Kaplan Professional has introduced a new scholarship scheme for advisers who are working towards meeting the Financial Adviser Standards and Ethics Authority’s (FASEA) education standards.
The scholarship would entitle advisers to $100 to be used towards the tuition fee for each higher education financial planning subject studied for the remainder of 2021.
The scholarship scheme would be available for three intakes – Study Period 4, Study Period 5 and Study Period 6 – and applied to all retail subject enrolment fees and corporate groups with previously negotiated pricing.
Brian Knight, Kaplan Professional chief executive, said it was important advisers were supported as much as possible due to many circumstances.
“When the FASEA education requirements first came about, we immediately reduced our subject enrolment fees and made our qualifications as affordable as possible for our corporate clients and their advisers,” Knight said.
“Regulatory and compliance costs are continually increasing for licensees and advisers; then you have the cost of the FASEA exam and the education requirements.
“We hope this scholarship scheme can go some way towards alleviating the significant pressure that is already on advisers.”
Knight said the sentiment and timing for the scholarship scheme was based on some important factors.
“We had nearly 3,000 advisers utilise our free preparation resources for the FASEA exam, including three versions of the Kaplan Adviser Practice Exam (KAPE),” Knight said.
“After passing the FASEA exam, advisers then have to face the education requirements and cost; we think some advisers are weighing up their next steps. We thought about what we could do to help them.
“We have introduced this scholarship scheme in the second-half of 2021 to help advisers get started with their studies and build some confidence and momentum.”
Mr Knight said he was concerned the education requirements would be a mental burden hanging over advisers if they left it too late.
“We think it is really important advisers make their study workload as manageable as they can,” Knight said.