Adviser exam unlikely to see improvements

Australian Securities and Investments Commission (ASIC) chair, Joe Longo, has told advisers there is little the corporate regulator can do to improve the financial adviser exam, despite negative feedback from candidates.

Speaking at the Stockbrokers and Investment Advisers Association (SIAA) conference in Sydney, Longo was asked by SIAA chief executive, Judith Fox, about how the exam was “not fit for purpose”.

Longo said he was aware of the problems that had been raised by the industry but had no power to change it.

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“There is not a lot ASIC can do, we just administer it," Longo said.

“People believe it is not fit for purpose but this is a matter for Government.

“We took responsibility from the 1 January but it has its own arrangements and requirements, we have no say in the content or the structure of the exam or power to modify the impact or effect it has had on advisers.”

SIAA and other industry organisations had previously stated that problems with the exam included unclear questions, lack of feedback and a lack of specialisations meaning advisers had to revise parts that were unrelated to their job.

Fox said the organisation would keep advocating on behalf of its members for changes to the exam.

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Changing the exam is unfair to those who have already studied and passed.
Also, ASIC is unfit for purpose. #defundASIC

ASIC are always quick to tell you what they can't do. It's easy to see why we have the mess we do when the regulator is so lazy and incompetent.

Yes because the government LEGISLATED the content of the exam, feedback to those that failed!!!!

ASIC couldn't run a chook raffle in a hen house.

They are so useless they are unconsciously incompetent.

I wrote a song about Joe Longo I'd like to share with my esteemed colleagues.

Joe Longo, Joe Longo
is a very old lawyer

Joe Long, Joe Longo
dates back to the old testament

Joe Longo, Joe Longo
he likes to eat bananas

Joe Longo, Joe Longo
he like to play the bongo, the bongo

Joe Longo, Joe Longo,
should have retired a longo

when it comes time to do anything useful
he play the bongo, eat the banana,
joe longo, go longo, eat the banana and take a nap

The best way to improve this exam is to scrap it. There's stuff in there you don't need to know unless you are a licensee.
Or was FASEA paving the way for individual licensing??

all the financial planners are passing the exam, I think it's the accountants, stockbrokers, and timeshare people who cannot pass.

I have no problem with the exam I already passed and already had a fasea approved gd fip fin plan and cfp when I sat it, but completed the m.fin plan just in case the bureaucrats decided it wasn't enough.

individual licensing is the way to go. let's get rid of dealer groups. too much time satisfying their business processes (not the requirements of the law) rather than actually delivering advice to clients.

imagine how much less we could charge if we didn't have to pay the dealer group fees.

This exam is written to eliminate and rule people out. It's quite different from those exams testing knowledge. Advisers sit there doing Kaplan tests and other CPD tests designed to test knowledge and understanding. Those tests are a learning process themselves. They then walk into a FASEA exam and go what the [email protected]$% does that mean. I would guess FASEA was written by a some consultant, with a Law Degree in Financial Services, and about 2 years of practical experience but only auditing advice files for CBA. The content is not really the problem, a question saying one apple plus one apple = select from the most incorrect answer a maths question, it's not a question about growing fruit and saying you do risk insurance or share advice and you don't deal in apples is a cop out. The exam needs to be re written to test knowledge and not an exam to trick or eliminate people out. Hoping they'll fix it in time for FASEA 2024. Don't throw out those study notes.

Can we move on from this.
No exam is perfect yet 9/10 advisers have passed. Exams are meant to challenge and proovke critical thinking.
That is learning and applying. Yes it is probably more geared towards AFSL holders, but is very applicable to advisers.
Yet we want to b professional but no one wants to do stuff at a professional level.
As for the song Bobby, if you want respect give respect. How childish.
No doubt a salesman.....not a professional.

hey country bumpkin.

i have given respect, and that is by being super professional in all my client dealings, having more than 1 masters degree and doing the m.fin plan and cfp well before the required date, and passing the fasea exam without complaining as soon as it became available.

you don't need to teach me about professionalism, as I practice it every day with a clientele that most people could only dream of and have had for more than 20 years.

I have more than paid my dues, showing both the profession and the community great respect. every client that interacts with me has a new appreciation of the rigor and professionalism of a financial planner. and I have got them used to paying a lot for the benefit of the rest of you who could not command half the fee I usually charge.

but have ASIC, and the government has shown us any? NO> so shut your big mouth. and don't talk out of your ass.

the song is a good one, if you can get your country guitar and sing with some country tunes it will sound even better because there will be a lot of wailing with the lyrics.

enjoy pal.

It’s good to be childish occasionally, Country Planner.
It’s good to take the piss out of people and make light of a completely stuffed system and have a laugh at their expense because they have certainly had a laugh at ours over the last 10 years.
Lighten up CP and let your hair down past your collar once in a while.
It’s not about being unprofessional at all.
….and by the way…you show me a professional financial planner who is not also a good salesperson.
If you are obsessed with the dirty word that no one mentions for fear of being looked down upon then you are part of the problem.
I bet the bloke who sells farm machinery out your way for 350k a pop is respected in the community or is he/her not considered worthy???
Or should they be termed Professional Farm Machinery Practitioners??
Lighten up old mate….it’s business…and that’s exactly what financial planning and financial services are and will always be.

' That's not my job' I've heard that somewhere before?

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