Australia's three largest employers of financial planners have now each committed to lifting educational standards for financial planners, NAB Wealth and MLC now making a commitment.
NAB Wealth has announced that MLC will increase education and qualification standards for NAB financial planners in a move that echoes yesterday's announcement by AMP Limited and an earlier announced by the Commonwealth Bank.
NAB Wealth Group Executive and MLC chief executive, Andrew Hagger said MLC strongly supported moves across the industry to lift education standards and boost transparency.
"We have recently set new education standards for our NAB financial planners to further build the professionalism of the industry and ensure our clients continue to receive quality advice," he said.
"With an ageing population that is living longer and facing a significant shortfall in retirement savings, the provision of affordable and trusted financial advice to help consumers secure their future is more important than ever."
The new MLC education standards include:
- New financial planners recruited to NAB Financial Planning will be required to hold a relevant degree qualification and an Advanced Diploma in Financial Planning, or be working towards
- one to be completed within three years;
- All senior planners are required to hold a Certified Financial Planner designation from the FPA or if working towards one, complete it within three years of commencement;
- Existing financial planners will be required to obtain the Certified Financial Planner designation by 2017, or a Masters designation and Certified Financial Planner designation by 2019; and
- All NAB financial planners will continue to hold membership for a recognised professional association.
Hagger said MLC was currently working with aligned advisers to further increase education standards.
