The FAAA has signed a memorandum with FPSB India to promote “cross-border mobility and professional development for certified CFP aspirants and professionals”.
On Monday, the Financial Advice Association Australia (FAAA) and FPSB India, a subsidiary of the Financial Planning Standards Board (FPSB), signed a memorandum of understanding to bolster Australia’s advice profession numbers and create unique opportunities for continuing professional development (CPD) across both countries.
The partnership will facilitate greater collaboration between the two countries, allowing for “seamless transition” of each nations’ financial advisers as well as students wishing to relocate between the two countries.
The memorandum was signed between FPSB India chief executive Krishan Mishra and FAAA CEO Sarah Abood in the presence of FPSB CEO Dante De Gori and FAAA chair David Sharpe at São Paulo, Brazil during FPSB's 20th year celebrations.
Abood said this arrangement will help the Australian advice profession address the persistent challenge of growing its numbers.
“The declining number of financial advisers in Australia is a well known and serious issue. We hope this agreement with FPSB India will lead to more advisers working with Australians to help them achieve their financial goals,” the FAAA CEO said.
In accordance with the memorandum, both organisations will collaborate on bridging educational content while also partnering with universities in both countries to establish educational pathways for those wishing to relocate.
Furthermore, the organisations will prioritise helping CFP professionals to meet local regulatory requirements to ease challenges when seeking employment between the two countries.
As such, Indian CFPs will gain access to FAAA-accredited CPD programs allowing them to meet the necessary requirements prior to seeking the relevant qualifications to gain employment in the Australian advice profession.
The FPSB India CEO said the partnership between Australia and India is a crucial step towards helping its own advice professionals become more competitive on the international market.
“By collaborating with FAAA, Australian universities and firms, we aim to equip Indian CFP professionals with international competencies while ensuring a smooth transition across borders. It opens new avenues for our financial planning community to grow and thrive in a global market,” Mishra said.
The two organisations will also be working together to align certification requirements with the FPSB’s cross-border certification policies, making it easier for Australian CFPs to gain certification in India.
Furthermore, the memorandum facilitates the creation of professional year (PY) placements for Indian CFPs, helping them establish their position in the Australian market, and will allow them networking opportunities to further their integration into the local ecosystem.
Abood said the agreement will not only provide opportunities to grow the local advice profession, but also allow it to better serve Australia’s increasingly diverse client base.
"This partnership with FPSB India will create pathways for financial professionals to move between Australia and India. The collaboration provides our members and aspiring professionals with opportunities to expand their expertise and gain international experience,” Abood said.
“Australia is one of the most multicultural countries in the world, with almost 30 per cent of the population born overseas. India is our second largest source of migrants (second only to England) and this initiative will also help our profession better serve this strong and growing community.”
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