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A New Financial Advice Competency Framework | An industry consensus

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 A New Financial Advice Competency Framework

 An industry consensus
 

SYDNEY: 6 October 2017 Following industry-wide collaboration, and in partnership with the Beddoes Institute; Asteron Life, Kaplan Professional and the Association of Financial Advisers (AFA) have produced the New Financial Advice Competency Framework White Paper, which sheds light on the industry-wide consensus of the knowledge, attitudes and behaviours required to be a financial adviser.

 

To be released at the AFA National Adviser Conference on the Gold Coast next week, the Financial Advice Competency Framework builds on the existing and known regulatory standards on education and professionalism, and outlines the knowledge, skills and attributes required by financial advisers, that reflect today’s conversations with clients.

 

The process of constructing the Financial Advice Competency Framework involved over 60 interviews and rounds of online voting and feedback from an expert panel of over 500 stakeholders including advisers, consumers, regulators, academics, industry and professional association members.

 

In addition, over 1600 written comments were received by research group the Beddoes Institute and these have further helped shape the new framework.

 

According to AFA General Manager, Member Services, Partnership and Campus, Nick Hakes this is a first in the history of the financial advice profession.

 

“This truly is an exciting moment because through collaboration and a continuous consensus process; advisers, consumers, academics, licensees and manufacturers have built a model of all the skills and competencies needed to be a financial adviser.”

 

At the AFA National Conference the new knowledge domains and competencies needed by financial advisers, as defined by all participants within the sector, will be shared with the industry for the first time.

 

Recognition that advisers need to understand behavioural patterns to effectively motivate clients to act in their own interest has finally been evidenced by industry consensus.

 

“Financial advisers play an important role in people’s lives by helping them make good financial decisions and stopping them from making choices that are not in their own best interest,” said Daniel Waller, Head of Wealth and Life Intermediaries at Asteron Life. “This research shows us how to do it”.

 

The New Financial Advice Competency Framework White Paper reflects on the dedication of all stakeholders to their profession and gives consumers confidence that what is being taught is reflective of the qualities they value the most from their adviser.

 

“This has been an extensive process and one which the AFA believes will propel the profession forward,” said Mr Hakes. “This is because the White Paper not only outlines the new framework and foreshadows an implementation kit, it also helps shape the professional development requirements of advisers currently not covered by the existing regulatory standards on education and professionalism.”

 

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About the AFA

The Association of Financial Advisers Limited (AFA) has been the authentic voice on the value of financial advice for over 70 years. Today, the AFA is a vibrant, innovative association, where the underlying driver of policy is the belief that great advice transforms lives. To this end the AFA is striving to achieve the vision of Great Advice for More Australians. The AFA’s ongoing relevance as a professional association is derived from our success in engaging with the major stakeholders in financial advice including advisers, consumers, licensees, product and service providers, and the regulator and government. Culturally we believe in the value of collaboration to create powerful outcomes and this drives how we achieve influence and work towards our vision.