Joel Ronchi is the Principal Consultant of myIntegrity in Practice (myIP). Joel started his career in Financial Planning in the late 1990s and was a Practicing Financial Adviser, including being a self-employed practitioner, before changing career direction in 2005 to pursue his passion for education and training.
Over the duration of 2019, many Financial Advisers and Licensees approached Joel to seek his guidance and understanding of how to interpret and implement the FASEA Standards to better understand the impact the Standards will have on advice businesses. Joel developed solutions which included individual Adviser Higher Education Plans, CPD policy guidance, guidance to Licensees on Professional Year Program requirements for New Financial Advisers and the FASEA Exam Prep Programs. And with this, myIntegrity in Practice (myIP) was born.
myIntegrity in Practice (myIP) evolved from Joel’s passion to improve the quality of financial planning education. He believes strongly in the FASEA Standards and knows they will have a profoundly positive effect on shaping the future of the Advice Industry. Before launching myIntegrity in Practice (myIP), he founded the Registered Training Organisation (RTO) Integrity Education Group (“Integrity”) in 2010 from which he successfully exited in September 2019 after helping thousands of individuals create a career pathway in to the financial planning industry. As an RTO, Integrity was a leading provider in Australia of financial planning qualifications such as the Diploma and Advanced Diploma of Financial Planning, and competed successfully against the industry incumbent, KAPLAN.
FASEA Standards & the evolution of the Financial Advice Profession
The FASEA Standards have been developed to raise the educational, training and ethical standards of financial advisers, and to improve trust and confidence in the financial planning industry. Such monumental change over such a relatively short period of time has led to confusion and lack of a clear sense of direction for many Advisers.
Many Financial Advisers and Licensees are struggling to understand how to implement the various components of the FASEA Standards and are uncertain about important aspects such as the FASEA Code of Ethics (effective 1st January 2020), whilst trying to work out the best way to prepare for the FASEA Exam and the optimal pathway to attain the required Higher Education Standards. Financial Advisers tell us they want guidance and support with how to implement the FASEA Standards - they want to remain compliant but are unsure of the pathway given the amount of confusion and uncertainty in the industry.
Financial Advisers want the industry to evolve in to a Profession and understand the FASEA Standards play an important role in this process. However, many Advisers and Licensees are TIME POOR and want guidance and support on how best to implement the Standards in order to continue to provide the best possible service and advice to their Clients in a sustainable, compliant and profitable manner, whilst still having time for a life themselves.
Many Advisers are:
* stressed about the challenges they face and the fact that there seems to be no recognition of their years of professional experience
* fear loosing their livelihoods and their businesses if they cannot meet the education hurdles of passing the FASEA Exam and attaining Higher Education qualification
* confused about how the FASEA Standards apply to their situation and what they should do to implement the Standards
Certainty and Clarity for Financial Advisers & Licensees
myIntegrity in Practice (myIP) provides Financial Advisers and Licensees with certainty and clarity about how the FASEA STANDARDS impact their business. myIP enables the Advice Industry to cut through the noise and confusion of the new FASEA Standards by providing expert guidance and practical tools.
Many Financial Advisers are overwhelmed by the sheer scale and speed of the changes being implemented through the FASEA Standards. Most Financial Advisers and Licensees want guidance, support and peace of mind that the actions they take are in line with the requirements of the Standards.
Practical tools to implement the FASEA Standards
We understand the frustration and challenges facing Financial Advisers today. We believe by empowering Financial Advisers to meet these challenges through education, support, guidance and insights then we can positively impact an Adviser’s ability to help their Clients achieve individual goals and dreams in an ever-increasingly complex, financial world.
At myIP, we have developed a range of practical tools to help Advisers overcome these challenges:
- FASEA Exam Preparation Program (Exam Only Program, Online Study Program, & 1 Day Masterclass Program)
- Adviser Higher Education Pathway Plans
- Professional Year Program for Licensees
- Professional Development (PD) Day presentations