Thanks for voting! We'll publish the poll results in next week's newsletter. We've come a long way from the beginning of this year, wondering what a post FASEA world would look like. Take a look at our take on the subject from January in our article "FASEA Going Going...No Wait For It!"
You can read more on FASEA's relief exam here. Tell us more about what you think on FASEA's exam relief in the comments below...
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"I was fortunate enough to pass the exam first time earlier this year. I feel for those that have had multiple attempts as I'm sure having to do it again and possibly again just causes more anxiety. Do I think the extension is fair to those that completed it in time? No. Do I think there are more experienced and knowledgeable Advisers than myself that are yet to pass? Undoubtedly. So while I sit over here on the fence, I think we can all agree that the FASEA exam is a complete waste of time and money. Our industry is bleeding Adviser numbers, surely we would be better served lobbying for better reforms, retaining quality advisers, and attracting new people to the industry. "
Mark 11:06 on 11 Nov 21
"Hey Shawn and Gayle, the fasea examination is a tricky test for some. as a 62 year old adviser, I can promise you, we move slower, take more time to digest a situation and have trouble with our fingers when it comes to sitting down to type for 3 hours. i need more time, a cooler, quieter room and more note paper. However, having been in the industry for 40 years I am happy to pit my capabilities with any in the industry. i hold relevant qualifications including advanced diploma, SMSF, limited recourse borrowing, gearing, direct shares and am an associate of general insurance (AAII). work with small business and provide areas of key person, partnership and more complex arrangements around business expense covers that is along with super and investment. Individuals like me have done the miles and have the experience. we also have built service and specialist advice networks to manage the best possible advice outcomes for each client. I have specialist access to every aspect of advice and research i need in the provision of sound financial advice. So i spend more and make less, to access these services . the FASEA exam has taken me back to a classroom environment, creating all kinds of school room scenarios, that are nothing short of an embarrassment. if anybody out there thinks they are a suitable adviser because you know the precise moment in a conversation that you transition into personal advice as you reach and to hand a client a copy of your FSG or manage to reel off the AML outcomes for a pensioner taking $50 in cash for mowing a lawn. All credit to you. I am sitting my 2nd attempt and have every expectation that I can pass. Good luck to those out there I feel your anxiety and understand your struggle"
george 22:42 on 10 Nov 21
"Sorry Graeme but Shawn is right. The deadline was already extended by a year due to Covid so there's been more than sufficient time to get this done. That there were around 1,300 sitting the September exam seems a lot have left it to the last minute. Where would they be if the 1 year extension wasn't there? By now there should have only been a handfult needing to still do the exam."
Eric 15:43 on 10 Nov 21
"I do not feel that passing the exam makes you a good Adviser, or failing the exam makes you a bad Adviser. I failed the first time and passed the second. I have no idea what I did wrong the first time, or did right the second. It seemed to be a box-ticking exercise that an Adviser has to do to continue to give Advice. Don't be too harsh on the people on the people that failed, because it could be you in that position one day, when they rewrite the rules again."
Daniel 15:43 on 10 Nov 21
"Shawn, STOP making Ill informed comments about your fellow professionals. They may have very sound reasons."
Graeme 15:28 on 10 Nov 21
"We've all had plenty of time to get the FASEA exam done. I feel the extension is unfair, it rewards those advisers by allowing them to continue to advise. Doing that is a slap in the face for anyone who's already committed to the process and completed FASEA requirements."
Gayle 15:28 on 10 Nov 21
"Enough is enough. Advisers have more than enough time to do the exam. This just gives a further cop out and excuse. If they haven't done it by now then maybe the industry is not suitable to them."
Shawn 15:23 on 10 Nov 21