FASEA Standards Newsletter (JULY 2021 Edition)

In our JULY 2021 Edition of our FASEA Standards Newsletter, we discuss:

The Professional Mindset

“There are exactly two things that determine how your life will turn out: luck and the quality of your decisions.  Luck, by definition, is something you can’t control. The quality of your decisions is something you can.”  
Annie Duke, Professional Poker Player & Decision Strategist
I slightly disagree – I believe you can create & control your own L.U.C.K. [being the Living Union (of) Curiosity & Knowledge] which can help to improve the quality of your life.
By making decisions based on this idea of LUCK, you can learn to become L.U.C.K.E.E. each day by Living a Union (of) Curiosity, Knowledge, Experimientation & Experience.

Experimentation and experience broadens your knowledge through practice, which leads to greater control over your mindset.  Hence, learning to become L.U.C.K.E.E. can improve the quality of your life.

Industry Insights

Professional Practice:     Ongoing Fee Arrangments

Ongoing or fixed term agreements – which is best? 
New fee consent rules have polarised the advice community, with principles-based oversight forcing groups to choose between ongoing service agreements (OSAs) or fixed-term agreements (FTAs).

Regulator Insights:  Social Media & Advice – ASIC’s view

Use your judgement on social media advice

ASIC said investors should use their own judgement when it comes to financial advice on social media, conceding the scale of the digital world makes it difficult for ASIC to police.
Who is eligible and when does it end?
The decision to give advisers who have sat and failed the FASEA exam at least twice a further nine months to pass is all about giving them a “clearer run” with less Covid-19 related disruption.