- Yes – it will be a relief to have the additional time (81%)
- No – the extra time won’t make any difference to me (16%)
- Not sure yet (3%)
There has been a great deal of interest in our recent report that the AFA has reassured its members the intended extensions to the time-frames for advisers to undertake the FASEA exam and complete its new minimum education standards had bipartisan support in the Senate.
(See: AFA Reports Bipartisan Confirmation on FASEA Extensions).
Our report noted that once the new requirements have been legislated, advisers who were registered on ASIC’s Financial Adviser Register on 1 January 2019 will now be required to:
- Complete the FASEA-approved adviser exam by 1 January 2022
- Meet FASEA’s minimum qualification requirements by 1 January 2026
This means advisers have one extra year to pass the exam and two extra years to complete their required studies.
Some of the comments from Riskinfo readers have referred to a mass exodus of advisers with one commentator noting the extension has “… delayed the mass exodus of risk advisers and that is all it has done, unless there is an overhaul of the LIF”.
So, what does it mean for you? Do you welcome the bipartisan support for the extensions? And will this be a positive for you and your business?
Tell us what you think and we’ll report back on our findings next week.
The extension is a gesture and acknowledgement that the LIF went too far.
The Regulators, Government and even the Life Companies themselves, have
recognised that FASEA was the final straw, though of course they will never
admit their mistakes when it comes to the unworkable LIF as it stands.
This is a step in the right direction, though there are more steps to take.
I think the two comments from Michael and Greg pretty much sums up the overall feeling of long term or more mature advisers
The issue effects most including me as there has not been one once of gratitude shown to the long term advisers who fought through difficult times to establish themselves as people their clients can trust and happy to work with. Too many previous courses years if Kaplan hours all disregarded along with experience that you cannot teach.
Without trying to name them. There have been numerous courses over my 40 years that I have done to improve myself and understanding of the industry and the people we service. These courses where not designed to tell you how to act !! You were and should still be able to show that your best interests are with your client
Despite all this “ glossary” of terms and scenarios and how you should react any concencious adviser already knows that YOU CANNOT TEACH IT ?! Let’s “muddy”the waters a bit more with a 6 year degree that in most cases goes way beyond what anybody does in this industry bar a very limited few who sooner or later will realise most of what they are doing is going to never be used in their careers
What ever happened to the KISS method ? “keep it simple stupid” is that not what clients want ?
To be told things in simple language respected and with a belief you care about their interest
Once again you cannot teach this All the education in the world will not stop unethical people “routing” the system degree or no degree
Look at our friends the Solicitors no holding back on what they do to earn a quick buck !
I like my friends here I am sure would like to continue for as long as possible but proving their worth via a useless politically charged costly degree is not the answer We don’t have the time due to all the red tape we have to wade through now and we are simply too tired to keep fighting it .
Get the politicians the banks the Insurance companies the FSC ASIC and everyone else who has contributed to this ongoing disaster to admit they got it wrong and start again!
Although I’m sure the University’s will disagree
What a bonus for them
Its shape up or ship out. No longer can the experienced veterans rely on just “ive done this for 30 years”. Legislation and compliance is changing constantly, especially in the last 2 years. It will provide value to your clients to dust off the old learning cap (we all know you dont take CPD seriosly). The industry is evolving from just a sales gig to a profession. Are you gonna lay down and complain or buck up and overcome? I have noticed some of the old way of thinking of “what makes me more money” to be extremely dangerous to compliance and what is best truly for clients.
Nobody is forcing you out of the industry unless you are too stubborn to aknowledge that you dont know everything. And if you do know everything with all that experience, then great! The education requirements will be a breeze.
Its these requirements that are culling those with a cant be bothered attitude and the industry will be more educated, relaible and trustworthy thereafter.
I’m 60 in 2026, is that the time to pull the pin from our beloved industry after 34 years experience, or put myself through the grief of studying at masters level over the next 6 years. It appears Jane Hume and the politicians do want the experienced and those that care for their clients to move on
Exactly right Michael. The government encourages people in every other industry to ‘stay in the workforce as long as you can’, offers subsidies and tax incentives to encourage employers to take on senior employees. But in our industry, it’s go and do a full degree in your late 50’s or buggar off. I’ve been in the industry since ’86, have done numerous courses, including a Graduate Diploma in financial planning and 30/40 hours CPD every ****** year, but in a few more years I won’t be qualified to advise my clients. (Funny how we still have to do this even though it is obvious that they give it absolutely no credence whatsoever.) I will leave the industry and 40 years of experience will walk with it.
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