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Nov 18

FPA toughen education rules for financial planners

The front page of the Australian Financial Review today talks of the toughening of education standards the FPA requires from 2015 (I’d rather they start now)…anyway…apparently the FPA expect financial planners to be tertiary qualified, pass a national examination, accreditation process, and from next year complete compulsory ethics training.

I think higher education standards for financial planners in this country is long overdue so well done to the FPA.

The irony in this is that it wasn’t that long ago that FPA Australia was handing out CFP status to anyone that called themselves a financial planner…the old CFP from a cornflakes packet accreditation.

I can hear the planners now…more compliance, more education requirements, changing our business model away from commissions…looks like fee for service might look very expensive.

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