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Traditionally, the journey to becoming a financial adviser was governed by stringent prerequisites, comprising:
Looking ahead, the Government's reform introduces a compelling shift, advocating for a broader educational qualification. Aspiring financial advisers will need to possess a bachelor’s degree or an equivalent qualification in any field. This inclusive approach is designed to attract a diverse array of new talent to the profession.
Nevertheless, pertinent academic performance remains crucial. Candidates must achieve baseline study credentials in foundational financial domains such as finance, economics, or accounting. Additionally, they will engage in subjects essential to financial advising, which encompass ethics, regulatory and legal duties, consumer psychology, and the practical methodologies of providing financial advice.
Importantly, the new standard maintains the professional year and annual exam requirements, coupled with a commitment to continuous learning through professional education. These elements ensure that while educational doors are widened, professional rigour remains intact.
A significant departure in policy relates to adviser registration with the Australian Securities and Investments Commission (ASIC). Post July 2026, individual advisers will not be expected to register annually with ASIC, streamlining the administrative burden on advisers. Instead, their registration under their authorising Australian Financial Services licensees will suffice.
For existing advisers, the clock is ticking to meet the revised educational criteria by the 1 January 2026 deadline. This move underscores the shift towards a more educated advisory profession while recognising prior qualifications and experience.
This news shift builds on an article originally detailed by David Jacobson for Online Resources established under Bright Corporate Law's guidance.
Whether you're a new entrant or an established professional in the field, staying informed and compliant with these evolving standards is crucial.
Published:Tuesday, 18th Feb 2025
Source: Paige Estritori
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