Where's the WIL? : facilitating and promoting WIL in an emerging profession : The case of financial planning : final report.
Financial planning is a truly multidisciplinary field covering topics as wide ranging as investments, taxation, commercial law, consumer and behavioural psychology and business management. The context in which a Financial Planner works is important to understand - money is a very sensitive and perso...
| Institution: | Griffith University |
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| Main Author: | |
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Australia. Dept of Education, Skills and Employment
2021
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| Online Access: | https://ltr.edu.au/resources/FS13-0188_Brimble_Report_2021.pdf |
| Summary: | Financial planning is a truly multidisciplinary field covering topics as wide ranging as investments, taxation, commercial law, consumer and behavioural psychology and business management. The context in which a Financial Planner works is important to understand - money is a very sensitive and personal issue, an indicator of status and reputation. Therefore, the ability of the planner to communicate with the client, build a relationship with them and interpret the client’s assertions is critical to the quality of the advice outcomes. As a result, financial planning education focuses on the attainment of critical generic skills such as the ability to build rapport with clients, in addition to obtaining a depth and breadth in technical skills. Education standards and requirements in financial planning have evolved in recent decades and are currently the subject of significant debate across the sector with the government pursuing an agenda of increased professional and education standards for practitioners (new and existing). It is widely agreed that the current minimum training standards (RG146) are woefully inadequate as they can be completed in a matter of days. Progress was achieved in some key areas, most notably the Financial Planning Association (FPA) with the formation of the Financial Planning Education Council (FPEC). The framework included WIL activities in a broad sense in both the resultant Education Standard and the Professional Year Standard, although this is largely to be completed after the education component of the framework rather than within it. This document reports on an OLT Fellowship Project from inception through to completion and potential future project/research directions. The Fellowship project contained elements of consultation, research, promotion and facilitating a way forward for WIL in the emerging financial planning industry. A key aim of the Fellowship was to develop a WIL framework in financial planning education that addresses the concerns of FPEC and promotes the use of WIL in programs across the country and facilitates institutions seeking accreditation under the new educational requirements to include WIL in their programs. Thus, a key output of the project has been a comprehensive staged, framework for the development and integration of WIL across every year of a new financial planning degree, including clear standards for consistent, quality WIL practice. The model suggests three phases of WIL be developed into Financial Planning program curriculum that progressively build towards a graduate outcome: (1) Professional Awareness (generic knowledge and skills); (2) Professional Identity (specific technical knowledge and skills); and (3) Professional Experience (advanced technical knowledge and skills) – see figure 2 below. This practical relevance will be realised by informing and providing a WIL framework for implementation in conjunction with the proposed education and professional standards. [Publisher summary, ed] |
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| ISBN: | 9781761141188 (PDF) 97817611411140 (DOCX) 9781761141164 (print ed) 9781761141188 (PDF) 97817611411140 (DOCX) 9781761141164 (print ed) |
