CPAs to take pathways to planning
Australia’s main professional body for accountants,CPA Australia, is clearing the way for its members to make even greater inroads into financial planning, with the release of a CD-Rom designed to give accountants a leg-up into the advice industry.
The CD-Rom, Pathways, is targeted at both undergraduates and graduates in the accounting field looking to progress their career through to financial planning.
The CD provides the users with information on what is needed to qualify for the CPA FPS (Financial Planning Specialist) designation, which was introduced recently by the association to distinguish CPA members’ qualifications in financial planning.
According to CPA financial planning manager Kathy Bowler, Pathways will also provide background to the financial planning industry; steps on how to become an authorised representative or obtain a license; information on Financial Services Reform legislative and compliance requirements; a guide to charging clients and remuneration and case studies of CPAs working in different financial planning roles.
Bowler says consumers are turning to financial planners in record numbers, creating strong opportunities for accountants wanting to move into the field. A few years ago only large companies or high wealth individuals used financial planners, now small businesses and individuals regularly seek planning advice, she says.
“The trend is fuelled by increased interest in share markets, investment schemes and property ownership. Financial planning is undoubtedly a growth area. Pathways will help people decide if this is an area they want to move into and, if so, how to go about it,” Bowler says.
According to Money Management’s Top 100 dealer group survey, released last week, some 23 per cent of financial planners in Australia’s major dealer groups come from an accounting background.
Recommended for you
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.
Private market secondaries manager Coller Capital has unveiled a new education platform to improve advisers’ and investors’ understanding of secondaries.
