With the re-election of the Turnbull Government, it’s expected that a Bill will be introduced into Parliament requiring financial planners to meet new education standards. So how can advisers prepare for this change? What does it mean for new advisers starting their career? It’s important to remember that many advisers may already meet the education requirements. And if you don’t meet the new standards it doesn’t mean starting from scratch.
Upgrading existing qualifications
The government has indicated that advisers will be required to upgrade existing qualifications to a minimum Australian Qualifications Framework (AQF) level 7. The current minimum requirement for advisers (a Diploma of Financial Planning) complies with AQF level 5. So advisers with this level of qualification will need further study or additional qualifications to meet the AQF level 7 requirement.
Put time on your side
January 2024 may seem like you’ll have plenty of time to prepare. But it does take time. For example, a Graduate Diploma would take advisers from AQF level 5 to AQF level 7, but it could take up to four years to complete based on tackling one subject per semester. So at MLC we’re creating solutions to support advisers and encourage them to be proactive and start now.
Get the support you need
Your dealer group or licensee partner should be getting ready for the new standards now. That means having a structured framework to make sure you understand what’s required, by when and a formal program to help you meet the new standards. Licensees will most likely be responsible for ensuring that a gap assessment is completed for all advisers within their network.
Looking at the bigger picture
An increased level of education is a positive for both individual advisers and the industry as a whole. It helps build trust with the general public and provides a more structured path for the recruitment of new talent.
There is a lot of discussion about which qualifications will or won’t be recognised under the new legislation. And while it’s important to stay on top of the detail, it’s also worth taking a deep breath and thinking about the bigger picture. What qualifications will benefit you and your career most? How will you fit study into your current busy role? Can you use this as an opportunity to enhance your professional networks?
Future proofing your career
MLC is helping advisers navigate this new landscape through a partnership with Deakin University. Deakin is a multi-award winning university recognised for offering excellence and flexibility. MLC is one of a handful of licensee partners who have this type of strategic alliance, working with Deakin to design a framework that delivers relevant courses to advisers in a way that will fit in with their business commitments. Advisers can participate from anywhere in the country, get involved in a peer-to-peer learning forum and study online in a cost effective way. And with a mentor program already up and running we’re helping advisers make sure they don’t fall through the education gap.
Ross Barnwell
General Manager—Advice Partnerships
Ross Barnwell joined NAB Wealth in 2012 as Head of MLC Retail Products, to drive strategy and alignment across the wealth business. In April 2014 he moved into the role of General Manager—MLC Advice Partnerships, where he is responsible for the NAB Wealth portfolio of advice businesses including Garvan Financial Planning, MLC Financial Planning, Apogee Financial Planning, Meritum Financial Group, and Godfrey Pembroke.
Ross has more than 20 years of experience in the wealth industry, covering both retail and institutional markets. Prior to joining NAB Wealth, Ross held the role of General Manager of Advice & Distribution at OnePath (ANZ), where he led his team to top quartile industry rankings.
To find out more, please visit: www.mlc.com.au/adviser/partnering-with-us/join-our-adviser-network
