The pathway would apply to FPA members who held the Certified Financial Planner (CFP) certification, exempting those from completing the nine standard education modules.
Once enrolled in the new program, individuals would have access to comprehensive learning material and opportunities for virtual drop-in sessions. In addition, the online SSA exam could be sat at a time that suits the individual.
The pathway would offer those studying a 50% discount on the enrolment fee, reducing the current $1,980 cost by $990.
The association had previously pushed for mandatory training for financial advisers who were offering advice on SMSFs.
Sarah Abood, FPA CEO, explained that the new SSA program would recognise the rigorous education and training that was completed by previous CFP holders.
She commented: “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”.
Peter Burgess, SMSF Association deputy chief executive and director of policy and education, said that CFPs completing the pathway could access extension SMSF training materials as well as optional online technical training and exam preparation sessions.
“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,” he said.
“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,” Burgess added.
FPA members who enrolled in the SSA pathway would need to become an associate member of the SMSF Association. Once successfully finishing the program, the status of their membership would automatically upgrade to a specialist member.
