Specialist Learning Streams – Your Say

Our latest poll seeks your view on whether future adviser qualifications and testing requirements should accommodate specialist streams such as life insurance advice.

While specialist learning streams have consistently been advocated by many in the advice sector, the debate surrounding the merits of such a move has been building over the course of 2022, not least due to statements made by now Financial Services Minister, Stephen Jones, who has been openly critical of the ‘one-size-fits-all’ approach to adviser qualifications adopted by the now defunct FASEA body (see: Future Exams, Qualifications Based on Advice Streams?).

…current education requirements …have the dual effect of both driving advisers away from the sector while at the same time making the entry point unattractive

One argument in support of the implementation of specialist learning streams was outlined in a recent adviser comment made to Riskinfo, which argued the current education requirements imposed by FASEA has the dual effect of both driving advisers away from the sector while at the same time making the entry point unattractive for new entrants seeking a career in financial advice.

On the flip-side, there may be a valid argument to suggest that minimum education standards which differ across advice streams such as superannuation, transition to retirement, life insurance, investments etc, may create inconsistencies that will translate into a lack of trust or confidence among consumers.

As usual, there’s much more on which we can reflect, such as the temptation to deliver advice outside of an adviser’s qualified streams, but we’d prefer to hand the conversation to you and we’ll report back next week…