A lot of attention has justifiably been focused on the Future of Financial Advice (FoFA) changes. As a whole, FoFA represents arguably the greatest shake-up of regulation in the financial planning space.
But an equally, if not more, significant change also takes place on the very same day. From July 1, it is necessary to hold an appropriate tertiary degree before an individual may become a member of the Financial Planning Association of Australia (FPA).
It may not seem like a big change in isolation, but with the passing of this deadline the final piece in the professional association puzzle drops into place –the piece related to entry-level educational requirements.
With this final piece comes the creation of an organisation that can tick every box necessary to be called a professional association. And as a direct result of a true professional association being created, it can be said for the first time that financial planning in Australia has become a profession.
Text by Simon Hoyle: Editor – Professional Planner Magazine.