FASEA exam results spark debateBY ELIZABETH MCARTHUR | FRIDAY, 9 AUG 2019 12:07PMFinancial advisers have taken to social media to vent about the Financial Adviser Standards and Ethics Authority exam results. Related News |
Editor's Choice
Another corporate fund bites the dust
The Nissan Superannuation Plan will be wound up on July 31, almost 50 years on from its creation.
Spaceship appoints new chief risk officer
Spaceship has tapped a former ASIC and APRA operative to be its new chief risk officer.
Seven fund managers scoop up First Sentier mandates
Colonial First State (CFS) flags it will appoint seven new managers to take over several mandates that will be vacated by First Sentier Investments (FSI) following the shock closure of four local investment teams.
LGT Crestone launches new investment solution
LGT Crestone has introduced a new investment solution for its clients, offering access to alternatives.
Products
Featured Profile
Matt Gaden
HEAD OF AUSTRALIA
JANUS HENDERSON INVESTORS (AUSTRALIA) LIMITED
JANUS HENDERSON INVESTORS (AUSTRALIA) LIMITED
Helping investors traverse financial markets and build their wealth during the peaks and troughs is Janus Henderson Investors head of Australia Matt Gaden's game plan. He tells Karren Vergara why in this long game of investing, active management wins.
While the results of the FASEA exam are encouraging one has to ask why do we even have an exam as a means of testing ones knowledge. In no circumstances are we exposed to exam like conditions in real life scenarios. Exams should be redundant in todays world.
Having to study again after 20 years experience in the industry and holding CFP, this counts for very little in FASEA eyes. The subjects of the Grad Dip of FP from Kaplan are very closely aligned to the CFP units.
It is clear FASEA have no other tools in their toolbox to assess Adviser experience and their only answer is put Advisers under more pressure, stress and have them pay real $$ for the added pressure and stress.
It is simply a money making scheme to prop up the education sector designed by academics and legislators. Talk about a clear conflict of interest ... who's best interest is really being looked after here. If they were genuinely interested in improving the industry and insisted on an industry exam the exam would be free of charge and paid for by all the Government levies and taxes imposed on the financial planning industry and superannuation.
Let's be serious the majority of Advisers are good Advisers who have a genuine interest in the well being of their clients, have spent endless hours on self improvement / professional development ... why are you adding greater pressure and stress to good Advisers ?
Surely there is another method of acknowledge good Advisers, not making them study, sit exams and pay for the stress and pressure of doing it all. Look after the good Advisers for once.
I was one of the 90% that passed the exam.
In my opinion, there were only two types of advisers that chose to sit the first round of the FASEA Exam.
- Those so in tune with their ethics and compliance that they felt assured of passing so why not get it out of the way; and
- Those who preferred to give themselves the greatest number of potential re-sits, due largely to an insecurity surrounding, not their ethics and compliance, but rather their ability to study and sit an exam after a long hiatus.
Knowing this, I am not surprised that the percentage of passes was so high. They were the people most likely to succeed.
I suspect the same will not be the case in later exams as the exam venues start to fill to capacity. the increase in noise and distractions that will result will definitely become a factor.
I believe I took the right choice to get it out of the way early.
Don't read too much into one result.
Regardless of the pass rate for the FASEA exam, understanding industry standards and ethics and adhering to those same standards and ethics are not necessarily the same thing.
Those in the advisor space that breach standards most often do so out of greed not gnorance,