Advisers need to start planning for FASEA
With the Financial Adviser Standards and Ethics Authority’s (FASEA’s) education reforms looking inevitable now, advisers need to turn their mind to where and how they will study once the changes kick in.
Technical manager at wealthdigital, Rob Lavery, said that once planners worked out what further study they needed to do they would then need to choose a provider from the “explosion” of postgraduate financial planning qualification courses that had cropped up in the last two years.
Planners should compare factors such as entry requirements, whether it is offered face-to-face, by distance or both, the length and frequency of study periods, cost, the types of assessments, the course content and the reputation of the educational institution.
Lavery warned that, importantly, planners should consider providers’ policies on recognition of prior learning, as these could stall their progress through their qualifications if not properly managed.
He said that advisers then needed to determine when they will study to ensure they had completed the necessary subjects by FASEA’s deadline of 1 January 2024.
“The key is to not leave it until the last minute. Planners who start their study sooner will have more time to complete their course and will find it easier to fit their study around their life,” Lavery said.
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