In a statement, FASEA said it had registered the 2020 Amendment Legislative Instrument and Explanatory Statement for its Relevant Providers Degrees, Qualifications and Courses Standard on the Federal Register of Legislation.
The new determination includes all bachelor degrees, graduate Diplomas and bridging courses approved by FASEA since the previous determination was registered in January 2020, including courses from Deakin University, Swinburne University of Technology and the University of Adelaide.
The determination also includes FASEA approved recognition of prior learning for existing advisers who have a relevant degree and a post-graduate relevant degree; education undertaken to attain professional designations for SAFAA, FPA, AFA and CPA; and amendments to historical course details provided to FASEA by a number of higher education providers after the registration of the previous determination.
The determination was informed through six formal submissions during FASEA’s consultation process in December 2019, the authority said.
“We thank stakeholders for their constructive input during the consultation process for FASEA’s Relevant Providers Degrees, Qualifications and Courses Standard and are pleased to have reflected this input where appropriate in the legislative instrument,” FASEA chief executive Stephen Glenfield said.
You’ve all been conned again
Price of advice will skyrocket
Still waiting for the RISK planner’s module for those who only wish to advise on RISK insurance. This is a [b]BIG [/b][b][/b]part of why so many riskies with 30 years+ experience are leaving the industry, myself included come Dec’21. No 100% risk adviser needs to be qualified in FULL financial planning degrees worth tens of thousands of dollars to advise clients on term, TPD and IP. When will common sense return to this once great industry?
Isn’t this the issue…….how do you advise on risk only while ignoring other aspects of their finances?
So, you are a panel beater and spray painter and you see the car you are working on has an oil leak. If you care about the client your would refer them to a mechanic…..not ignore the oil leak. As a Financial Planner I do not do Wills. But I will not ignore it. I would refer them to a solicitor or bring it to the client’s attention.
I agree anon. Squeaky_1 – the risk advisers are really caught in this but I am over 60 and did my very first degree at well over 50. It took a while to get into the swing of things but it is actually not that difficult once you are able to translate the examiners’ questions into your own language and realise the questions are there to trip you up but not too much – the SMSF Association’s exam is much harder for example. It is a bit like reading key passages of a PDS and reading them back to the examiner.
I am definitely in the market for risk client lists and I presume so are others. Quite a few agents ready to help with my favourite having a Scottish accent. If I was selling, though, I wouldn’t wait until the last moment.
I think we need to be careful with what we wish for…it’s not an inconceivable leap that the risk insurance module contains an element of ‘claims management’ and then the edu-lobby will push for every adviser to have this worthless qualification as well….You simply cannot advise properly if you cannot also consider other aspects of their financial planning…for example…”Yes, you need $500,000 life cover Mr. Trump, you have barely any assets after the tax investigation and hardly any funds in super and you recently lost your job….however, since I can’t advise on any of your other financial circumstances your premium of $30,000 a year based on last years rem should be in order….
Couldn’t those advisers that are just doing Risk, be replaced by robots/ Real Life Insurance on the TV. Like it takes 10 minutes. I believe your job is being killed by Compliance and is being replaced by Robots, Not FASEA….Surely with compliance, and the process of getting fully underwritten & comprehensive insurance, at least 3 appointments it’s now gotten to the stage where it’s in a person best interest to just buy it from TV? I believe the 18 year olds in Treasury have said that’s the go. Surely therefore if you want to provide a custom, bespoke, tailored and comprehensive insurance solution you’d need to know about Super, tax, and an appreciation as to how those premiums impacts on someone’s retirement position.