I’m unsure that some of the changes that are being sought by the newly created Financial Adviser Ethics and Standards Authority (FASEA) are in the Best Interests of the public and the professionals they are seeking to regulate.
One of the key points of change insists all financial planners must have a University degree. Some of the best planners, having achieved a CFP and practicing for many years, didn’t go to Uni, they worked their way up and did what used to be called Technical Training. Where you roll up your sleeves and get hands-on experience by working in your industry while taking courses from approved, non-university education providers.
To survive in this Industry, having a degree isn’t enough. Some of the other elements of being a good practitioner are; empathy, emotional intelligence, creativity, listening ability, sales and closing skills. Hanging out a shingle with your name and degree qualifications is inadequate to bring clients in the door and be successful in business.
The proposed Guidance on Education Pathways for All Advisers is open to consultation until 29th June 2018. To comment directly, write to: firstname.lastname@example.org
Both the AFA and the FPA are preparing submissions if you prefer to add your name there.