If the exam pass rate holds up there'll be 18,000 qualified advisers by the end of 2021, FASEA CEO Stephen Glenfield tells Professional Planner. With more students picking up advice than ever, he believes the industry is poised to thrive after the authority disbands on December 31.
Shaw & Partners senior advisers David Dall and Jed Richards
Advisers at Shaw & Partners in Adelaide question the efficacy of FASEA’s professional year and the ability of the arrangement to adequately incentivize smaller firms to take on fresh talent.
The professional year, which requires advisers to oversee 1600 hours of training – 100 of which is structured – to ensure trainee competence in technical aspects and client care, as well as regulation, professionalism and ethics, has been criticised as being too onerous and expensive for smaller advice practices.
According to Shaw and Partners senior adviser Jed Richards, the PY has merit but can be an onerous commitment for advisers. “It takes about 20 per cent of your time,” he says. “We’re busy enough as it is.”