Education Changes Boost Adviser Enrolments

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Financial services education provider Kaplan Professional has reported a sharp spike in enrolments in its Master of Financial Planning course following announcements during last year that financial advisers will be required to hold higher education qualifications.

Kaplan stated the increase in enrollments was part of a continuing trend which had heightened in the first study period of this year with enrollments for the Master’s course increasing by 20% compared to the compared to the first study period of 2016.

The education provider said the overall increase into the Master’ program had increased by 25% since the introduction of the professional standards legislation into Federal Parliament in November 2016 with around 2000 students currently engaged in the program.

Similar levels of growth had also been seen in the group’s Diploma of Financial Planning and Advanced Diploma of Financial Planning courses with enrolments up 20% for January 2017 compared with the same time in 2016.

Kaplan Professional Chief Executive, Brian Knight said the increase in enrolments was indicative of advisers taking a long-term view on professional standards and were not waiting for the announcement of minimum standards.

“We have already had record enrolments since the announcement … we have also had many more come to us saying ‘what do I need to do to be the best I can be?’ I am impressed with the commitment from advisers; it is obvious they are taking this very seriously and have pride in the development of their profession,” Knight said.

“Much like other highly-regarded professions, advisers are treating higher education and professional development as crucial pillars in enhancing performance and competitiveness,” he added.

Knight said that advisers who took on postgraduate qualifications should not be troubled by the new proposed education standards nor the exam most advisers will be required to sit in the future.

“We believe advisers who undertake a postgraduate qualification should not be unduly concerned with the standards; they will be as prepared as they can to meet them regardless of what they are – they will be degree-qualified and well-equipped to undertake an industry exam regardless of its format.