The Financial Advice Association Australia (FAAA) is expanding its Approved Specialisations Program and has opened applications to providers of designations and qualifications covering a wider range of financial advice fields.
The move is part of the FAAA’s commitment to supporting advisers in deepening their professional expertise and skill through having more specialist education options made available to them.
The program currently offers specialisations in aged care, life risk and the fellow chartered financial practitioner (FChFP) designation and welcomes applications from education providers in relation to estate planning, retirement, money therapy, SMSFs and responsible investing.
Further, the industry body indicated it is also welcoming applications from education providers involved in other specialist fields relevant to financial advice.
In relation to the types of organisations that could participate in the initiative, FAAA education general manager Anne Palmer pointed out the SMSF Association is welcome to apply.
“There is increasing demand from consumers for advisers with demonstrated expertise in specific advice areas,” Palmer noted.
With the extra specialisations, the association intends to support advisers in their ongoing learning and development and help them stay in the profession.
“Licensees with advisers focusing on aged care or SMSFs, for example, often mandate further education in these fields for their advisers. An FAAA endorsed specialisation ensures the education content is of sufficient standard and that advisers holding the specialisation are continuing to undertake at least five hours of CPD (continuing professional development) per year in staying up to date in that field,” Palmer said.
The FAAA hopes that, by adding more specialisations, it is helping advisers distinguish themselves professionally. It also is of the belief partnering with quality education providers will raise the standard of advice across the industry.
“Recognising high-quality specialist education is one way we can make that pathway clearer, more rewarding and more accessible,” Palmer noted.
