All financial advisers currently licensed to provide financial advice must be listed on the Financial Advisers Register, which is published on the Moneysmart website and is managed by ASIC.

The register gives consumers a quick and easy way to check that a person is currently authorised to provide financial advice.

Why does this matter? And what does it take to be a financial adviser?

The Hayne Misconduct in the Banking, Superannuation and Financial Services Industry | Royal Commissions, established in 2017, shone a spotlight on the damage that can be done if those trusted to manage money do not behave responsibly.

The findings led to reforms designed to improve industry standards, including in relation to financial advice.

Since 1 January 2019, anyone wanting to become a financial adviser must complete an approved relevant bachelor or higher degree (or equivalent qualification), complete a professional year consisting of 1,600 hours of supervised work, pass the financial adviser exam, and meet continuing professional development (40 CPD hours) each year.

In addition to the qualification requirements, advisers must comply with a myriad of financial services laws.

Importantly, financial advisers must also comply with the five core values and twelve high level ethical standards in accordance with the Federal Register of Legislation - Financial Planners and Advisers Code of Ethics 2019.

The code fosters client trust, professional conduct, and legal compliance in the financial advice profession.

Aeran’s financial advisers, Jane Campbell, Joe Felizzi and David Robertson, take pride the education, training and experience that we bring to bear to assist our valued clients.

We are proud to work with Simon McKeough, who is in his final subjects of the Graduate Diploma of Financial Planning and has also commenced his Professional Year. Backed by nearly 20 years’ experience working for a private trustee company, we look forward to next year registering him on the Financial Adviser Register.