High FASEA Exam Pass Rate Good News For Some

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…

  • Jeremy Wright

    There can be no enthusiasm or optimism for the future of our careers based on the results of one FASEA exam.

    The exam is one additional pain point amongst many.

    FASEA is the major problem and will be the impetus for thousands of experienced advisers to exit the Industry for NIL benefit to anyone.

    • Squeaky_1

      Too true Jeremy, too true.

      • PS

        Already in the process of selling my 30+ year risk advice business. The end is here, it’s not in dispute.

  • Ken

    As I have said many times This exam is nothing more than a stepping stone for advisers to remain in the industry until January 2024 when they will announce their retirement sell their business and move to greener pastures
    It’s now becoming a race between the health funds and the insurers as to who will go under first I know of one company who has it on their books to increase premiums yet again before the end of the year despite the fact that commissions are now up to 40% less responsibility on lapses is twice what it was 3 years ago
    and all the money saved from overseas conferences ( be that right or wrong ) millions in fact taken into account still says we want more ?
    Greed greed and more greed boosted by a government and ministers past and present who cannot see the fallout that us coming
    No I’m not pessimistic just looking at this for what it is and how our wonderful industry has slowly been pulled apart to suit the “ Big end of town”
    How frustrating and sad

    • Squeaky_1

      Well said Ken. Hope all’s well with you otherwise mate.