists, to get them to agree.

    And the world goes on.

    And what do end up with?

    Convoluted, mumbo jumbo, mixed with millions of words that are designed to detract and distract to the point that detractors give in and “”Accept”” the new world.

    Then the Bureaucrats and vested interest groups can resume their insidious game, which has always been to feather their own nests.

    • Daryl La’ Brooy

      Hence why Donald Trump and all the other populist politicians are being elected around the world. People are sick of the elites!

  • Ben

    And the winners are……the Unis and educational groups, no-one else.

  • disqus_J1cxQ4hGad

    Who are the winners?? I complete an 8 subject DFP in 2002 which was all that was available. In 2004 they change DFP to ADFP. If you did ADFP you now get two credits for the new requirements but advisers like myself who studied earlier get nothing.
    We are getting shafted. How is that fair?

  • ken

    The biggest thing in all this being overlooked is experience and time in the industry.
    Why do we need to be able to recall the corporations act page for page { all 504 of them }
    How does that improve our client relationships and address the issues of putting the client first. If you are not doing that now your in the wrong business.
    What educational value can you put on experience dealing with the death of a client and his grieving family? How to assist and Guide them after the event ! at no charge just because you do and have always cared. What book do you find that in.??
    God help the academics of this new structure It will be like a probationary Police officer going to their first fatal with just the Corporations act to help them through.

  • Old Risky

    Jeremy-spot on ! This is a bloody game. There has never been any degree or whatever you want to call them for RISK ADVISERS. The one chapter on risk in the DFP was laughable.
    Now in an apparent AFA inspired “concession”, I can do an 8 subject diploma, at great expense to me, or retire. Thirty years of risk advising, learning something new in risk advising every day, never had a complaint, never charged for claims, ALL DOWN THE GURGLER.
    No complaints in 30 years means, surely, that my ethics are solid ! Apparently not. Ethical behaviour begins in childhood, at the feet of wise elders. Now we will have people tutored to pass ethics exams, just like schools now tutor students for NAPLAN.
    All that experience and service has been deemed worthless.

  • AR

    I see only one chance for a reasonable approach to all this and that is via a change of government at the next Federal election. I suggest everyone meet with their local Federal member and express their views – I have.
    I have a CFP designation but it looks like it won’t count because the assignments and exams I sat were completed too long ago. The FPA have been pathetic is supporting members and I will not be renewing my membership.

  • Doug

    I agree with all of the sentiments expressed.
    Some education concessions expressed by the Assistant Treasurer however all Advisers still have do an Ethics course. Is this the same person who recently acknowledged he had ripped off taxpayers of $38,000 by overcharging taxpayers for his internet service and has now agreed to repay this amount because he has been caught out? As already expressed by some, you are ethical or you are not. Would a requirement for all politicians to do an ethical exam prevent this type of rort from occurring in the future. What hypocrisy .