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You can read more on Treasury's policy paper released at the end of last year calling for consultation on Financial Adviser Education Standards here.
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After the roller coaster the industry has witnessed since FASEA's rise and fall, combined with recent calls to urgently review education standards, we want to hear your opinion... "Should on the job training (or years of experience) be recognised for adviser education standards?"
Comments7
"For me, this debate boils down to proving technical proficiency. When I entered the industry a bit over a decade ago I came in with a FP degree, but no experience. Even after a year of experience I was in no way ready to sit in front of clients and put my name on SOAs because of my lack of experience. Conversely, the "senior" advisers in my practice with decades of experience lacked technical proficiency. They came from a sales background and did not value technical competence. They believed their job was to sell and the paraplanners job was to "know all that stuff." I know most highly experienced advisers are also technically proficient because they care about what they do and they put in the effort, but there would not be a single experienced adviser who could put their hands on their heart and say they are not aware of at least one other experienced adviser in our industry who significantly lacks technical competence and here in is the problem - If you are going to acknowledge peoples experience in lieu of formal education how are you going to ensure technical proficiency? The FASEA exam does not test for this. Nor will completing the ethics unit......Experience does not always result in technical proficiency, formal education does. As such, I propose experienced advisers have to pass a technical exam in leiu of formal study."
Sean 16:00 on 13 Jan 22
"Instead of going at each other why not accept the old and the new as one as they both have a role to play in professionalism. As part of the old I delight in helping and developing the new who have the knowledge but not the experience to blend into a truly rewarding profession. and for the new they have extra knowledge in things like technology that they can teach the old and make business more efficient. Stop taking sides and work as one as united we stand divided we fall. The FASEA exam should be minimum standard and as Debra has said if you can't pass that after multiple attempts then maybe that says something about you being in this profession at all."
Peter Donovan 10:25 on 13 Jan 22
"SOME Credit for experience should definitely be given, but I am still in favor of the FASEA exam, and increasing education standards. The short course FP Diplomas (I know of a guy who did his whole diploma over a week!!) have been a scourge on our profession, and it is time we - as a profession acknowledged this. We have had years now to complete the FASEA exam. Just get on with it. If an adviser cannot pass the exam - after multiple attempts, maybe there is a reason for that."
Debra Hann 09:53 on 13 Jan 22
"Experinece counts for a significant weighting in our profession. Who would go to a Heart Surgeon if it was their first heart operation. No-one. Skilled and experienced financial planners (operators) is the perfect mix. As a minimum pass the FASEA exam and pass the Ethics course and if you've had 12 -15 years experience - grandfather the other study requirements."
Julie 17:21 on 12 Jan 22
"Doing a FP degree is like an apprenticeship. You are pretty useless until you have finished. Then you can't buy or do a course to give you experience. Once you have done ten years on the job, if you last, you are probably not bad. Our Industry is littered with people who say I used to be a financial adviser now in some other role in our industry. Failed ! Experience in life skills, empowering clients, and giving peace of mind has to be earned through experience. You can't get it any other way. Previous study, time in the industry, success in business and a track record of clients who adore you should hold an incredible amount of weight. The regulators can't understand this probably because they have never achieved it and most couldn't cut it with us. Wake up before all is lost !"
Mark 17:09 on 12 Jan 22
"this whole discussion is infantile - like the biggest virtue signal. I have been heavily involved as a professional trainer for more than 20 years so these comments arent made out of spite. There is a massive difference between education - and training. More often than not - the armchair critics get the two interposed. this debate has descended into the ludicrous - Academics ( education) does not prepare or skill you as a financial adviser - do you not find it interesting that the likes of financial planners now have a "training year" I doubt there has even been a credible needs analysis done to align the skills required/ against measurable competencies. Pretty much any applied skill set that involves "doing or producing" requires finite skills = training. To expound that all need a relevant degree - only serves to show those with that position and not educated in anything of value - and are simply identifying they don't know anything about training ( which is required) and education, which so far is meaningless"
Ian 16:29 on 12 Jan 22
"I’m in favour of receiving “credits” for experience. However, I think we still need to lift our education standards. For example, Law, and Superannuation which is sat recently (and passed, distinction in Super), should be mandatory. Tax is another course I will take this term. But to sit an exam for markets was a waste of time. I didn’t do any study and got a distinction. It’s therefore getting the balance right, which I doubt will be addressed, before I am qualified. P.s. I am 66 yo."
Martin Baker 16:23 on 12 Jan 22