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