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) advicequalified 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.


Current standards: