The Financial Planning Association will unveil its plans to streamline incoming education standards at its National Roadshow, which kicks off this month.
Two of the most prominent questions about the professional standards framework are, “How do I make sure I can continue to be a planner?” and “Why do I need to sit an exam?”, according to FPA head of policy Ben Marshan, who says both will be answered in the one-hour sessions.
“We’ve come up with an innovative proposal for how existing planners can be assessed against the degree equivalency test,” Marshan tells Professional Planner. “[If adopted], we think it will provide really clear pathways for planners.”
Members have been appealing to the FPA to clarify what study they need to be doing and when they need to start.
“This proposal, if taken up by the body, will give them certainty much sooner,” Marshan says.
The sessions will also shed light on how confident planners have to be about subject matters in which they don’t specialise. For example, Marshan says super experts may wish to know how much detail is expected on life insurance, while investment specialists may be concerned about the expected knowledge on estate planning.
He adds that there is also some uncertainty around timelines, so the FPA has produced a fact sheet to clarify the deadlines.
Explaining the new code
Another key focus of the sessions will be how to implement the FPA Ongoing Fees Code from July 1 this year. The ASIC-approved code offers eligible members an alternative to opt-in laws by allowing them to renew fee arrangements at intervals of up to three years, provided the client agrees.
Marshan says FPA senior delegates, including chief executive Dante De Gori and policy manager Dimitri Diamantes, will explain how the code works, who is eligible and how planners can apply it with their clients.
There will also be an update on regulatory work in the pipeline, especially the aspects that do not often receive mainstream media coverage, Marshan says.
While the program is structured around the questions the FPA encounters most frequently, there will still be 15 minutes at the end for questions and comments from the floor.
“We use [the roadshow] as part of our consultation process,” Marshan says.
The FPA will be supported on the road by Platinum Asset Management, which is presenting a session on investment opportunities and risks at a time of global uncertainty.
Marshan expects a strong turn out this year, with registrations tracking ahead of last year’s record attendance.
For more insights from the FPA on government and regulator policy agendas, register for the national FPA Roadshow. Click here to register.
Professional Planner is the 2017 FPA National Roadshow’s main media partner.
