The Financial Advisers Standards and Ethics Authority (FASEA), an independent standards body, have set a range of new educational and training requirements to apply from 1 January 2019, to both existing and new entrants to the financial planning industry.
Transitional arrangements apply to ‘Existing Providers’. Accountants will be recognised as an ‘Existing Provider’, if they were authorised to provide personal financial advice at any time between 1 June 2016 and 1 January 2019, and were not prohibited from providing advice on 1 January 2019.
Accountants can demonstrate they are an Existing Provider, by having a status of ‘current’ on the ASIC Financial Adviser Register at any time in this period. Accountants who are unable to reply on the aforementioned transitional arrangements or who are seeking authorisation for the very first time from 1 January 2019 onwards, will be treated as ‘New Entrants’.
New Entrants will have to complete an approved qualification and pass an exam before they can be authorised to provide advice. They will also need to complete a year of supervised work and training.
There is a phased approach to the commencement of the new standards for New Entrants and Existing Providers.
Continuing Professional Development (CPD)
Continuing Professional Development (CPD) is an integral part of the professional framework. Not only is it a way of maintaining currency of technical knowledge and ensuring Authorised Representatives remain professional, it is also a way of growing new knowledge as a professional.
The annual CPD requirement is 40 hours, 70% of which is to be approved by Capstone. Capstone facilitates accredited ongoing training for Capstone Authorised Representatives and our annual training calendar incorporates regular programs specifically designed around key industry issues, investment trends, economic updates, strategies and advice opportunities for your business. We engage and partner with industry specialists to ensure quality workshops are delivered.
Ongoing Professional Development Training
Each year Capstone invite your participation in our professional development program. This program includes:
- SMSF specialist training
- Financial Planning PD days each year (note these training days do not include any product promotion but rather focus on Technical strategies, Business Development and Marketing topics)
- Monthly technical Webinars provided by our strategic partners.
You will also be given access to Capstone’s online training program, to record your accounting professional education hours. Along with your participation in our professional development training, we would expect that would assist you to satisfy the 40 hours of CPD required per annum.
Non Accredited CPD Activities
CPD may also include some non-accredited activities such as professional reading, which generally consists of training that has not been assessed by an Accredited Assessor and will not have an accreditation number attached to the training material. A maximum of 4 hours of professional reading will be recognised for CPD purposes.
What our clients say about us
“Capstone made everything so easy by providing all the templates and support we need which makes me feel comfortable that I am in good hands with my licensee. I would highly recommend Capstone to any fellow Accountant.”
“We have gained assistance with transitioning to the new regulatory environment and provided a new service of strategic financial planning. Capstone have been of tremendous value in assisting with this transition.”
Hillyer Riches Accountants
“I would recommend Capstone to any accountant seeking to become licenced within the financial services industry. Their personal service and support to me and my firm has been exceptional.”
“I joined Capstone Financial Planning in 2003 as I was looking for a Group that could offer a high level of independence and freedom that came from not being institutionally owned.”