The SMSF Association said they will instead receive comprehensive learning materials and have access to optional virtual drop-in sessions after enrolling in the program, as well as being able to sit the online SSA exam at a time that suits their schedule.

They will also receive a 50 per cent discount on the enrolment fee, the association stated.

FPA members enrolling in the SSA program will need to join the SMSF Association as an Associate member, if they are not already a member. Their membership status will be automatically upgraded to Specialist member status on successfully completing the program.

FPA chief executive Sarah Abood said the new SSA pathway recognises the rigorous training and education already completed by CFP holders.

“The SSA designation is highly regarded in the SMSF sector, and this express pathway offers our CFP members who work in this area a cheaper and faster way to be recognised as SMSF Specialist Advisers,” said Ms Abood.

SMSF Association deputy chief executive and director of policy and education Peter Burgess said that CFPs doing the program will be able to attend optional online technical training and exam preparation sessions with the Association’s technical team, as well as having access to comprehensive SMSF training materials.

“For those providing SMSF advice, the importance of having the necessary competencies to do so, and maintaining those competencies over time, has been highlighted in ASIC’s updated SMSF advice guidance for licensees and advisers,” said Mr Burgess.

“The SSA designation provides independent verification of an adviser’s competencies to provide specialist SMSF advice as well as demonstrating their commitment to ongoing personal development in this advice space.”