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IFA upgrades education rules

The Institute of Financial Advisers (IFA) has widened its education pathway for new members who have part-completed of a university diploma course to be eligible for general membership status from January next year.

Thursday, November 20th 2008, 5:59AM

by David Chaplin

Previously, the IFA required general members to have completed a five-part Adviserlink vocational training program or have achieved a Certificate in Financial Services (also offered by Adviserlink).

Under updated membership rule approved by the IFA board last week, general members now also have the option of completing four papers in diploma courses offered by Massey University or the University of Waikato as an alternative to a revised Adviserlink vocational course.

If members choose the university diploma route, however, they must complete the full course within two years of becoming a general member.

Irrespective of which path IFA members choose they will have to complete a two-year mentoring process with an existing member before graduating to general membership status.

The practice management unit of the Adviserlink vocational course has also been dropped from the IFA membership standards with only four papers now required. According to an IFA newsletter, some existing provisional members could therefore be granted immediate general membership status even if they haven’t completed the practice management unit.

From March 31 next year the IFA will also remove the exemption for direct advancement to general membership status for those advisers who have 10 unbroken years of “relevant practical experience”.

“After this date, those with experience may avoid taking formal courses through the alternative assessment processes already available and which are likely to be even more readily available once the National Certificate in Financial Services is implemented,” the IFA newsletter says.

The IFA has also altered its rules for advancement to its senior education marks - the CFP and CLU. As well as meeting the minimum education standards for general membership, to gain a CFP or CLU members will be required to pass a graduate diploma course, complete a case study and have three years minimum practical experience.

The Australian Financial Planning Association (FPA) requires its CFP members to have completed an undergraduate degree under changes introduced almost three years ago.

The IFA has set out a range of transitional arrangements for existing provisional members and those currently completing CFP or CLU standards.

No changes have been made to the Associate Financial Planner (AFP) and Associate Life Underwriter (ALU) designations but the IFA said it might review those arrangements next year.

« Morningstar changes its view on BrookSovereign takes regulation bull by the horns »

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ANZ 5.19 4.15 4.09 4.49
ANZ Special - 3.65 3.59 3.99
ASB Bank 5.20 4.15 4.09 4.39
ASB Bank Special - 3.65 3.59 3.89
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BNZ - Mortgage One 5.90 - - -
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Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
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Heartland Bank - Online - - - -
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HSBC Premier LVR > 80% - - - -
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ICBC 5.65 3.85 3.95 3.89
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