The Financial Planning Association (FPA) has found that approximately 60 per cent of its members are degree-qualified, according to its current survey on the Financial Adviser Standards and Ethics Authority (FASEA) education reforms.
Hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry this week revealed that just 35 per cent of advisers have a degree, significantly below that of the FPA’s member base.
FPA chief executive, Dante De Gori, said that the survey results showed the commitment that planners had to education.
“The questionnaire results coming in highlight our members’ commitment to voluntary self-education, and demonstrate the merits of belonging to an association that fosters and promotes higher educational standards.
“Following on from the member feedback, we are once again raising concerns about the lack of recognition for financial planners that have a degree and have undergone significant training in financial planning through the Certified Financial Planner Certification Program.
“We will be advocating for the study completed by these members to be recognised by FASEA,” he said.
In their present state, the FASEA reforms would require many planners to return to university.
De Gori urged members yet to complete the survey to do so before it closes at midnight tonight. There had been over 3,200 responses so far.
