This piece was submitted as a comment to an article we published recently, regarding adviser concern over the negative impact the FASEA qualification requirements could have on advisers, their clients and the industry in general.
To financial planners, who instead of doing the right thing by their clients and getting a proper qualification in financial planning are making up excuses that the new requirements will force them out of the industry; well FASEA has given old advisors plenty of time to do the qualification, even if it’s part time they can study 1 unit per semester. This is reasonable for any advisor or business owner even if they have a family. This excuse is absolutely pathetic and just goes to show the general lazy and apathetic culture and attitude of these older advisors. Instead of doing a graduate diploma part time in financial planning, (which is a maximum of 8 units in total and they can do this 1 unit per semester so it will take them 4 years which is in FASEAs time line to accommodate older advisors) they are saying no “this is too hard I can’t do that so I will have to leave”.
Well that is your choice, FASEA has given you a very realistic timeframe in order to complete the education but it just shows what type of a person would choose to quit instead of studying part time. My father is 65 years old, he has an accounting practice and he decided to go back and do the graduate diploma in financial planning so that he could get the limited licence for accountants to provide financial advice.
So if advisers are choosing to leave the industry because they are too lazy to study 8 subjects then that is their choice and a reflection on them. Don’t say FASEA is forcing you out of the industry that is a choice you are making because you can’t be bothered to study. Well there are plenty of people who are choosing to study and stay in the industry like my father who is older, so you have no excuse for not studying other than being lazy.
As to the point about the ramifications this will have on clients, it will be a great thing if lazy advisors, leave the industry because it shows what type of an advisor they are.
If anybody has been paying attention to the royal commission, the majority of financial planners especially with links to banks or wealth managers like AMP have been doing the wrong things by their clients and in most instances illegal things to their clients. So to say that this industry has a lot of great professionals because of their experience is an absolute joke. I started my career in financial planning and there are numerous advisors who have no degree related to the industry and they have all the experience in the world but their technical knowledge is horrible because they never learnt the basics at University.
All jobs are on the job training but you still need a relevant degree to teach you the basics, why do lawyers, accountants, doctors need degrees but financial planners don’t, in all those professions you learn when you are on the job as well but you still need to know the basics.
So advisers should stop whinging and complaining that this will force you out of the industry because the way FASEA has set it up anyone can achieve this qualification regardless of how busy you are at work and home because of the amount of time they have given you to achieve this.
If my 65yr old father can do it why can’t you??