SMSF Association and FPA launch SMSF specialist advisor pathway
The SMSF Association and the Financial Planning Association (FPA) will launch an express pathway for the valued SMSF Specialist Advisor (SSA) designation.
It will apply to FPA members holding the Certified Financial Planner (CFP) designation, who will be exempt from completing the nine standard education modules.
Instead, they will receive comprehensive learning materials and have access to optional virtual drop-in sessions after enrolling in the program, as well as being able to sit the on-line SSA exam at a time that suits their schedule.
They will also receive a 50% discount on the enrolment fee, saving $990 on the usual cost.
“The SSA designation is highly regarded in the SMSF sector, and this express pathway offers our CFP members who work in this area a cheaper and faster way to be recognised as SMSF Specialist Advisers,” FPA chief executive Sarah Abood, said.
According to SMSF Association Deputy chief executive and Director of Policy & Education, Peter Burgess, CFPs doing the program would be able to attend optional on-line technical training and exam preparation sessions with the Association’s technical team, as well as having access to comprehensive SMSF training materials.
“For those providing SMSF advice, the importance of having the necessary competencies to do so, and maintaining those competencies over time, has been highlighted in ASIC’s updated SMSF advice guidance for licensees and advisers.
“The SSA designation provides independent verification of an adviser’s competencies to provide specialist SMSF advice as well as demonstrating their commitment to ongoing personal development in this advice space.”
FPA members enrolling in the SSA program will need to join the SMSF Association as an Associate member, if they are not already a member and their membership status is automatically upgraded to Specialist member status on successfully completing the program.
What a load of crap! You take away SMSF’s from accountants due to the licensing requirements and fees. Then you give exemptions to Financial planners to be able to NOT do the necessary modules and instead receive learning materials? How will this improve their knowledge? Compulsory units should be mandatory!!
Did you read the part about having to be a CFP? No you didn’t! There is likely double between both courses. Go get qualified to provide advice if its such a big issue for you.
Not necessarily any double up. Some advisers who hold the CFP Designation were given it as part of a grubby “grandfathering” deal and have never completed any education beyond basic DFP level. Conversely some advisers who completed the high standard CFP Course no longer hold the CFP Designation, because they stopped paying the FPA every year to keep it. Holding the CFP Designation is more an indicator of how much money you have paid the FPA, than how much education you have.
If the SMSF Association wanted to avoid significantly lowering its standards, they should have provided exemptions to the CFP Course rather than the CFP Designation.
Agreed, the SMSF Association has previously acted and been recognised way above the grubby FPA.
As a very long term SSA I think this is a rubbish move from the SMSFA and makes them look and feel more like the money hungry grubby FPA.
Not impressed :-/
So my SMSF designation just got ‘cheapened’ even though I already hold the CFP designation…thanks a bunch SMSF Association and Financial Planning Association for once again rubbishing the efforts of those who did the hard work.
time to get those shoes walking… Out the door and do something else?