Planners want FASEA exam to be relevant
The Financial Adviser Standards and Ethics Authority (FASEA) is missing a golden opportunity to examine advisers in specific areas in which they are authorised to provide advice, according to Deakin University.
In a submission filed with FASEA, the Deakin Business School said it appeared that the authority was missing “a golden opportunity to examine advisers in specific areas that they are authorised to provide advice to retail clients (for example, derivatives, insurance et cetera)”.
It said that, as such, it was recommending that consideration be given to allowing advisers to take additional or ‘elective’ questions – perhaps via a separate sitting to a generic examine – in areas relevant to their authority.
The submission pointed out that a survey of practicing financial advisers undertaken in 2015 had signalled that planners placed a high degree of emphasis on degree qualifications in specialised knowledge areas such as Introductory/Fundamentals of Personal Financial Planning, Financial Plan Construction, Estate Planning and Life Insurance.
The Deakin Business School submission urged FASEA to consider such areas to be incorporated into the final examination structure.
Recommended for you
TAL has introduced four new courses to its Risk Academy focused on ethical dilemmas as part of Ethics Month to help advisers meet their CPD requirements.
Unadvised Australians believe they need $2 million to retire comfortably, according to Colonial First State, a wide variance compared to advised individuals which estimate $1.3 million.
Financial advisers can now access Vanguard’s diversified managed account strategies on HUB24 and Netwealth, marking a “significant expansion” through new distribution channels.
The heads of two financial advice licensees have joined the board of the Financial Services Council as it looks to deepen its engagement with the space and strengthen its representation.