Managing the Financial Adviser Professional Year (SAFAA Article)

In this article about the Professional Year for Financial Adviser, I discuss…

  • a NEW ENTRANT (NE) in the PY can be enrolled to sit the exam as soon as they have a NERN (New Entrant Registration Number)
  • a person can COMMENCE the PY BEFORE completing a FASEA Approved Qualification (the “final stages” rule)… but must complete qualification to be register for Exam
  • the NE must PASS the EXAM before being registered as PROVISION FINANCIAL Adviser
  • the NE CANNOT commence Qtr 3 UNTIL the exam has been PASSED
  • Licensees need to factor in Exam SCHEDULES, MARKING TIME, & possible FAILS … this may blow the PY out to 18 mths +
  • New Entrants have SAT & FAILED the exam without the licensee being aware .. the YOUNG GUN paradox – fresh from completing FASEA Approved Degree, used to sitting exams, and then they come up against the FASEA Exam
  • Licensee must make @ least 2 ETHICAL DILEMMA scenarios available to the NE in EACH of QTR 3 & QTR 4.

If you would like to have a chat about how to build an effective Professional Year Program, please feel free to reach out.