Kaplan, not unis the major FASEA winner

Financial advisers looking to stay in the industry under the new Financial Adviser Standards and Ethics Authority (FASEA) regime are more likely to pursue their objectives via Kaplan than the universities, according to the early results of an ongoing Money Management survey of adviser intentions.

While the universities as formal tertiary institutions have been seen as the likely major beneficiaries of the FASEA changes, particularly the minimum bachelor degree, around 80 per cent of respondents who intend to stay in the industry have nominated specialist education and training provider, Kaplan, as their likely first port of call.

The Money Management survey has, thus far, also indicated that while many older, existing advisers are still highly likely to leave the industry a significant proportion are actively seeking more information about the FASEA requirements with a view to remaining in the industry.

However, the survey thus far also confirms deep adviser suspicion of FASEA and particular resentment among existing degree-qualified advisers that they may be forced to undertake further study despite both their experience and existing academic credentials.

The common complaint among advisers intending to remain in the industry is that the demands and time-frames being put in place by FASEA are such that they will be seriously challenged to run their businesses, have time with their families and undertake the necessary study.

The Money Management survey is ongoing. Please take the time to contribute here.

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"Deep adviser suspicion of FASEA". Hit the nail on the head. With minimal change between the original consultation and the final legislation/Policy Statements for most of the Standards, one wonders if the "consultation" was mostly in name only, with a hidden agenda guiding FASEA. Let's see if there are any major changes to the Exam & Code of Ethics when the final versions are released.

It's a protest thing. Having a Degree (Commerce), Diploma of FP and a Masters in Finance I will be avoiding Universities that have representation on FASEA... Griffith University is the big one to avoid and then Deakin University ( I was called Uneducated and lazy) and Curtin too. FASEA was charge with the simple task of determining the meaning of a Degree. They took that task and stuffed it up and over complicated it. Hijacked by the University sector just so that they could sell more text books and keep their own jobs. Why would I want to study an ethics course at Griffith Uni when the head of FARSEA makes money from selling text books, and his job, academic success is dependent upon enrollments. You don't keep a job in academia by talking to empty classes do you. Have they not heard of "conflicted remuneration" or the words conflict of interest?

FASEA's mandate was to raise qualifications up to a relevant degree or equivalent. So what do they do? They demand all existing advisers with degrees in financial planning adhere to retrospective, compulsory lists of subjects, thereby rendering hundreds, perhaps thousands, of past degrees useless; unless we pay more money to educational institutions to complete additional subjects. Given the board is stacked with directors who have strong links with universities, there is a repugnant stench emanating from this organisation; and apparently they think we should study a unit in Ethics and Professional Standards!!!!! I would suggest every one of their staff and the board should complete this subject and apply the standards to their own organisation before they get on their high horse and start demanding such things of us.

When David Whitely and The Hon Peter Collins and Garry Weaven and Steve Bracks, Dave Noonan, Heather Ridout, Innes Willcox, Dave Oliver, etc., have to comply with FASE requirements we will believe that all this is fair dinkum.
But really, can we expect that?

Has any organisation developed any CPD training to meet the new FASEA categories? We all have to meet the new requirements, but at this time I find I am unable to obtain any of the required CPD??????

No surprise that Kaplan is being favoured. They have no links to the FASEA Board. Many advisers believe FASEA has significantly exceeded their mandate, due to Board members' conflicted associations with course providers.

The timeline is until 2024, this is perfectly reasonable for current advisors to complete an 8 unit graduate diploma, they could study part time 1 unit per semester and complete it by 2024 which will still allow them to operate business and spend time with their families

Perhaps you forgot the FASEA exam? So, need to start this semester and your right - pass every subject that semester and you will get it done - just. You think that is reasonable? Tell me, what would it take to be unreasonable?
We also has ASIC doing a look-back and more and more compliance.
Clearly your not you are NOT an Adviser and it does not apply to you.

Ha ha, what an ignorant comment. I have been there. I started my own financial planning business and had a young family while completing a Masters degree in financial planning. It was a very tough time to say the least. I value the education, but no-one should play down the impact on ones family. I was lucky to have a supportive spouse, willing to put her career on hold and stay at home. But even with that support, it was incredibly difficult. For advisers with decades of experience, an 8-unit grad dip is way over the top. In my case, my masters degree isn't approved by FASEA and it doesn't even qualify as a relevant degree. How insane is that? So I will also be forced to complete a grad dip as well! How crazy is that? FASEA is out of control. They aren't listening, they are operating well outside their mandate and they don't even seem to understand their own documentation.

What about those degree qualified advisers who have already studied most of the Grad Dip content before? Is it perfectly reasonable for them to have to pay $20-30K and go through all the hassle of doing it again? And where does that $20-$30K go? In many cases it will go to institutions with links to FASEA Board members. The people who have unreasonably refused to give sufficient credit for prior education. Surely this warrants a corruption investigation.

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