Joint associations unite behind more flexible education standards
The major financial planning and accounting bodies have united to push for a more flexible education standard for new entrants in the face of declining financial adviser numbers.
The Joint Associations Work Group has proposed core principles underpinning the education standard for new financial advice entrants involving:
- Five core knowledge areas with a further three elective knowledge areas to be chosen from a broad list that recognises different streams of financial advice. Examples of elective knowledge areas could include SMSF Advice, portfolio management and aged care.
- The ability to complete study units across multiple programs that can be supplemented by bridging units either contemporaneously or later if required.
- The curriculum is to be set and maintained by a broadly representative advisory group, including representatives from associations and academia.
Under the JAWG proposal, the minimum requirement for new entrants would remain a tertiary degree.
“Importantly, the existing approved programs would remain valid and available. This proposal gives new entrants and career changers greater flexibility by recognising more of their pre-existing degree courses, while maintaining appropriate qualification levels to ensure consumer protection,” the JAWG announcement said.
The Joint Associations Working Group is a coalition of 11 industry and professional bodies representing financial advisers, stockbrokers, accountants, superannuation trustees and investors with the goal of making advice more affordable and accessible for consumers. Members include:
- Boutique Financial Planning Principals Association Inc. (BFP)
- Chartered Accountants Australia and New Zealand (CA ANZ)
- CPA Australia
- Financial Advice Association of Australia (FAAA)
- Financial Services Council (FSC)
- Financial Services Institute of Australasia (FINSIA)
- Institute of Public Accountants (IPA)
- Licensee Leadership Forum (LLF)
- Self Managed Super Fund Association (SMSFA)
- Stockbrokers and Investment Advisers Association (SIAA)
- The Advisers Association Ltd (TAA)
How about JAWG do more work to ensure that the so called Qualified Advisers that are really Unqualified have some decent level of education.
From recent Treasury comments it will be a few hours of in house product training = Unqualified Qualified Advisers.
What a disgusting hoax is Treasury & Canberra.
JAWG will never do that because JAWG is dominated by FSC, a product industry association.
The adviser associations in JAWG are effectively just lending support to the FSC’s product flogging agenda.
What a pity there is no alliance of advice associations.
At the time these entrant requirements was released I was disappointed. The commercial relationships between the FPA, their separate entity owned called FPEC and Griffith Uni and as a result the board members on FASEA, certainly was close.
This is the end result when the Government handballed a process to a group of individuals that were more focused on themselves and not what was best for the Industry.