The Advice Exchange Advice and Support Retreat 2013: Financial Adviser Education 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 mustPrepared not be used,by disclosed or distributed Morgan Popely 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 education regimes     Regime A (current) education standard for Financial Advisers is AQF (Diploma Level) Regime B (2015) would lift the minimum standard to AQF (Advanced Diploma Level) Regime C (2019) lifts the standards one more time to AQF (Bachelor Degree Level) Harder than an undergraduate degree – as a typical 3/4 year Degree not all done at AQF level  Kaplan’s view that Financial Planning standards should mirror this progression Provide advice on SMSFs  Accreditation to provide advice in SMSFs requires steps 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 - Taxation Issues Estate Planning Investment Objectives and Strategies   Duration - day face-to-face workshop 9:00am - 5:00pm Pre-reading required suggested study: 40 hours   Industry recognition - FPA 10 CPD points, SPAA 33CPD points Tax Agents Services Act (TASA)  From 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 reasons for study with Kaplan are career prospects and industry requirements  The number 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 Professional Conduct & Governance for Financial Advisers  Completion – Attaining the AChFP designation and gain 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 Business Strategy for Financial Advisers / AFA Client Experience Strategy / AFA Advance Advice Solutions or AFA Advanced Risk Solutions / AFA Professional Conduct & Governance for Financial Advisers Completion – Formal certification as a FChCP or ChLP + 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