3. We want to work with the regulator, the Government and the profession to develop an objective assessment mechanism that instils confidence in financial planner entry standards.

– Requires a review of current reliance on competency-based assessment and the use of national standards (including RG146) due to their failure to deliver consumer or industry confidence.

4. By 2012 we believe that all newly qualified professional financial planners should undertake at least one year of full-time supervised work in client-facing activity before being able to hold themselves out as a financial planner.

– This experience could be structured as a professional year (PY) and could form part of what’s required to attain the CFP designation.

5. By 2012 we expect that education programs designed for new entrant financial planners should provide a clear entry pathway to professional designation, and student membership (at least) of a professional body should become mandatory.

– Many students are unaware of the professional pathways and professional obligations that lie ahead of them when first entering the industry. Educators and students would benefit from clearer alignment and professional recognition for their programs beyond the national standards framework.

6. By 2011 we expect that Continuing Professional Development (CPD) should include a mandatory component or program in ethics, and Australian Financial Services Licensees should dedicate resources and attention to the supervision of CPD to ensure it focuses on professional alignment, rather than simply compliance with RG146.

– A new CPD policy became effective on July 1, 2009, encouraging a broader and more meaningful range of ongoing professional development that the previous policy.

Source: Education expectations for professional financial planners, FPA, November 2009.

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