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FASEA Financial Adviser Education Requirements

How to fulfil the new FASEA requirements, integrate learning into your advice practice and enhance outcomes for your business and clients.

Thinking differently about education

The Financial Adviser Standards and Ethics Authority (FASEA) was established in April 2017 to set the education, training and ethical standards of licensed financial advisers in Australia. FASEA’s new standards for adviser education are coming into effect in 2019.


While some advisers might see these requirements as an added responsibility on top of the demands of running a practice, it’s important to recognise the change in rules as an opportunity rather than a burden.


The extra study requirements will broaden your technical knowledge and boost your skill set, helping you to support customers and provide even better outcomes to enhance their financial wellbeing. What’s more, the learnings and insights you gain from this study will help improve your business and increase your productivity.

Understanding the requirements

The specific education requirements you need to follow will depend on your current qualifications and level of experience – it’s best to contact your licensee or professional body to confirm that you are working towards the correct requirements.

Benefits for your business

One of the biggest obstacles you may encounter with the standards is shifting your perspective about what the requirements may mean for your business.


While there will undoubtedly be an adjustment process as you work out how to integrate study into your day-to-day life, it’s important to recognise the long-term benefits that mandated education standards can bring to your business and the wider industry.


These include:

  • the opportunity to refine your skills in a specific area of advice – or learn about a different aspect of advice to what you specialise in currently
  • learning how to run a more efficient and productive business
  • developing new ways to engage with clients, enhance client relationships and boost client referrals
  • sharing education tips and knowledge with industry peers
  • an increased emphasis on ethics
  • improved public and client perception about the expertise and professionalism of the financial advice industry.
 

Industry and consumer feedback has helped to create a balanced set of standards that, taken as a whole, offer a workable framework for how the industry will evolve into the future - for the benefit of both advisers and consumers. - Stephen Glenfield, Chief Executive FASEA

How to approach your studies

Juggling studying with professional responsibilities can be a challenge, especially if it has been some years since you were last a student.


But rather than viewing your education requirements as separate to your business, the trick is to take a holistic approach by integrating them into your professional and personal life. Rather than taking time off to study, it’s simply a matter of learning how to study effectively with minimal disruption to your other work and life commitments.


It will help if you can bring everyone around you onboard for your journey – your employees, peers and family. This will help them understand your study commitments and create a valuable support network.


Finally, you’ll need to get a structure in place for your study. The more systematic you are in your approach, the more successful you’ll be in balancing education with your business and family.

Want to find out more?

For specific information about which FASEA requirements you need to meet, please contact your licensee or professional body. Further information is also available at fasea.gov.au. You can also contact your Colonial First State BDM for further insights and practical skills in integrating ongoing education into your business model.

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