Sunday 10th November 2024
FAAA doubles down on Indian advice tie-up through CFP partnership
As part of the strategic partnership, Indian CFP aspirants will have a pathway to gain qualifications that meet the Australian regulatory framework. It's a bold plan, but one that could help shore up adviser numbers according to the FAAA.
The Financial Advice Association of Australia has announced a strategic partnership between the advice communities in Australia and India as part of a broader plan to fortify the ranks of Australian advisers with their sub-continental counterparts.
The FAAA signed a memorandum of understanding with FPSB India, a subsidiary of the Financial Planning Standards Board, this week to promote “cross-border mobility and professional development” for its certified financial planner professionals.
The partnership will help smooth the path for “a seamless transition for CFP professionals, financial advisers, and students relocating between the two countries”, the FAAA said in a release this week.
The tie-up was foreshadowed by FAAA chief executive Sarah Abood last week during the announcement of the association’s strategic priorities for the next six years, where she said the industry was “losing people” in the professional year program for new entrants, which was a “real hurdle” for potential new advisers.
One way for the industry to counter the narrow pipeline of advisers coming through the professional year program, she explained, is to strengthen ties with the Indian advice community.
“That’s an area where clearly there are a lot of financial planners and a lot of students,” Abood said last week. “We also have such a strong community with Indian heritage here in Australia – if we’re able to free up cross-border education and opportunities for people who might be practicing or thinking about studying in India to come to Australia, we think that’s one way we can really help drive the pipeline.”
This week, with the announcement of the partnership, Abood doubled down on the potential pathway, praising it as a way to “create pathways for financial professionals to move between Australia and India”.
A core part of the agreement is for Indian and Australian advice organisations under the FPSB banner to align Certified Financial Planner (CFP) requirements in accordance with FPSB’s cross-border certification policies.
The agreement also creates a path for Indian CFP students to gain financial planning qualifications that fit the Australian regulatory framework, which would mean completing units of study that meet Australian educational standards.
“In our continuous efforts towards globalising financial planning standards and opportunities for our aspirants and professionals, this partnership is a crucial step,” commented FPSB India chief executive Krishan Mishra (pictured).
“By collaborating with FAAA, Australian universities and firms, we aim to equip Indian CFP professionals with international competencies while ensuring a smooth transition across borders. It opens new avenues for our financial planning community to grow and thrive in a global market.”
