{"id":27291,"date":"2014-09-02T12:33:55","date_gmt":"2014-09-02T02:33:55","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=27291"},"modified":"2014-09-02T12:33:55","modified_gmt":"2014-09-02T02:33:55","slug":"advisers-disagree-on-higher-education-standards","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2014\/09\/02\/advisers-disagree-on-higher-education-standards\/","title":{"rendered":"Advisers Disagree on Higher Education Standards"},"content":{"rendered":"<div id=\"polls-127\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>Will you be prepared to undertake further studies to meet new minimum education standards being mandated for authorised representatives?<\/strong><\/div><div id=\"polls-127-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Yes <small>(47%)<\/small><div class=\"pollbar\" style=\"width: 47%\" title=\"Yes (47% | 137 Votes)\"><\/div><\/li>\n\t\t<li>No <small>(34%)<\/small><div class=\"pollbar\" style=\"width: 34%\" title=\"No (34% | 99 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(20%)<\/small><div class=\"pollbar\" style=\"width: 20%\" title=\"Not sure (20% | 58 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_127_nonce\" name=\"wp-polls-nonce\" value=\"d491044e61\" \/>\n<\/div>\n\n<p>Advisers are split on the question of whether they will be prepared to meet higher minimum industry education standards.<\/p>\n<p><!--more-->As we go to print, our latest poll results reveal only 48% of advisers have said they will undertake further studies to meet the new minimum education requirements that are to be implemented across much of the advice sector. One third of poll respondents have said they will not be prepared to do more studies, while a reasonably high 19% have yet to make up their mind (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2014\/08\/26\/large-institutions-move-on-advice-education-standards\/\">Large Institutions Move on Advice Education Standards<\/a>).<\/p>\n<p>A number of advisers have expressed reservations about establishing a link between higher minimum education standards and an increase in the quality of financial advice:<\/p>\n<p style=\"padding-left: 30px\"><em>Does Higher Education ensure competency and honesty&#8230; I think not<\/em><\/p>\n<p>And this:<\/p>\n<p style=\"padding-left: 30px\"><em>&#8230; attaining higher qualifications will not necessarily improve the resulting service&#8230; unless the processes that sit behind the advisers are sufficient to check that the advice and service is up to a certain standard.<\/em><\/p>\n<p>Another adviser also stressed the importance of the processes that support the delivery of advice, irrespective of whether the adviser operates under higher minimum education standards:<\/p>\n<h6>&#8230; proper application, and not more \u201ceducation\u201d, is the key<\/h6>\n<p style=\"padding-left: 30px\"><em>No amount of education is of any&#8230; good at all if the education the adviser already has is not being properly applied. Therefore proper application, and not more \u201ceducation\u201d, is the key.<\/em><\/p>\n<p>The debate about whether higher education requirements for advisers will lead to higher quality advice will continue. But in terms of how the financial advice sector is perceived by the consumer, this act of industry self-regulation will be seen as a positive.<\/p>\n<p>Given the results of our poll so far, however, it appears that at least a proportion of the current financial adviser community will be seriously considering their future in the industry if they are required to meet higher minimum educational and certification standards than they currently possess. If this is the case, is it possible we will witness a mass exodus of established advisers from the industry in the next five years in the lead-up to cut-off dates that are being set for the new minimum education\/certification levels? And what impact might this have on the industry &#8211; positive and negative?<\/p>\n<p>There are multiple issues that stem from this wave of recent announcements about setting higher education standards for advisers. We will monitor and report on these issues and offer you the opportunity to have your say in future polls. In the meantime, tell us what you think about this current question, as our poll remains open for another week&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Advisers are split on the question of whether they will be prepared to meet higher minimum industry education standards.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,6,49],"tags":[],"class_list":["post-27291","post","type-post","status-publish","format-standard","category-compliance-regulation","category-dealer-groups","category-polls"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/27291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=27291"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/27291\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=27291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=27291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=27291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}