The term financial adviser refers to relevant providers, including those that are existing advisers and those that also provide a tax (financial) advice service. It also refers to new entrants wanting to become financial advisers.
Financial advisers are required to:
- have an approved education qualification
- pass the financial adviser exam to test the practical application of their knowledge in key competency areas (administered by ASIC)
- participate in continuing professional development to maintain and extend their professional capabilities, knowledge and skills, and
- comply with a Code of Ethics, a set of principles and core values in the areas of ethical behaviour, client care, quality process and professional commitment.
New entrants – individuals wanting to become a financial adviser - must complete a full‑time professional year that includes at least 1600 hours of work and training in addition to the requirements above.
Financial advisers who give tax (financial) advice – qualified tax relevant providers – must complete specific training and an additional five hours of continuing professional development in designated areas.
Existing providers – generally advisers who were providing advice prior to 2019 – have broader education pathways available to help them transition to the required education standards.
- Corporations (Relevant Providers – Education and Training Standards) Determination 2021
- Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2021
- Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018
- Corporations (Work and Training Professional Year Standard) Determination 2018
- Corporations (Provisional Relevant Providers – Expressions) Determination 2018
- Code of Ethics