Gary Weigh | Finance

Gary Weigh

Phone: +61 408 756 531

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25.01.2022 FASEA ADVISER EXAM NEXT 10-WEEK ZOOM PROGRAM STARTS 14TH OCTOBER 2020 Registration is now open for the next 10-week Zoom Tutorial Program starting on Wednesday 14th October 2020. We will meet on Zoom every Wednesday afternoon at 3 pm and follow a comprehensive tutorial program. ... The program will conclude on 16th December and will target the January 2021 adviser exam. Numbers are limited to 12 only as I like to maintain a relatively small working group where everyone feels at ease and has the opportunity to ask questions. If you would like to join this program and put the adviser exam behind you once and for all, register at https://garyweigh.com/choose-register/. Photo Credit: Vlada Karpovich

19.01.2022 #FASEA ADVISER EXAM A CHALLENGE FOR MANY! The June exam results are likely to be released this coming week. There will be a lot of relief for those who pass; and bitter disappointment for those who don’t. Advisers who don’t pass will include a lot of older people and those who haven’t studied for a while. It will also include a significant number with university degrees. ... At first glance, it seems odd that degree holders have difficulty with the adviser exam. However, it is not so odd when you consider that all tertiary students have a learning path to follow in the form of lectures, tutorials and assignments. The missing link in preparing for the adviser exam is the absence of a clear learning pathway. FASEA provides nothing more than a reading list which could be improved in some key legislative areas. My tutorial program provides the missing link a clear learning pathway with structure and context, delivered by a former experienced adviser and university lecturer. More information at https://garyweigh.com/ So if you fail the exam for the first time, second time or third time, it does not make you a bad adviser. It means that you should consider a change of approach to achieve a different result.

18.01.2022 If you are preparing for the adviser exam, be aware that the FASEA reading list contained in FG003 FASEA Exam Preparation Guidance is very broad and generalised through the legislation areas, and lacking in some areas. Instead of trying to read hundreds of pages of the Corporations Act, you will be much better off reading the relevant ASIC Regulatory Guides. These include ASIC’s interpretation of the Act and many very valuable examples. RG38 The Hawking Provisions (Dec19 ve...rsion) RG78 Breach Reporting by AFS Licensees RG90 Example Statement of Advice RG121 Doing Financial Services Business in Australia RG175 Licensing Financial Product Advisers Conduct & Disclosure RG181 Managing Conflicts of Interest RG244 Giving Information General Advice & Scaled Advice RG245 Fee Disclosure Statement RG246 Conflicted & Other Banned Remuneration Also be aware that the FASEA FG003 reading list omits Part 7.7A from its Corps Act reading list. It relates to the best interests duty and related obligations' and is most certainly examined. The only privacy reference that FASEA provides is to the Privacy Act. The much easier and more relevant explanations are to be found at the website of the Office of the Australian Information Commissioner (AOIC). The APPs are explained very well. Office of the Australian Information Commissioner (OAIC) https://www.oaic.gov.au/ In relation to AML / CTF, the AUSTRAC site is where you need to be reading. FASEA provides a few links to the site. However, there are other very relevant resources there. FINANCIAL CRIME RED FLAGS A Guide for Financial Planners https://www.austrac.gov.au//financial-planners-guide-poste AUSTRALIA’S FINANCIAL PLANNING SECTOR Money laundering and Terrorism Financing Risk Assessment https://www.austrac.gov.au//financial-planning-sector-risk AUSTRAC Industry Specific Guidance - Superannuation Sector https://www.austrac.gov.au//superannuation-sector-guidance Meeting Your Beneficial Owner Obligations https://www.austrac.gov.au//20/beneficial-owner-poster.pdf Suspicious Matter Reporting Video Animation https://www.austrac.gov.au//suspicious-matter-reporting-sm Reporting Transactions of $10,000 and over: Threshold Transaction Reports (TTRs) https://www.austrac.gov.au//cash-transactions-over-10000-t Whilst the top section of TASA Act is very relevant (membership, renewal, termination and the Code of Professional Conduct), there is other valuable information on the TPB site, including examples of how the TPB Code is interpreted, including a comparison with the FASEA code and the Corps Act. Information sheets https://www.tpb.gov.au/2016-information-sheets

14.01.2022 FASEA ADVISER EXAM ANSWER THE QUESTION Since the November exam, FASEA has been providing some individual feedback to advisers who have failed the exam more than once. It's provided some valuable feedback! For multiple choice and T/F questions, the key to the answer is in the question. When two alternatives look much the same, it pays to know the subject matter well to be able to pick the difference.... With open-ended responses, it appears that many are adopting the ‘shotgun’ approach, adding in much more than necessary, hoping to pick up a mark or two. If asked for two points, then provide the most relevant two points, and no more. The open-ended questions generally carry more marks, so if you do well in these, you will really increase your chances of passing. The folks marking the open-ended questions are using marking guides. Like all exam markers, if they see waffle, they’ll stop reading. They need to be convinced you know what you are talking about, rather than throwing in a lot of options hoping for the best. I have now added a Written Response Assignment to the tutorial resources to help you improve you written answer skills. For tutorial options go to https://garyweigh.com/choose-register/

