The Association of Financial Advisers is calling on the broader financial services sector to help shape a new framework for adviser education, acknowledging all other existing frameworks in the market.
The industry body will work with the Beddoes Institute, Asteron Life and Kaplan Professional to develop the new standard, with dealer group chief executives and senior executives, consumers, advisers and other industry groups having already participated in structured interviews.
The association is now asking industry participants on all levels to register to join of a number of online panels, completing a series of surveys over three months to better understand and ultimately redefine what makes a great financial adviser.
The AFA said the Financial Advice Standards and Ethics Authority (FASEA) demonstrates an opportunity to reimagine an education pathway, reflective of what consumers' value about financial advice and complementary to the Professional Standards legislation.
"This is an important inflection point for our profession. It needs the voice of advisers to help shape the profession we want to become," AFA general manager, member services, partnerships and campus Nick Hakes said.
The resulting framework will comprise technical and communication skills, interpersonal qualities and personal attributes, and will form the basis of a white paper and an implementation kit to be provided to licensees.
Finally, advisers, regulators, academics and professional associations will also be canvassed to guarantee that the draft framework aligns with the needs and expectations of the industry, ensuring its success as a framework designed by those impacted by it.
Acting head of Asteron Life Daniel Waller said the insurer is delighted to be partnering on the project.
"It is critical to embrace professional education as it continues to evolve and becomes an integral part of the future of the industry...It will offer substantial help and support for advisers and become increasingly important as we transition through the next era of financial advice," he said.
The industry white paper, framework and implementation kits are expected to be released in October 2017.