The Advice Exchange
Advice and Support Retreat 2013:
Financial Adviser Education
Prepared by Morgan Popely
20th November 2013
© 2013 Kaplan Education Pty Ltd ACN 089 002 371 trading as Kaplan Professional Education. All rights reserved. This publication contains information in summary form which is current at the time of
publication and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. This publication must not be used, disclosed
or distributed in any way without Kaplan Professional Education’s prior written consent. Kaplan Education Pty Ltd disclaims all responsibility and liability (including, without limitation, for any direct or indirect or
consequential costs, loss or damage or loss of profits) arising from anything done or omitted to be done by any party in reliance, whether wholly or partially, on any information provided in this publication. Any
party that relies on that information does so at its own risk. For more information about us please visit www.kaplanprofessional.edu.au
Agenda
 CP212 and Raising the minimum education Standards
 Providing advice on SMSFs
 Tax Agent Services Act (TASA)
 Industry Education Trends
 Education Pathways and Developments
 Questions
Raising the minimum standards of Education







CP212 looks to lift the minimum education standards for Financial Advisers
This would implement 3 education regimes
Regime A
Regime B
Regime C
Now until January 2015
January 2015 until January 2019
After January 2019
Regime A (current) education standard for Financial Advisers is AQF 5 (Diploma Level)
Regime B (2015) would lift the minimum standard to AQF 6 (Advanced Diploma Level)
Regime C (2019) lifts the standards one more time to AQF 7 (Bachelor Degree Level)
Harder than an undergraduate degree – as a typical 3/4 year Degree not all done at AQF level 7
Year 1
Year 2
Years 3 & 4
AQF Level 5
AQF Level 6
AQF level 7
Kaplan’s view that Financial Planning standards should mirror this progression
GK/FP
RI/MI/Skills
Super/Securities/ Derivatives/ML/FE
AQF Level 5
AQF Level 6
AQF level 7
Provide advice on SMSFs
 Accreditation to provide advice in SMSFs requires 3 steps
Tier 1 Generic
Knowledge
Specialist SMSF
Program
(Fulfil ASIC requirement)
Tier 1 Specialist
knowledge
Superannuation
Advanced
SMSFs
Superannuation
Adviser Skills
assessment
(RG146 Superannuation)
Provide advice on SMSFs
 Enrolment date - Start anytime.
 Entry requirements - ASIC RG146 Provide advice in Superannuation
 Course delivery - Online: self-study access to a virtual classroom, or
 Blended: face-to-face corporate in-house workshops with online access
 Duration - 12 weeks

 Assessment - The program includes one (1) project assessment and one (1)
exam. The exam consist of multiple choice questions.

 Industry recognition - FPA Online: 22.25 CPD points Blended: 54 CPD points
SPAA Online: 56 CPD points
Advanced SMSF
 This industry-recognised program builds on participants’ existing SMSF
knowledge to safeguard clients from complex taxation and estate planning
risks and develop complex investment strategies.
 Course delivery - Face-to-face full day interactive workshop with
comprehensive study manual provided prior to workshop.
 Structure - 1. Taxation Issues 2. Estate Planning 3. Investment Objectives and
Strategies

 Duration - 1 day face-to-face workshop 9:00am - 5:00pm Pre-reading required
suggested study: 40 hours

 Industry recognition - FPA 10. 5 CPD points, SPAA 33CPD points
Tax Agents Services Act (TASA)
 From 1 July 2014, there will be a notification period of 18 months that will
allow Australian financial services licensees and authorised
representatives who provide tax financial advice services to notify the Tax
Practitioners Board to become registered as a tax financial adviser.
 From January 2014 Kaplan will launch specific programs to meet
educational and CPD requirements for Registered Tax Financial Advisers –
Tax and Commercial Law modules
Industry Education Trends
 Kaplan Recently surveyed 481 Financial
Planning students about motivating
factors of study. the results are
interesting..
Industry Education Trends
Gender
Industry Education Trends
Age
Industry Education Trends
Current employment situation
Industry Education Trends
Previous highest education level achieved
Industry Education Trends
Kaplan program currently studying
Industry Education Trends
Reasons for study
Industry Education Trends
Who influenced decision to Study with Kaplan
Industry Education Trends
The Stats




Increasing trend in Female Financial Planning students
Majority of students currently under fulltime employment
Students tend to come from a Bachelor qualified background
Increasing trend of Diploma qualified students continuing with an
Advanced Diploma in Financial Planning
 The top 2 reasons for study with Kaplan are career prospects and industry
requirements
 The number 1 influencer to study with Kaplan are employers
Education Pathways & Developments

Kaplan has partnered with the Association of Financial Advisers (AFA) to develop
the Campus AFA programs and accreditations
 Creates a seamless pathway for advisers from diploma level, to bachelor degree,
AFA accreditation and on to Masters
Designed as a mini MBA for Financial Advisers
 Practical Business Projects: Implement four business projects that are relevant to
your individual business:
 Business Plan, Marketing Plan, Marketing Toolkit, Principles of Practice.
Education Pathways & Developments




Three Levels of Accreditation;
Associate Chartered Financial Practitioner (AChFP)
Fellow Chartered Financial Practitioner (FChFP)
Chartered Life Practitioner (ChLP)
Education Pathways & Developments
Associate Chartered Financial Practitioner (AChFP);




Entry requirements – Completed Diploma of Financial Planning or Diploma of
Financial Services (Financial Planning)
Level - post-graduate level content and thinking
Module - AFA 4 Professional Conduct & Governance for Financial Advisers
Completion – Attaining the AChFP designation and gain 1 exemption toward FChFP
or ChLP designations
Education Pathways & Developments
Fellow Chartered Financial Practitioner (FChCP) & Chartered Life Practitioner (ChLP);




Entry requirements – Completed Advanced of Financial Planning or Advanced
Diploma of Financial Services (Financial Planning) AND Three years experience as a
practising adviser
Level - post-graduate level content and thinking
Modules - AFA 1 Business Strategy for Financial Advisers / AFA 2 Client Experience
Strategy / AFA 3 Advance Advice Solutions or AFA 3 Advanced Risk Solutions / AFA
4 Professional Conduct & Governance for Financial Advisers
Completion – Formal certification as a FChCP or ChLP + 4 exemptions towards
Kaplan’s Masters of Financial Planning
Education Pathways & Developments
The Full Picture
© 2013 Kaplan Education Pty Ltd ACN 089 002 371 trading as Kaplan Professional Education. All rights reserved. This publication contains information in summary form
which is current at the time of publication and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise
of professional judgment. This publication must not be used, disclosed or distributed in any way without Kaplan Professional Education’s prior written consent. Kaplan
Education Pty Ltd disclaims all responsibility and liability (including, without limitation, for any direct or indirect or consequential costs, loss or damage or loss of
profits) arising from anything done or omitted to be done by any party in reliance, whether wholly or partially, on any information provided in this publication. Any
party that relies on that information does so at its own risk. For more information about us please visit www.kaplanprofessional.edu.au