It’s official. There’s a furore building among financial advisers over proposed education standards. And the big surprise is that the noise isn’t coming from the usual quarters.
We’re not hearing from uneducated advisers arguing against minimum standards requiring all planners to have a degree. That battle is old, has been fought and lost, and now things have moved on.
No, it’s the highly educated, experienced advisers who are now upset. The champions of professionalism.
You see, the newly formed standards authority for financial advisers, FASEA, has proposed that only shiny new, recently completed qualifications should be counted for existing advisers.
If it goes ahead it means that the financial planners who embraced professionalism early, and have studied financial planning degrees and postgraduate degrees, will need to go back to school if they want to operate beyond 2024.
I know this to be true, because I’m one of them. As a CFP® Professional (recently non-practising), my Master of Commerce in Financial Planning degree, commenced in 2001 and completed in 2005 is not on the approved register.