Many specialist SMSF advisers may only need to complete between one and four units of study to meet new FASEA requirements, according to the SMSF Association.
Speaking to selfmanagedsuper, SMSF Association head of policy Jordan George said around 80 per cent of the body’s members had a relevant degree and thus were likely to have to complete between one and four units of study.
Earlier this week, the Financial Adviser Standards and Ethics Authority (FASEA) released the finalised version of its Education Pathways Policy, which stated advisers with the following would only need to complete one unit of study:
- an approved degree,
- a relevant degree and the Advanced Diploma of Financial Planning (ADFP),
- a relevant degree and approved coursework to attain a professional designation, or
- a non-relevant degree, the ADFP, approved coursework to attain a professional designation and four to seven units of study in related fields.
Advisers with a non-relevant degree and one of either the ADFP, approved coursework to attain a professional designation or units of study in related fields would be required to complete three units, and those with a relevant degree would be required to complete four units.
George said the association would be seeking accreditation for its SMSF specialist adviser designation with FASEA to allow members to gain two credits.
“We are aiming to get the designation accredited, but need to see if FASEA will offer two credits or only one, due to the strong superannuation and SMSF focus within the designation,” he said.
He added the association has been encouraging FASEA to recognise the specialisation of financial advice and this call had been strengthened by the Productivity Commission’s recent recommendation for SMSF advice to be provided by those with specialist training.
“FASEA had a significant workload to date, but we expect it will address these requirements now that it has released guidelines for the broader pathways of financial advice,” he said.
