The Financial Adviser Standards and Ethics Authority (FASEA) may have rolled out an education pathways policy but do financial advisers, as yet, have enough information to make a decision about their futures?
Money Management is asking financial planners and other financial services participants to complete this short survey to determine not only whether advisers feel they have received enough information from FASEA but how many have already made decisions and initiated either their pursuit of more qualifications or their exit from the industry.
Surveys conducted last year by both the Financial Planning Association (FPA) and the Association of Financial Advisers (AFA) suggested that more than 30 per cent of financial planners may be preparing to exit the industry, but more recent feedback has pointed to planners already seeking to enrol in the degree courses identified by FASEA.
Please take the time to complete the survey and Money Management will share both the results and the anonymous sentiments of respondents over coming weeks.
Comments
Like many others, I will be succumbing to the FASEA extortion racket purely to protect my livelihood.
The results of this survey should NOT be misinterpreted to conclude that advisers who understand the FASEA requirements and will be reluctantly complying with them, accept those requirements or believe that FASEA has acted reasonably, honestly or ethically.
I commenced my Masters Study October 2014 as I thought we would need this for the future. I have now completed it, all done, BUT, now unsure whether I want to continue working in the Profession following the Royal Commission disclosures last year. It is sad that the minority tarnish the majority and make us feel unwanted and unloved. And the FASEA disruption will only make things worse for those who have to start now.
If you have done a masters in FP and arent going to use it you may as well just work for ASIC, or even fasea itself. Dont be silly, get off this negative bandwagon and be a adviser. Its a great job , apart from all the negative comments you see. Living this role is fantastic. I get to help clients every day. Not reading negative articles about the industry all the time does help. Be who you want to be, dont let this fasea stuff stop you. Its a bit more study, but if you can be successful and turnover enough money to make you and your family comfortable, it really is the best job in the world. I did my double major back in 1996, it probably wont be recognised, so what I did DFP 1 to 5 so ill finish off 6 to 8 and then do the bridging course. Its not that hard!
Good for you, I'm a different poster, I also have a masters in FP and I'm thinking of walking away. It's not approved and not even classified as a relevant degree due to FASEA's stupidity. I need to complete 7 subjects despite having a grad dip in bus, dip fs and mfp. It's seriously fckd. There are other careers out there. Yes I love what I do, just like you, but is it worth $20k+ an inhumane exam, an adsurb code, all the BS auditing and harassment from FASEA and ASIC?
Jim, I'm thinking the same thing - why stay? ASIC will come up more rules in the coming years for Financial Planners to be caught by and allow practically everyone else to provide unlicensed advice. How can we compete when the cost of compliance - it is just too hard and I seriously doubt anyone can survive an ASIC audit under BID and their crazy interpretation of it. Many other careers out there - no point being the best qualified idiot waiting for ASIC to pounce.
I am in my 30s have a Bachelor of Finance, a FASEA compliant Grad Dip and started a Masters. I’m out.
Well thats 4 less competitors for me , thanks guys. I am really suprised such highly educated people like yourselves give up so easily. Don't they teach you resiliance at uni? Well they didn't when I went, but then again I learnt it through real life, living by myself at a very young age and I washed dishes for 5 years to pay for my course and living expenses to get my degree, so really all this stuff about more study for me is just another challenge I will meet and exceed. Yes get out of planning, the grass is always greener, or is it? You guys would be no fun at a party! Bunch of negative nellies. Its funny all these negative comments on here, but when I meet my actual real financial planner peers, they are mostly resigned to the fact they will need to do more study, they look at it as a challenge. Then again whingers and whiners basically own the internet comments sections these days don't they.
OK
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