FASEA should engage advisers: academic

In a LinkedIn post, the Deakin University associate professor lamented that some in financial advice academia do not spend sufficient time with real advisers.

“I love talking to financial planning practitioners at conferences like the FPA Congress,” Dr Raftery wrote. “Without wanting to sound controversial, I really wish the FASEA board members pounded the pavement and received the same exposure of what is working and not working in the profession.”

The comments follow his suggestion that as much as one-third of the financial advice industry may head for the exits once the new education standards are confirmed. 

The FASEA board is comprised of a number of academics, including fellow Deakin University adjunct professor Carolyn Bond and Griffith University professor of finance Mark Brimble, alongside regulatory experts like former APRA official Stephen Somogyi and FOS director Catriona Lowe.

Former AFA president Deborah Kent, director of NAB-aligned Integra Financial Services, is the only practising financial adviser appointed to the board.

At a recent Zurich event, the AFA Adviser of the Year and Practice of the Year principal made similar comments as Dr Raftery, arguing that client-facing experience must be taken into account by the new government body in setting appropriate standards.

Dr Raftery is not a member of the FASEA board, but was last week elected to the board of directors of the AIOFP.

FASEA recently outlined its framework for new entrants to the financial advice industry but has not yet released its plan for existing advisers.