**FASEA – updated FPS001 Education Pathways Policy Statement**
For those of you who may be interested, the latest FPS001 document was released yesterday. There have been a few minor adjustments here and there which make the “mathematics” behind the credit structure more logical which makes it a little easier to understand and explain.
There is ONE IMPORTANT CHANGE confirmed which I’m calling the “4 to 7 rule” for Non relevant/Other degree pathway for EXISTING ADVISERS (EAs). This means for anyone with a Degree (AQF7) or higher in a non-relevant/other field of study that contain between 4 and 7 courses in one or more of the designated fields of study in any combination – financial planning, investments, accounting, taxation/tax law (as defined by the Tax Practitioners Board (TPB)), finance law, finance, business law or commercial law (as defined by the TPB), estate law, banking and economics, A maximum of two credits will be awarded towards a AQF8 or above qualification.
What does this mean for Existing Advisers (EA) & FASEA Approved Degrees?
A greater range of EAs can now access more credits & can claim credits associated with multiple existing qualifications.
The ADVANCED DIPLOMA OF FINANCIAL PLANNING credits can be BOOSTED to 3 (from the usual 2 credits) when combined with a RELEVANT DEGREE.
What impact will this have on Adviser Growth Strategies at the Practice Level?
The FASEA STANDARDS will have a major impact on the ability for small to medium sized Financial Planning practices to grow and recruit staff simply dues to the mechanics and obligations to bring on a “New Adviser”. The obligations are in addition to any existing obligations and require a significant level of investment (time, money and resource) of the Existing Adviser (EA), the responsible Licensee (if different from the EA), and any associated Supervisor EA.
This means the ‘traditional’ journey from Paraplanner to Financial Adviser is a more involved and committed one, not only because of the increased barriers to industry entry, but also because of the ‘mechanics’ of the process as detailed in the FASEA Standards.
Find out more HERE
or visit the FASEA website