How to become a financial advisor

General overview

Becoming a financial advisor in Australia typically involves several steps, including education, training, and certification. Here's a general guide:


Education

Obtain a bachelor's degree in finance, economics, accounting, business, or a related field. While it's not mandatory to have a specific degree, a relevant background will provide you with a solid foundation of knowledge.

Gain work experience

Many financial advisory firms prefer candidates with relevant work experience in the finance industry. Consider internships, entry-level positions, or roles in related fields like banking or accounting to gain experience and understanding of financial markets.

Complete RG146 compliance

The Australian Securities and Investments Commission (ASIC) requires individuals providing financial advice to have relevant qualifications under RG146 (Regulatory Guide 146). This typically involves completing specific courses or modules covering areas such as financial planning, securities, managed investments, and superannuation.

Obtain a licence

Financial advisors in Australia must be authorised by an Australian Financial Services (AFS) Licence holder. To become authorised, you'll need to pass the necessary exams and meet ASIC's requirements for competence, experience, and ethics.

Professional certification

While not mandatory, obtaining professional certifications can enhance your credibility and marketability as a financial advisor. Certifications such as the Certified Financial Planner (CFP) or the Financial Adviser Standards and Ethics Authority (FASEA) accreditation can be beneficial.

Continuing education

The financial industry is dynamic, so it's essential to stay updated with the latest trends, regulations, and best practices. Continuing education through workshops, seminars, or additional certifications can help you maintain your skills and knowledge.

Join a firm or start your own practice

After completing the necessary education, training, and licensing requirements, you can either join an established financial advisory firm or set up your own practice. Starting at a firm may provide valuable mentorship and support, while launching your practice offers autonomy and the opportunity to build your brand.

Comply with regulatory requirements

As a financial advisor, you'll be subject to various regulations and compliance standards set by ASIC and other regulatory bodies. It's crucial to adhere to these regulations and maintain the highest ethical standards in your practice.


Remember to research specific requirements and regulations in your state or territory, as they may vary slightly. Additionally, networking with professionals in the industry and seeking mentorship can provide valuable insights and guidance as you pursue a career in financial advising.

How to become a financial advisor

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