“if you give a man a fish he is hungry again in an hour. If you teach him to catch a fish you do him a good turn”
— Anne Isabella Thackeray Ritchie, 1885
Only 35% of industry has completed the Financial Adviser examination.
There might be many reasons for this low success rate but, if it’s preparedness, we’d thought we’d highlight a solution you might not have considered – Tutoring.
If you are having difficulty preparing for the exam, and need some assistance, our combination of educational, compliance and legal experience might be the best answer for you.
Tailored to your needs
Group sessions have their place but we believe that there’s a need for a more flexible, more private, training option.
Our exam preparation assigns you a dedicated tutor who’ll focus on the specific areas you’re struggling with and work with you to address the gaps.
In addition to the time we’ll take to properly assess your knowledge and understanding, we’ll utilise a variety of techniques to assist you to apply and recall the content.
1:1 customised tutoring will help you
- improve your study habits;
- develop critical thinking skills;
- provide academic challenge;
- help you overcome learning obstacles; and
- allow you the freedom to ask questions.
Application, not just information
Because our 1:1 tutoring service has a specific purpose, it’s an efficient way to focus on the substantive areas of the examination including:
Applied ethics, professional reasoning, and communication
- Demonstrate knowledge and understanding of the FASEA Code
- Apply FASEA Code to scenarios to identify compliance and non-compliance.
- Demonstrate your understanding of the importance of a code of ethics.
- Identify scenario actions that are compliant with the letter of the law (“formal compliance”) but non-compliant with the intent of the law and the FASEA Code (“substantive compliance”).
- Identify consequences (practitioner, client, industry) of non-compliance with the FASEA Code.
- Demonstrate understanding of the relationship of the FASEA Code to professionalism of the entire industry.
- Apply the FASEA Code to dilemmas and issues in scenarios.
- Apply different industry Codes (eg. TPB) of ethics to dilemmas and issues in scenarios.
- Synthesise different ethical frameworks and apply synthesis to scenarios.
- Evaluate suitability of different ethical frameworks to a range of dilemmas, compromises and trade-offs.
- Apply the best interest duty and associated obligations to clients in scenario based problems.
- Identify likely consequences (practitioner, client, industry) of ethical and legal failures (such as not acting in best interests of your client or not prioritising their interests).
- Identify when and under what conditions a practitioner should refer a client.
- Evaluate the importance (and limitations) of the best interest duty to an adviser, their clients, their licensee and the industry.
- Analyse and identify individual behavioural biases and their influence on decision making.
- Understand, and reconcile, behavioural biases and their influence on financial advice
Financial Advice Regulatory and Legal Obligations
- Apply Chapter 7 of the Corporations Act to case studies/scenarios and identify responsible providers obligations and breaches of those obligations.
- Apply Chapter 7 of the Corporations Act to components of SOA/FSG.
- Identify strengths, flaws, breaches of key documentation in terms of Chapter 7 of the Corporations Act.
- Evaluate key documentation in terms of Chapter 7 of the Corporations Act.
- Determine the consequences of breaches of financial disclosure obligations under Chapter 7 of the Corporations Act for themselves, for clients and for the industry.
- Evaluate case studies and identify breaches of financial disclosure obligations.
- Demonstrate knowledge and understanding of notification obligations for breaches of Chapter 7 of the Corporations Act.
- Identify other potential breaches of Chapter 7 of the Corporations Act and subsequent notification obligations.
- Demonstrate knowledge of legal requirements for both individuals and licensees.
- Apply legal requirements of AML/CTF legislation to scenarios/case studies.
- Apply privacy legislation to examples and identify legal requirements.
- Evaluate scenarios in terms of legal requirements of privacy legislation.
- Apply TASA requirements to scenarios and identify compliance and non-compliance.
Financial Advice Construction
- Demonstrate an understanding of the context in which financial advice is given and requested and how this impacts decision making.
- Identify misconduct and inappropriate advice.
- Evaluate whether, and why, advice is inappropriate.
- Identify appropriate alternative courses of action to inappropriate advice.
- Identify and compare different population and community profiles at a retail client level.
- Identify different types of consumer behaviour and decision making.
- Evaluate and apply advice strategies to different retail clients.