11.01.2022 FASEA ADVISER EXAM AVOID DEADLINE PRESSURE IN 2021 With the November exams now history, there are only six (6) more opportunities for existing advisers to pass the adviser exam. And as each 2021 opportunity passes, deadline pressure will escalate.... I only have to cast my mind back to the last minute rush to sit the June 2020 exam when the deadline extension was in doubt. Feedback indicates it was the perceived lack of resit opportunities that triggered the spike in number of people who sat the June exam. I also saw a similar spike in tutorial registrations on my website. In 2021, the steadily decreasing resit opportunities will again result in escalating deadline pressure as the exam sittings count down. The later you leave it to sit the exam in 2021, the more difficult it will be to put aside thoughts of what is actually riding on this exam. I urge everyone yet to pass the exam to focus on the first exam in 2021 which will be held late January early February. I am here to help anyone struggling to pass. My tutorial programs have helped so many people to date. Go to https://garyweigh.com/

10.01.2022 FASEA ADVISER EXAM AREAS OF EXAM UNDER-PERFORMANCE REVEALED FASEA has recently provided exam under-performance insights in its June exam results media release. Two key areas in the Corporations Act have been identified. ... One is advice disclosure documents i.e. FSG, SoA / RoA, PDS & FDS; namely the required contents and when to issue. The content and timing of each disclosure document begins to make sense when you understand the purpose of each (as defined by law). Each disclosure document allows the client to make an informed decision at every step in the advice process (i.e. whether or not to use you; to rely on your advice; to buy a product; or to continue an ongoing fee). Another identified area of under-performance is the inability to differentiate personal advice, general advice and factual information in various scenarios. The appropriate ASIC regulatory guides explain the differentiating criteria quite well; and provide many illustrative examples. In the Privacy area, it is a lack of understanding between personal and sensitive information; and whether consent has been appropriately obtained before using information. Reading the Privacy Act is tough going but if you go the Office of the Australian Information Commissioner (OAIC) website, you will find answers in plain English. In the area of Anti-money Laundering, FASEA identifies under-performance when given client advice scenarios and asked to identify potentially suspicious transactions and required reporting responsibilities. Explore the AUSTRAC website beyond the links given in the FASEA reading. There are great resources for financial planners. All you have to do is use the site’s search function. The final under-performance areas identified by FASEA are: One is Financial Advice Construction - identification of client biases and how they may influence clients’ financial decisions and/or investment choices. Cognitive and emotional biases are a subset of Behavioural Finance. If you look at the FASEA extension reading list (Financial Advice Construction), you will see references to behavioural finance text books. Biases are also easily found in an internet search. The other is Applied Ethical Reasoning and Communication - understanding the application of the Code of Ethics and the Corporations Act to advice scenarios. For application of the Code of Ethics, go to the FASEA website and study the guidance documents (FG002) which contain useful examples; and know the Code of Ethics ‘Explanatory Statement’ very well. For application of the Corporations Act, refer to the relevant ASIC Regulatory Guides and study the examples contained in them. All areas of under-performance identified by FASEA are covered in in more detail in my tutorial programs - https://garyweigh.com/choose-register/ Photo Credit: Pressmaster

10.01.2022 HAPPY NEW YEAR! BUT NO MORE EXAM EXCUSES It’s now 2021. Coronavirus is still here and so is the adviser exam. There are six (6) more exam sittings to go and almost half the adviser population has yet to pass. ... The phasing out of FASEA changes nothing in terms of the requirement to pass the adviser exam and the intransigent deadline of 1 January 2022. In fact, the effective deadline is several weeks earlier on 9th November 2020, being the final exam sitting date of the final exam period for 2021. After that, the decision will be to retire, make a career change or sign up for the Professional Year (PY) after attaining an approved degree. This still involves passing the adviser exam, while your work experience is supervised by a relevant provider probably less experienced than you. So it really is time to prepare. I am here to help all advisers until the end of year. But it will be easier on your stress level if you start earlier rather than later. This week, I have released a new Home Tutorial Audio Pack which combines the existing written tutorial resources with audio learning. Its available now at https://garyweigh.com/choose-register/

09.01.2022 FASEA ADVISER EXAM THE GREATEST SOURCE OF FRUSTRATION The greatest cause of frustration among advisers who fail the adviser exam is the lack of personalised feedback. Every person in this situation receives the same standard letter which encourages them to revise the entire curriculum again. ... I have had phone calls from advisers, both male and female, who are at their wits end and often in tears. They are frustrated because they don’t know if they missed the pass mark by a little or a lot and importantly, they don’t know where they went wrong or what to do to improve And it’s not as though this information isn’t available. Every nanosecond of every individual’s exam is recorded. If you are looking for a structured learning pathway and 300+ practice questions, try the Home Tutorial & Exam pack at https://garyweigh.com/

02.01.2022 FASEA ADVISER EXAM - HANDS ON HELP FOR STRUGGLING ADVISERS I am offering an AUDIO PACK & GROUP ZOOM program for each of the next four (4) exam sittings as extra help for advisers. It contains all of the written and audio resources of my other programs, plus 3 x weekly Zoom sessions where I highlight key areas in the curriculum you should be paying attention to; as well as strategies to prepare for and manage the exam. ... Details on my website https://garyweigh.com/choose-register/ If you intend to sit the adviser exam this year, I strongly encourage you to enroll in the May exam or the July exam to allow yourself one resit in the event that you don’t pass the first time. I know that a lot of people have put off the exam because they are overwhelmed by fear and are too embarrassed to ask for help. Don’t allow the government to push you out of the industry simply because an arbitrary exam has been placed on your path. It is nothing more than an obstacle; and it certainly doesn’t define you as an adviser. Importantly, the exam is very passable! So if you are prepared to face the challenge and retire on your own terms, please get in touch. Gary