Latest Poll – Are You Committed?

6
Are you committed to completing one of the FASEA Education Pathways?
  • No (44%)
  • Yes (34%)
  • Not sure yet (21%)

With the final version of FASEA’s Education Pathways now released, we’re asking whether you’re committed to attaining the education standards that will be required of you to continue as an adviser in future.

By 1 January 2024, in addition to having passed the Financial Adviser Examination by 1 January 2021, all financial advisers will be required to have completed the education pathway relevant for them, based on their existing qualifications and industry coursework.

Take this link to our report, which summarises the education requirements that will apply to you: FASEA Finalises Education Pathways…

Included in that report, and duplicated here, are two charts detailing the credits that will be provided in recognition of prior learning, and a summary of the pathway requirements for existing advisers currently holding:

  • An approved degree
  • A relevant degree
  • A non-relevant degree
  • No degree

The AFA has been vocal in recent comments about the final education pathways package and what it sees as a lack of clarity in the wording of the Legislative Instruments that will deliver it. But it appears unlikely there will be any substantive changes to the education pathways outlined above.

It’s coming up to crunch time for a meaningful proportion of financial advisers…

If this is the case, what will you do? It’s coming up to crunch time for a meaningful proportion of financial advisers, particularly those of a more mature age.

But in any case, what are your intentions: Will you be retiring a little earlier than planned? Will you change your role within your business to one of manager and/or mentor? Will you change industries? Or are you committed to doing what it takes to be able to continue with what you love, which is delivering great advice to your community of clients that reflects their best interests, and which at the same time helps to give meaning to you?

Tell us what you think and we’ll report back next week.



6 COMMENTS

  1. Show me where we have s choice ? If you want to stay in the industry your path has been chosen for you !! Talk about dictatorship!

  2. An entire 2 credits for ADFP and 20+ years of experience. The country will now become even further underinsured, loss of jobs, business valuations destroyed and now I need to spend god knows how many $$ and countless hours doing courses made up by self serving educators and industry associations who will be profiteering at our expense. Nope, I am over the witch hunt.

  3. I might not be on point here with all the requirements we must meet to remain in the industry. It must be said nevertheless. What is it? This: what have the regulators done about the industry super funds (ISFs) and so many GPs both of whom have caused us much heartache in getting business across the line? ISFs with their hedging about partial and full rollovers, and GPS taking so long to get reports back to insurers. Truly scandalous! This is an subject not much spoken of here but is surely worthy of raising.

  4. I have said it in previous editions in RiskInfo and I will say it again. Insurance Companies and Dealer Groups, AFA and FPA please take note – the only way this mess will be fixed is when you all go to the Government “collectively” and make them understand the retail life industry is on the brink. You cannot do this individually – the AFA is trying and are about the only group who are, but they need others on their side. The government has to understand that LIF MUST be amended. Reinstate commissions, get rid of this evil 2 year clawback period and rid us of the ignorance of FASEA! The longer you leave it, the longer the recovery period.

  5. It’s clear to me now and probably clear to everyone else: the government has effectively dismantled the life-risk insurance industry as a stand-alone business for advisers. Until I heard from a Clearview exec on riskinfo a couple of months ago, I thought that if we wrote enough business, ours was still a viable industry.

    Not so now. With the FASEA requirements on top of the Mt Everest-of-compliance, I no longer believe that. By 31 December 2023, we can say goodbye to an industry which has been the livelihood of thousands of advisers for 100+ years. How utterly tragic!

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