World events are affecting how the local market is being regulated
There are a number of changes occurring in the world market at the moment which is affecting how the local market is being regulated. An example is the recent announcement that mortgage brokers will need to do the equivalent of the RG146/PS146 compliant course to undertake their role in the same way financial advisers have had to be RG146/PS146 compliant.
Financial advisers are also feeling the pressure to increase their qualifications. The Advanced Diploma of Financial Services (Financial Planning) which is a pathway to professional accreditation for instance CFP (Certified Financial Planning) is becoming popular especially with new entrances who are trying to compete with longer serving advisers. The Advanced Diploma of Financial Services (Financial Planning) typically has topics on Estate Planning, Financial Plan Construction, Advanced Investment principles and Taxation.
It can be clearly seen that the trend is towards greater regulation and hence qualification for professionals in the financial services industry. The more mature the industry the greater the requirement and market pressure to get a job. Many in the accounting industry find themselves competing with people with a Masters degree.
