The Financial Planning Association has today revealed that more than 3200 members have responded to its recent member questionnaire on proposed education and ethics standards.
The survey, which was sent out to the FPA’s base of 13,700 members and affiliates on April 4, is part of an effort to gather feedback on advisers’ collective reactions to the guidelines the Financial Adviser Standards and Ethics Authority (FASEA) put forward on March 20.
FPA chair Neil Kendall stated in a media release on April 4: “The active participation of our members in the consultation period is important so that they can be heard. We would expect all members have now had the opportunity to review the latest FASEA announcement, and we strongly encourage them to take the time to complete the questionnaire.”
While Kendall affirmed that the FPA was in favour of education reform, he also made it clear the association’s position is that the guidelines don’t give advisers enough credit for prior learning, and that this failure would disadvantage clients.
“The FPA strongly supports the raising of minimum education standards and recognises those financial advisers who have voluntarily completed, or are undertaking further education,” the release stated. “We believe FASEA’s latest proposal does not give sufficient recognition to financial advisers who have completed a degree and undertaken additional studies in financial planning. Failure to recognise study completed by existing financial planners is likely to reduce the availability of financial planners and drive up costs for consumers.”
The online survey asks questions about advisers’ status, qualifications and study habits. It also asks about members’ understanding of FASEA’s proposals, whether they are “comfortable” with the proposed reforms and bridging courses, and if they have any concerns about further study or signing up to the proposed code of ethics.
The FPA put forward a second media release on April 11, announcing that 1700 members had responded to the questionnaire, and a third release a week later, announcing that 3200 responses had been received so far.
Not all of the survey invitations reached members in the initial mail-out; some received it as late as April 17. FPA chief executive Dante De Gori has clarified that the questionnaire was sent through several channels.
“The FPA has communicated with members about the questionnaire via a series of emails, the FPA express newsletter and the FPA website, since 4 April. An SMS message was sent to members yesterday as a final reminder before the closing date.”
Early results from the survey show that “around 60 per cent of FPA members have a degree, compared [with] only 35 per cent across the whole industry, as highlighted at the second round of hearings of the royal commission”, the April 18 release states.
De Gori highlighted the disparity.
“The questionnaire results coming in highlight our members’ commitment to voluntary self- education and demonstrate the merits of belonging to an association that fosters and promotes higher educational standards.”
He also reiterated Kendall’s assertion that the FPA would be pushing FASEA to give more credence to prior learning, including “significant training in financial planning through the CFP certification program”.
The survey coincides with the FPA’s National Roadshow, which kicked off in Geelong, Victoria, yesterday, and will stop at 33 venues during April, May and June.
