As many as three-quarters of financial advisers will need to spend time and money on pursuing degrees or bridging courses under the new Financial Adviser Standards and Ethics Authority regime, according to the preliminary results of an ongoing Money Management survey of adviser intentions.
The survey, which is still open here, has confirmed the degree to which the FASEA regime is likely to prove a boon to education providers, nearly 40 per cent of respondents indicating they have some form of degree qualification but with even well over half of them still facing the need to undertake further study.
What is more, the comments attaching to survey response makes clear just how angry advisers are with the FASEA, with the common theme being that the participants accept the rationale for the FASEA regime but believe that the authority has gone exceeded its brief and, in doing so, has caused havoc and confusion.
As one respondent stated: “We are now 3 weeks into the two year exam window, and we have nothing, not even study materials and there is no avenue of study or safety net for those who fail more than twice”.
The survey has also confirmed the significant levels of continuing confusion among planners, with many expressing frustration that the FASEA has still not released enough information for them to make career-defining decisions.
One respondent stated: “Even though I’ve got an approved degree (master of FP) the unit codes I completed do not match those that FASEA have published and I was given some exemptions for RPL so despite having read most of the information released by FASEA I’m actually confused as to what study I will need to do. Very frustrating!”
“I'm still not 100 per cent sure of my future education/bridging requirements,” said one respondent while another stated: “Terrible communication. Not clear or concise. Different information and direction provided which is extremely contradictive.”
“Desperately need clarification on whether my degree will be assessed as relevant. No clarity on this for nearly 2 years. Hold a Commerce degree and confident I have sufficient subjects to meet 8 subjects to be deemed relevant but how to get confirmed??” complained another respondent.