August 20, 2019
Does the 90+% pass rate for the first round of the FASEA adviser exam give you a renewed optimism for the future of your advice career?
- No (52%)
- Yes (34%)
- Not sure (14%)
The high pass rate reported for the first round of the FASEA adviser exam has generated renewed optimism for many, but not most advisers.
In our results to date, around half of those taking our poll have indicated the 90+% pass rate in the June FASEA adviser exam series did nothing to change their outlook, but at the same time, just under four in ten (38%) have indicated that the high pass rate has had a positive impact on them.
This conversation is taking place in parallel with a mountain of other regulatory news, not least of which is the announcement earlier this week of the Government’s timetable for the implementation of the Banking Royal Commission’s 76 recommendations.
A perfect storm of regulatory reform is impacting the entire financial services sector. But no sector seems to be more impacted by these reforms than the adviser community, who have been required to re-construct their businesses and their processes to accommodate changes required by reforms such as:
- The Future of Financial Advice reform legislation
- The Life Insurance Framework remuneration reforms
- New minimum adviser education standards implemented via FASEA
- The implementation of the recommendations from the Banking Royal Commission
In its context, the FASEA adviser exam is not the beginning or the end for advisers, but rather one of a number of higher benchmarks each adviser will need to achieve in order to maintain and (hopefully) grow their advice business in future.
Assistance is available to help advisers prepare for the FASEA exam, with offers extended by a number of the life companies, education firms and institutions and from adviser associations.
…And we’ll stand by for any news in the coming weeks that may see the timelines adjusted to allow advisers more time to study for and pass the FASEA adviser exam.
In the meantime, our poll remains open for another week if you have yet to have your say…