Most advisers are now degree-qualified with many years of actual practical industry experience, and are fully-qualified in terms of having paid for, sat and passed the Financial Advisers Exam. In order to avoid any confusion, this new breed of "adviser" could be called: "restricted product adviser" or "restricted product representative" - ie. restricted to providing advice only on the products they are trying to sell to the retail customer and nothing more instead of the confusing word "qualified". In other words, no wills, estate planning or power of attorney advice, as they have no legal qualifications to do this kind of work, no income tax or capital gains tax advice as they are not registered tax agents, and definitely no "sticky-beaking" into how much money a customer might have sitting in their bank account when the customer is doing an over-the-counter bank transaction and suggesting that they see one of the bank's "qualified advisers" as to how best they might maximise their returns - the latter exactly what many bank tellers did pre the Royal Commission into banking and financial services. Perhaps the banks may now start to reopen some of their branches and once again prey on the vulnerable. I have lost count as to the number of clients that used to come into see me to claim a tax deduction for initial advice fees for going into an investment product as their adviser had suggested to them when the adviser should have known better that no deduction was available: "our fee may be tax deductible but best to confirm with your accountant".