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Commonwealth Bank media release

COMMONWEALTH BANK ANNOUNCES NEW EDUCATIONAL STANDARDS FOR ADVISERS AND LICENSEE STAFF

The Commonwealth Bank today announced it was taking the industry lead on adviser education standards applying them across the CBA Wealth Management Advice businesses, to all advisers and licensee staff in supervision and monitoring roles. Effective today, the new education standards will apply to advisers operating under the licenses of Financial Wisdom and Count Financial as well as the licensee staff that support them. This follows the introduction of similar education standards in July for Commonwealth Financial Planning and BW Financial Advice.

“Applying these educational standards across the CBA Wealth Management Advice business is an important step in ensuring the financial planning industry is recognised as a profession,” said Marianne Perkovic, Executive General Manager, Wealth Management Advice.

“Further, today’s announcement ensures our commitment to professionalism is embedded in our business as it encompasses both advisers as well as those who monitor the integrity of our advice, being licensee staff providing support to Count Financial and Financial Wisdom,” said Ms Perkovic.

As a minimum requirement of their role, advisers who are currently Authorised Representatives of either Count Financial or Financial Wisdom, and existing staff within the respective firms and practices under these licensees who apply to become Authorised Representatives, will be required to hold either:

  • an Advanced Diploma in Financial Planning or equivalent; or
  • a degree in finance, business, commerce or a related field; or
  • a Certified Financial Planner ®  (CFP) professional designation of the Financial Planning Association; or a Fellow Chartered Financial Practitioner (FChFP) professional designation of the Association of Financial Advisers; or a Master’s in Financial Planning; or
  • a degree in any field plus an accounting designation with one of the Joint Accounting bodies.

Transitioning to this new minimum educational standard will commence from today and will be completed by 31 December 2017.

An adviser who applies to be an Authorised Representative of Count or Financial Wisdom from 22 October 2014 will be required to hold either:

  • a degree in finance, business, commerce or a related field; or
  • a Certified Financial Planner ®  (CFP) professional designation of the Financial Planning Association; or a Fellow Chartered Financial Practitioner (FChFP) professional designation of the Association of Financial Advisers; or a Master’s in Financial Planning; or
  • a degree in any field plus hold an accounting designation with one of the Joint Accounting bodies; or
  • a minimum of three years relevant full-time experience (or part-time equivalent) within the preceding five years, as an adviser* or paraplanner that included substantial involvement in the preparation or presentation of financial planning advice, plus attainment of the Advanced Diploma in Financial Planning by 31 December 2017.

“In another move to support the financial planning industry’s move to professionalism, we are also committing to making membership of a relevant financial services industry association a minimum standard across CBA Wealth Management Advice for both advisers and relevant licensee staff,” said Ms Perkovic.

“Today’s announcements are part of our ongoing strategy designed to raise our professional standards and make a significant contribution towards increasing the professionalism of the financial planning industry. By being first to apply these new education standards to licensee staff in supervisory and monitoring roles, in addition to Authorised Representatives, CBA Wealth Management Advice is taking an industry lead role,” said Ms Perkovic.

 

– ENDS –

* Adviser means either an Australian AFSL holder or an authorised representative of an Australian AFSL holder.

For more information:

Zoe Viellaris
Wealth Management
T: (02) 9118 6919
E: media@cba.com.au

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