Back to school: what advisers think of the new education standardsBY JAMIE WILLIAMSON | VOLUME 12, ISSUE 4  On 9 February 2017 the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 establishing a new education and professional standards framework for the ... Get articles like this delivered to your email - Sign up for the free weekly newsletter  More Articles |
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MAGDELINE JACOVIDES
FOUNDER AND FINANCIAL ADVISER
MAZI WEALTH
FOUNDER AND FINANCIAL ADVISER
MAZI WEALTH
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It would be great to see common sense (aka rare sense) prevail. I have many professional friends in other professional industries and when you explain to them what new education standards have been mandated they all (without exception) disagree with making experienced advisers "go back to school" to attain a degree or equivalent. All of them reference what happens in ALL other industries and suggest that RPL's are a must. As far as an annual exam goes...it will be interesting how this exam is going to segregate the 2 very different disciplines...investment and insurance. Are specialist wealth advisers (who think they know what markets are going to do day-to-day) going to sit the same exam as a specialist risk adviser? My belief is that FASEA are lagging with their decision because it is too hard for them to create a protocol that is going to make sense while at the same time satisfy the plethora of regulating bodies. Does over regulation mean anything to anyone?