Better dealer groups focused on education
The better dealer groups are “knuckling down” to ensure financial advisers have their base qualifications, following the passing into law of the professional standards for advisers, according to Mentor Education.
Mentor Education founder and managing director, Dr Mark Sinclair, said there had been an immediate uplift in his firm’s enrolments since the announcement of the new legislation.
“The better dealer groups are already assisting their advisers to consolidate and convert existing sector/industry specific qualifications into diplomas and advanced diplomas in readiness for the new academic and ongoing professional development regime,” Sinclair said.
“From an economic/cost perspective, the expectation is the completion of diploma and advanced diploma qualifications for current advisers will result in exemptions – this could possibly be as many as six (out of 12) for the master qualification if current predictions are realised.”
Sinclair said the priority now was the appointment of the Professional Standards Body to maintain the momentum as education and academic qualifications were at the top of the list in most industry conversations.
“Advisers, dealer groups, education providers and stakeholders are all waiting for clarity around the syllabus for bachelor degrees, bridging courses and transition pathways for existing advisers,” he said.
Recommended for you
With the Australian advice market being a target for US private equity firms, a US advice commentator has shared lessons from his overseas experience, and why PE may be less attractive than initially expected.
Financial advisers are reminded to ensure their CPD is up to date with the Financial Services and Credit Panel making its second determination in a week after an adviser failed to meet the requirements.
AWAG has entered a strategic joint venture relationship with Singapore-based financial services firm PhillipCapital, expanding its product and services distribution reach.
Investment manager Drummond Capital Partners has announced a series of appointments to expand its distribution reach with advisers nationwide.
