FASEA, Financial Planning

RPL useful for adviser retention

RPL advisers

Greater recognition of prior learning should be used to retain advisers rather than forcing them to choose between quitting or extensive study.

The recognition of prior learning (RPL) of experienced advisers could be used as a way to retain more of them within the advice sector and avoid the need for them to fully retrain to meet incoming professional and education standards, according to the Labor Party.

Speaking at the recent Association of Financial Advisers (AFA) Hybrid Conference 2021, opposition financial services and superannuation spokesman Stephen Jones said more could more be done with RPL in relation to experienced advisers.

“I absolutely agree more could be done in this area,” Jones said.

“RPL is a technique that is used across a range of professions and the reason for doing further education is to make the transition from where we were to where we need to be as a profession and ensure the workforce has the skills, knowledge and ethical disposition. RPL is necessary to fulfil the task.

“If advisers already have those, it is an immense waste of public and private resources to send those people back to do a degree-level course if there is a more efficient means to recognise and measure their existing skills and knowledge in this area.”

He made the comments in reply to a question from AFA policy and professionalism general manager Phil Anderson, who responded: “I think that is a comment that will be warmly received by a number of advisers who are making the decision as to whether they stay or go.”

In the same session, Jones gave his support for separate education programs for specialist advisers and said the lack of that recognition under the Financial Adviser Standards and Ethics Authority (FASEA) education model ran counter to the Future of Financial Advice legislation, which recognised specialised advice.

He also offered his continued support for legislation, currently held up in the Senate, that will create an extra adviser exam sitting in mid-2022 for any adviser who has unsuccessfully sat two FASEA exams before the end of this year.

“We don’t vote differently in the House and the Senate. If we form a view on something, we form that view and we support that position,” he said.

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