FchFP to become pathway to university
The Association of Financial Advisers (AFA) has announced a plan that will see its Fellow Chartered Financial Practitioner (FchFP) designation positioned into a pathway to a university degree.
In announcing the 12-month plan at the association’s partner briefing in Sydney, AFA vice president Adam Smith said once the program is fully developed and accredited, advisers who complete the FchFP program would receive certain exemptions during their university courses. Smith noted it was still being worked out behind the scenes as to what those exemptions would equate to.
He added the Future of Financial Advice reforms would most probably raise the entry level bar, “but we just don’t know how high at this stage”.
“Ultimately, everyone who plays in the industry will have to be degree qualified, so [most advisers] will need to go back to university to do that. FchFP will lead to that degree and that’s the pathway we’re creating,” Smith said.
According to Smith, the educational experience of AFA members spans from new GenXT advisers with degrees to established practitioners with PhDs and masters programs.
Around 30 per cent of AFA members at the recent GenXT roadshow have acquired advanced diplomas and are qualified to complete the FchFP course.
“The message to advisers is that educational excellence is the pathway to the future. It’s time to step into the future and go back to school," Smith said.
Recommended for you
The profession is up by almost 200 advisers for the new financial year, with August continuing the consistent weekly positive gains.
WT Financial has announced its second “Hubco” with a combined valuation of $7.8 million, while its first one has successfully incorporated and is now making its own acquisitions.
The Australian Wealth Advisors Group has entered into a joint venture with a Melbourne financial services firm to launch a wealth manager.
Remediation and litigation costs have led AMP to announce a reduced statutory net profit after tax of $98 million for the first half of 2025.
