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What happens to those advisors who haven’t passed the FASEA exam?



FASEA has been the culmination of a torrid journey for many advisers who have not been given the respect that a lifetime in the business so richly deserves.


We understand just how tedious the financial sector has become over the last 10 years. The question on everyone’s lips is: “What happens to those who haven’t passed the FASEA exam?”


November is the second last chance for those who haven’t passed yet and for those who have failed, a ticket to the repechage next September.


Not only has the new educational standards demanded a great deal of focus, but many businesses are also grappling with “OFA” (Ongoing Fee Arrangement) and the likelihood of their adviser service fees being switched off mid next year. Pfft, Gone!


Where the adviser can’t re-establish their commercial relationship with an OFA, the practical realities of which are, for many advisers with lots of small clients, next to impossible, those fees will, like trail commissions, simply evaporate.


Lifestyle Asset Management (LAM) encourages you to develop your business plan and risk management practices not only around operational efficiencies but through strategy.


Risk management is a double-edged sword and strategic planning is crucial to defining your objectives and then navigating your course to achieve them, isn’t it?


We know that your business, to retain value, must continue to grow and develop, should it not?

This sensible approach leads to strategic renewal. At LAM we aim to challenge the adviser to rediscover their distinctiveness, what makes them special and how to adapt the changes to suit their future growth.


More of the same will not work. It quite simply can’t.


Many practices require a fundamental shift in their business model. We are assisting our advisers everyday make these changes.


Some advisers will not be able to operate in 2022 if they haven’t passed the FASEA exam: But their business will still need to operate, to generate income and their clients will still need to be serviced, won’t they?


Many of these will be forced to make silly rushed decisions to sell or offload their business. Some businesses will not be worth very much at all. That's going to be tough for many good advisers.


Lifestyle Asset Management can assist you through this period whether you are facing the sword of ‘Damocles’ through FASEA or losing a large slice of your ongoing revenue base because you have too many little clients!


Whatever the challenges are regarding your business and yourself we have in the past and continue to do so, provide solutions that deal directly with your issues. These are the issues that matter to you, not us, but you.


The financial services business has in many ways lost its compass while trying to navigate its way towards professionalism.


It has for many, both clients and advisers lost sight of its objectives and replaced those with cumbersome circular milestones.


At LAM, our role is to provide you with a new roadmap by understanding the fifth point of the compass - where you stand right now!


If you'd like to explore this, get a second opinion, or just like to have a moan, you can book a catch up via the link below. It links directly to our calendar, just choose a time that suits you. It will be a quick 15-30-minute chat to see where you're heading and whether we have any common ground. Book in a chat