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
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
