The
Australian financial services industry is constantly evolving. To be a
professional financial adviser, you must first meet the minimum qualification
and training standard detailed in the Australian Securities Investment
Commission's Regulatory Guideline 146 (RG146). You can meet these standards by
successfully completing training courses listed on the ASIC Training Register
specific to your advisory activities.
Why
is it necessary to be RG 146 compliant?
The
intention of RG146 is to ensure that all who professionally give financial
advice are qualified and competent. It is unlawful to provide advice to
Australian financial clients in any area of finance where you do not meet the
standards set by RG146.
What
constitutes financial advice?
Financial
advice is a recommendation, a statement of opinion, or report intended to
influence people in buying, selling, or
holding a particular financial product. Financial advice can either be general
advice (advice that is not subject to individual circumstances) or personal
advice (advice specific to the circumstances of the individual client). RG146
guidelines distinguish between advisers that give general advice and those that
give personal advice.
Are
there any specific requirements for general and personal advisors?
A
provider of general advice is required to complete a unit of Australian
Industry Essentials (AIE). On the other hand, a provider of personal advice
must need to complete AIE and Financial Advice Fundamentals. If you seek full
RG146 accreditation, you must complete at least one specialist subject related
to the type of financial product you want to specialise in.
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