The FASEA National Adviser competency exam is looming large in the thoughts of advice participants around the country.
For existing practitioners, the consequences for not passing the exam cannot be understated. If the exam is not passed by Dec 31, 2020, the ability to provide advice will be revoked and the new entrant requirements would apply. This would mean the completion of an undergraduate degree in Financial Planning in addition to a professional year would need to be completed before advice could be provided.
Futuro have decided to take a pro-active rather than a wait and see approach in preparing their advice network for the exam. Futuro Head of Advice Michael Frawley went on to say, it no secret that Financial Advice Practitioners have been overwhelmed with change thrust upon them in terms of the FASESA exam, education requirements against the back drop of to the Royal Commission and the increased input cost pressures of running an advice business.
Whilst in an ideal world it would be helpful to have more specific exam preparation content available in terms of sample questions and reference material, we really have to work with what is available.
We have partnered with a Financial Advice Education consultant to deliver full day intensive education workshops across the country for our network. We believe the face to face delivery in a workshop style environment will provide an ideal platform to school up advisers as to what to expect and where to specifically concentrate their study efforts.
Given there are only two options to sit the exam this calendar year, the registration rate in terms of the workshops have seen them almost immediately fully subscribed around the country.