The Association of Financial Advisers (AFA) is aiming to drive improved industry education with the development of a new competency framework that identifies key skills and requirements.

Campus AFA GM Nick Hakes says the association has engaged the Beddoes Institute to undertake research, with the work supported by Asteron Life and Kaplan Professional.

Research interviews have already been carried out with industry executives, consumers, advisers and other groups and the AFA is now calling on advisers to participate in an online expert panel that will provide further input.

“This is an important inflection point for our profession,” Mr Hakes said. “It needs the voice of advisers to help shape the profession we want to become.”

The process is expected to result in the October release of a framework, white paper and practical printed implementation kit for licensees.

The Federal Government earlier this year appointed Catherine Walter to head the new Financial Adviser Standards and Ethics Authority (FASEA), which is overseeing a move to more stringent training and education requirements.

The AFA said its work would be made available to inform bodies such as FASEA and organisations responsible for producing education, continuing professional development, examinations and supervision of adviser during their first professional year.

“It is critical to embrace professional education as it continues to evolve and becomes an integral part of the future of the industry,” Asteron Life Acting Head Daniel Waller said.