FASEA has given its formal approval for education credits attaching to the AFA’s FChFP and ChLP courses.
In a release last week, the Authority said it has confirmed the recognition of coursework from the AFA as well as the Self-Managed Super Fund Association as part of its education standards for financial advisers.
It said advisers who have completed the AFA’s Fellow Chartered Financial Practitioner and Chartered Life Practitioner courses in or after 2013 have been awarded two credits for recognition of prior learning in line with the application submitted by the AFA.
In a separate message to his members, however, AFA CEO, Phil Kewin, noted the FASEA approval applies only to the Kaplan version of its FCHFP and ChLP designations and that it is currently working with Mentor Education in order to prepare an application for its own version of the FChFP and ChLP courses. “We will notify members as this application progresses,” said Kewin.
FASEA notes a maximum of two credits towards completion of higher education requirements can be awarded for an existing adviser who has completed one or more of the prescribed approved courses to attain a professional designation.
So all those people who have successfully worked in the industry who obtained tertiary qualifications including CFP via the FPA and Deakin University prior to 2013 are now going to be thrown on the scrap heap.
If anyone thinks that someone over 55 who was considered technically well educated will now do a Masters in Financial Planning are kidding themselves.
Even though before this as the FPA once touted …..”CFP designation is the highest recognition of an adviser competence”,…..this is now totally useless.
Someone who acquired an Economics degree with Honours in statistics from Sydney University in 1976 now finds that degree totally worthless !
But hang on, we will have a plethora of compliant graduates to come through.
But again, they will not be allowed under this ill thought out compliance regime to provide advice to a client for at least 12 months.
Who’s going to employ someone who adds no specific value other than being a door handle for 12 months and pay them, $50,000 + a year ?
Who’s going to teach those green wet behind the ears young advisers how to engage with clients, particular ones who are more than twice their age.
If you wanted to destroy an industry, the 1700 that have left the industry in the last 6 months is any indication,…. this is just the tip of the iceberg of the exodus that is coming.
Alleycat is correct and as per usual, it appears that experience, common sense and understanding what Australians want and need, has been ignored by the Education Industry, as that would reduce their potential revenue streams if experienced advisers would, god forbid, continue advising without that scrap of paper to show they have now spent thousands of dollars and hundreds of hours studying erroneous theory that does not fit into the work the adviser does for their clients.
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