How do I become a Financial Adviser? | Summary and Q&A

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April 22, 2021
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Investor Motivation
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How do I become a Financial Adviser?

TL;DR

Learn the steps to become a financial advisor, which includes obtaining a bachelor's degree and completing a professional year.

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Key Insights

  • 🏑 The education and training path to become a financial advisor involves obtaining a bachelor's degree in financial planning or a related field.
  • 💦 The professional year is a crucial step in gaining practical experience and consists of 1600 hours of supervised work activities.
  • ❓ The Phaser exam, established by the Financial Advisor Standards and Ethics Authority, ensures that all financial advisors meet industry standards.
  • 💦 Previously, individuals could enter the industry with a diploma and gain work experience, but now a degree is a mandatory requirement.
  • 🍉 The professional year takes approximately 12 months to complete, with flexibility in terms of scheduling the 1600 hours.
  • 🎓 The establishment of stricter education and ethical standards in the financial planning industry was influenced by the Royal Commission.
  • 💨 Bridging courses and alternative pathways are no longer accepted; a bachelor's degree is now the only way to enter the industry.

Transcript

hi it's olivia here from consortium private wealth and i'm amy who also works here with me at consortium private wealth and today we're going to talk about um if you want to become a financial advisor and the education and training path that you need to take i'm going to interview and talk to amy about it because she's actually on her professional ... Read More

Questions & Answers

Q: What is the educational requirement to become a financial advisor?

To enter the industry, individuals must have a bachelor's degree in financial planning or a related field, as per the new legal requirement.

Q: What is the purpose of the professional year?

The professional year is a legal requirement that includes 1600 hours of full-time training and supervised work activities to gain practical experience.

Q: What is the Phaser exam?

The Phaser exam, administered by the Financial Advisor Standards and Ethics Authority, is a mandatory exam that all financial advisors must pass, regardless of their experience level.

Q: Can individuals enter the industry with a three-year degree in financial planning?

Yes, a three-year degree specifically in financial planning is acceptable, but it must be on the approved list of degrees provided by ASIC.

Summary & Key Takeaways

  • To join the financial planning industry, individuals can pursue a bachelor's degree in financial planning or a related field.

  • Completing a professional year is a legal requirement, consisting of 1600 hours of full-time training and supervised work activities.

  • During the professional year, individuals must also complete 100 hours of structured training and pass the Phaser exam.

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