Licensees ‘flying blind’ on Professional Year (Joel Ronchi comments for IFA Online Magazine Article)


Thank you once again to Sarah Kendell for taking time to explore the important FASEA Standard of the “Professional Year” for New Entrants.

It’s evident in my dealing with Licencees of a range of sizes (Adviser numbers) that not a lot of attention has been paid to the Professional Year, as it sits at about “3rd Cab off the rank” behind the FASEA Exam and FASEA Higher Education requirements.

I believe one of the real sticking points for the Professional Year is “who will fit the bill” of blooding New Entrants to the industry?

Will a small sized Practice in the suburbs risk bringing on a New Entrant, put them through a 12 month Program that will see the New Entrant’s “market value” increase significantly, only to see the new “Financial Adviser” seek higher remuneration or walk out the door?

What resources do small Practices have to dedicate to a Professional Year Program, noting the FASEA Standard carries with it significant Licensee, Supervisor & Entrant obligations?

The Big Players were meant to fill this void – they’re now gone.

What plans does the industry have to negate the PERFECT STORM of INCREASING EDUCATION requirements, EXODUS of experienced Advisers and a dearth of New Entrants?

Opportunities abound in such a world.

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