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"This is an absolute game-changer in the financial planning education space."

Deakin University and National Australia Bank (NAB) have announced a significant partnership, working together to raise the professional, ethical and education standards of the financial planning industry.

This partnership will enable NAB’s network of financial planners and advisers to tap into the skills, services and resources of leaders in financial planning education - Deakin Business School, DeakinPrime and DeakinDigital.

The federal government has earmarked a deadline of 31 December 2023, for financial advisers to obtain a relevant bachelor’s degree – impacting as many as three quarters of the nation’s 22 500 financial advisers.

Deakin Business School (DBS) lecturer Dr Adrian Raftery recently ventured across the country to meet with many advisors in the NAB-MLC Wealth Management Partnerships network, speaking on the vast array of options for those needing to develop or further their qualifications.

‘DBS has always been regarded as one of the nation’s top two financial planning schools and we are leading the way again with our innovative Master of Professional Practice (Financial Planning).  It is a wonderful feeling standing up in a room of 300-400 professionals and being so confident in your university and its amazing new program,’ Dr Raftery says.

‘We have listened to industry and turned the learning circle around by now putting practice into theory.

‘The (NAB) advisers are very pleased with our new program – it is an absolute game-changer in the financial planning education space.’

Deakin has been working closely with NAB to lead the financial planning industry in developing end-to-end training solutions, specifically for those advisers whose futures will be impacted by the new legislation. The network of financial advisers will be able to put their existing years of considerable experience towards meeting new qualification requirements.

‘Many advisers had planned for an early retirement, rather than going down the track of a six-year part-time Bachelor of Commerce degree. 

‘Now, we are simply saying to advisers with 10, 20 or 30 years of experience that we agree that they have the necessary knowledge, communication and problem-solving skills.  All we are asking is that they prove it via our credentialing,’ Dr Raftery says.

Executive General Manager, Wealth Advice (NAB), Greg Miller adds that the aim is to support advisers who want to continue their education.

‘This new agreement with Deakin will provide our advisers with access to research into changes in the financial planning profession and the changing needs of consumers. Both undergraduate and postgraduate courses will be available, with advisers able to study online or face-to-face depending on the course.’

As a strategic partner Deakin will support NAB with in-depth knowledge and advice in meeting the new legislative requirements, as well as access to qualified academics whose work continues to inform the financial planning industry. In addition, Deakin will proudly offer existing NAB financial advisers and new entrants:

Deakin has been a partner of the Financial Planning Association of Australia for education services for the CERTIFIED FINANCIAL PLANNER® Certification Program for over 10 years.