Mr Taxman
Change the way you feel about taxes.
Get informed and discover what the taxman doesn't want you to know.
Sharing it with Australia, Mr Taxman is a regular Woman’s Day columist and TV finance commentator
  • click to visit Mr Taxman on Twitter
  • click to visit Mr Taxman on FaceBook
  • rss

Deakin professor slams advisers for ‘laughable’ education excuse

May 29, 2017

A Deakin University associate professor has criticised financial advisers who say they cannot afford a university degree, calling it a “laughable” excuse.

Adrian Raftery took to LinkedIn last week to bash advisers who say they cannot afford to pay for a university degree following the government’s new professional standards.

Earlier this year, the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 passed Parliament, making it mandatory for both new and existing advisers to reach a degree-equivalent status.

Mr Raftery said the “latest excuse from the financial planning fraternity” as to why they will not do a university degree is because they cannot afford it.

“Wow! Is this the same fraternity that have made lifestyles out of devising financial plans to mums and dads to help save for their kid’s education?” he said.

“Can’t devise a savings plan for yourselves? Oh this is laughable.”

Mr Raftery also criticised those looking for a “cheap degree”.

“And then they say that they are going to go to lowest level university to get their degree because it is the cheapest! Oh please!” he said.

“Try telling Mr and Mrs Smith that you are doing a basic savings plan and recommending that little Jimmy goes to ZZZ Institute of Poo because all degrees are the same.”

Infocus Wealth Management managing director and chief executive Rod Bristow responded to the LinkedIn post, saying “an industry in transition to a profession will always have its 'outliers' who struggle with the change process”.

“Change in itself is becoming more and more complex - just ask governments around the world who are grappling with ways to move constituents toward unpopular policy positions,” he said.

“The advice industry is no different in regard to change. My view is it's important to focus on the majority within the industry who genuinely believe the industry needs to change and evolve; and who are making the hard decisions and leading by example to ensure this happens within their organisations.

“This sort of approach might not get the headlines, but in the long-term will bear fruit through sustainable businesses that help Australians from all walks of life meet their goals.”

In a separate statement on Twitter, Mr Raftery called on parents to recommend financial planning as a career choice for their children.

"The industry is currently unergoing a huge makeover with education standards and I expect that between 5,000 to 8,000 advisers will either retire or move to another field by 2023," he said.

"Unlike some other disciplines, there are huge opportunities to get a job in financal planning after the completion of their degree (B.Commerce at Deakin for example). To all my financial adviser LinkedIn friends, please provide support/endorsement of this opportunity for the young ones in the future."


Original aricle published here in IFA on 29 May 2017.



"Nice article!"

By: Gurung Ruper on Mar 20, 2019 3:45AM

Post a New Comment

Media Availability

Are you interested in booking Mr Taxman for a speaking engagement or requesting his viewpoints for an article?

comments-rhsLatest Comments

  • "How I Got My Ex Husband Back........... I am Cloud by name. Greetings to every one that is reading this testimony. I have been rejected by my husband after three(3) years of marriage just because..."

    By: Janaz at Apr 19, 2019 7:13PM

    Post: Marriage

  • "I WANT TO TESTIFY OF A GREAT SPELL CASTER CALLED DR LAMATU FOR HIS HELP OVER MY MARRIAGE. I have been rejected by my husband after 14 years of marriage just because another woman and he left me and..."

    By: owen usan at Apr 19, 2019 7:07AM

    Post: 6 ratios to manage your business

  • "Hello my name is Jenna i want to share my amazing experience with the greatest spell caster Priest Ade my husband was cheating on me and when i found out we had a fight which lead to him filling for..."

    By: Jenna at Apr 18, 2019 10:46PM

    Post: Marriage

  • "Have you been scammed online !!!! either in Binary Options , Online investment, Ponzi Schemes , or an online Broker Don't hesitate to hire the services of an Expert in INVESTIGATING ONLINE..."

    By: Juilet at Apr 18, 2019 12:30AM

    Post: Foreign currency trading

  • "My husband and I have been married for over 10 years. We met when I was 18 and he was 21. We’ve been through a lot emotionally together. There were several HUGE fights and painful situations in our..."

    By: Cindy at Apr 17, 2019 4:08AM

    Post: Marriage