DFP to remain qualification of choice

Although the Diploma of Financial Planning (DFP) will no longer be the minimum requirement for financial planners in 2019, it will continue to be the qualification of choice for those beginning their career as an associate adviser, paraplanner, client relationship manager and other non-advice roles, according to Mentor Education Group.

Also, the qualification would continue to be essential for paraplanners and those looking for a pathway for a financial adviser career.

Mentor Education Group’s founder, Mark Sinclair, said the reality is that post 2024 would be the era of compliance and entry level qualifications and ongoing professional development, and study would not be restricted to and the exclusive obligation of the adviser/principal alone.

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“The DFP and Advanced Diploma of Financial Planning have both served the industry well (and will continue to do so), having evolved since inception to meet the needs of advisers, stakeholders and regulators,” he said.

“Although the financial services sector is about to enter a new and very different era of compliance and professionalism, the Diploma and Advanced Diploma will still be needed and have very important roles to play.”

Sinclair also said that despite that many cynics would question the DFP for operational staff as overreach, expensive and inconvenient, in reality it represented a prime opportunity to expand the knowledge base and appreciation of staff to the demands of advice delivery with both the individual.

“The age of compliance will require the entire advisory practice to be on the same page as the authorised adviser in order to operate efficiently and effectively,” he said.

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I've chosen to be a risk specialist and was stupid enough to take the ADFP to further my studies. What a waste of time and money. It taught me nothing that I did not know already when it came to risk and now has no relevance under FASEA. Mentor should immediately stop promoting an expensive worthless course.

Private education providers have sadly lost the battle with the University sector. A shame for the advice industry.

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