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.
“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.
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.