Kaplan Professional (Kaplan) has extended its relief to financial advisers by introducing a scholarship scheme.
Last year, Kaplan held pricing firm on all subject enrolment fees in its postgraduate financial qualifications until 2022. Now, advisers working towards meeting the Financial Adviser Standards and Ethics Authority’s (FASEA) education standard are eligible to apply for a scholarship.
The scholarship scheme will entitle advisers to $100 towards the tuition fee for each higher education financial planning subject studied for the remainder of 2021. It will be available for three intakes and apply to all retail subject enrolment fees and corporate groups with previously negotiated pricing.
The remaining 2021 intakes have the following commencement dates:
Kaplan chief executive officer Brian Knight emphasised the significance of supporting advisers as much as possible.
“When the FASEA education requirements first came about, we immediately reduced our subject enrolment fees and made our qualifications as affordable as possible for our corporate clients and their advisers,” Knight said.
“Regulatory and compliance costs are continually increasing for licensees and advisers; then you have the cost of the FASEA exam and the education requirements.
“We hope this scholarship scheme can go some way towards alleviating the significant pressure that is already on advisers.”
Knight explained that Kaplan based its scholarship scheme decision on key factors, such as 3,000 advisers utilising Kaplan’s free preparation resources for the FASEA exam, including three versions of the Kaplan Adviser Practice Exam (KAPE).
“After passing the FASEA exam, advisers then have to face the education requirements and cost; we think some advisers are weighing up their next steps. We thought about what we could do to help them,” Knight continued.
“We have introduced this scholarship scheme in the second half of 2021 to help advisers get started with their studies and build some confidence and momentum.”
Knight noted Kaplan’s concern that the education requirements would be a mental burden for advisers if they left them too late.
“We think it is really important advisers make their study workload as manageable as they can,” he said. “Our support teams are continuing to map out education pathways for licensees and advisers – even those with eight subjects only have to complete two subjects per year at a moderate pace and finish with a year to spare, if they start their studies this year.”
“The earlier advisers get started, the more flexibility they have to balance their study with their other commitments and have more control over their pathway – they can adapt their study to suit their schedule and spread it out over a longer period. Work and family pressures are factors that will always need to be considered.
“It is extremely important for the future of the profession, and the cost of financial advice for Australians, that as many advisers as possible are encouraged to stay in the industry.”
Kaplan’s scholarship applications are open until July 19, 2021. Further details, including terms and conditions, can be found at www.kaplanprofessional.edu.au/financial-adviser-scholarship-application-form/.
