Education requirements will attract new advisers: AFA
The degree requirement pathway for new entrants into the advice profession outlined by the Financial Adviser Standards and Ethics Authority (FASEA) yesterday will provide more certainty to employers, according to the Association of Financial Advisers (AFA).
Commenting on the FASEA proposal, AFA chief executive Philip Kewin said an AQF Bachelor degree was a positive step toward encouraging prospective financial advisers to enter the profession.
“We believe this is an eminently sensible announcement and, as outlined by the chair Catherine Walter, is a positive beginning in providing certainty and direction for employers, education providers and of course those students aspiring to a career in financial advice,” he said.
“This is the first step necessary to provide certainty to those wishing to join the profession [and] of course the key task is providing clarity to existing advisers as soon as practicable.”
Kewin said the AFA supported the view that equipping new advisers to meet the changing needs of consumers would be a key step in the move to operationalise the Professional Standards legislation.
The new education requirements will apply to new entrants into the advice profession from January 2019.
Recommended for you
TAL has introduced four new courses to its Risk Academy focused on ethical dilemmas as part of Ethics Month to help advisers meet their CPD requirements.
Unadvised Australians believe they need $2 million to retire comfortably, according to Colonial First State, a wide variance compared to advised individuals which estimate $1.3 million.
Financial advisers can now access Vanguard’s diversified managed account strategies on HUB24 and Netwealth, marking a “significant expansion” through new distribution channels.
The heads of two financial advice licensees have joined the board of the Financial Services Council as it looks to deepen its engagement with the space and strengthen its representation.
