AccountantsIQ offer help with FASEA compliance

In an increasingly busy marketplace, AccountantsIQ and I Love SMSF have partnered to launch a program aimed at easing the burden of the Financial Advisers Standards and Ethics Authority (FASEA) professionalisation requirements, particularly regarding the professional year.

StrategistIQ would provide guidance for mentors of new entrants that were both straight out of uni or late entrants to the advice profession, while also providing support for qualified planners faced with the new exam and ethics requirements.

Speaking at the product’s launch however, I Love SMSF founder, Grant Abbott, took an interesting approach to the exam, suggesting that planners should do the online exam together, as with experts working on it the three plus hour exam could be shaved down to just a couple of hours. This presumably would not be in line with FASEA’s intentions in setting it.

Related News:

“We’ve made it very practical, knowing that the new entrants are very FASEA-focused and that’s good, but what we’ve recognised is that there are experienced people [who are changing careers] who need something highly engaging and highly practical,” AccountantsIQ founder, Bronny Speed, said, also at the product’s launch.

This “practical overlay” included a mentoring scheme where each FASEA requirement for the professional year mentoring was broken down into work activities that were then matched to FASEA competency areas, resources, and logbook entry requirements.

It would also provide participants with the opportunity to specialise in self-managed superannuation funds (SMSFs), aged care, and portfolio construction, with Speed saying that other specialisations could be added later.

Abbott also warned at the launch, with support from the room, that “FASEA makes their own law … and what they put in a required course is virtually God’s will … so it’s a very scary situation for all of us”.

Related Content

Aura Group names new head

Aura Group has announced the appointment of industry veteran, Damien Hatfield, as its new executive director, Aura Alternative Assets, as the company ...Read more

FPA urges Govt financial support for advisers pursuing degrees

Financial planners should be able to access Commonwealth support to achieve the education standards made necessary by the Financial Adviser Standards ...Read more

Quantifeed opens Australian office

Digital advice solution provider, Quantifeed, has opened its first Australian office in Sydney to meet growing demand for digital wealth advice, and h...Read more




Wow the comments in this article are ridiculous.

If I'm not correct, doesn't the exam need to be sat in exam conditions? Tell me what exam would let you sit it together?!?!

No idea what they are talking about.

Add new comment