Friday 1 February 2019

Financial Planning CPD and FASEA requirement progress

Now that I'm a registered Financial Planner/Adviser I need to meet the annual CPD requirements (basically 40 hrs of approved training pa) and also work towards the new FASEA education requirements that existing Financial Planners have to meet over the next couple of years.

I did 8.75 hrs of CPD during January via the MyKaplan website access provided by my AFSL, and also made a bit more progress towards completing the specialisation courses I'm doing in SMSF and Margin lending (these IIT courses *could* also provide some CPD credits when I complete them - the ML course quotes CPD Accreditation number 006725 for 11.5 CPD points and SMSF quotes the same CPD Accreditation number for 25.75 CPD points). And the Advanced DFP I'll be completing with IIT this year could also provide some CPD units (75.25 units!), however my AFSL tracks CPD compliance via Kaplan, so a maximum of 30 units of 'external' CPD can be counted towards the 40 unit requirement from their point of view. The four subject I complete for the Masters degree during 2019 could also provide some CPD units, but I won't need those CPD points to reach the minimum requirement this year. I find it quite amusing that some existing Financial Planners (and accountants providing SMSF 'advice') have been whinging online about having to complete 40 units of CPD pa!

What I will need is to complete the FASEA educational requirements by 1 Jan 2021. As I only have a DFP and a 'non-relevant' degree I will need to complete at least the 8 units required for the Graduate Diploma by then, although I'm currently planning to complete the 12 units for the Masters sometime in 2020 and have commenced a MRes degree by then.

Oh, and I also need to complete a TASA course from IIT later this year, as I won't get all the Master's degree courses that will satisfy TPB registration requirements completed before the end of this year, whereas my AFSL requires all new Financial Planners to get the training required for TPB registration completed within the first 12 months...

Looks like a fairly busy 2019 study-wise, not to mention trying to launch my business part-time while working full-time at my 'day job' ;)

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