Financial advisers looking to stay in the industry under the new Financial Adviser Standards and Ethics Authority (FASEA) regime are more likely to pursue their objectives via Kaplan than the universities, according to the early results of an ongoing Money Management survey of adviser intentions.
While the universities as formal tertiary institutions have been seen as the likely major beneficiaries of the FASEA changes, particularly the minimum bachelor degree, around 80 per cent of respondents who intend to stay in the industry have nominated specialist education and training provider, Kaplan, as their likely first port of call.
The Money Management survey has, thus far, also indicated that while many older, existing advisers are still highly likely to leave the industry a significant proportion are actively seeking more information about the FASEA requirements with a view to remaining in the industry.
However, the survey thus far also confirms deep adviser suspicion of FASEA and particular resentment among existing degree-qualified advisers that they may be forced to undertake further study despite both their experience and existing academic credentials.
The common complaint among advisers intending to remain in the industry is that the demands and time-frames being put in place by FASEA are such that they will be seriously challenged to run their businesses, have time with their families and undertake the necessary study.
The Money Management survey is ongoing. Please take the time to contribute here.