CommBank moves on new education standards
The Commonwealth Bank (CBA) will require its aligned advisers and licensees to hold qualifications in planning-related disciplines as part of its move towards higher education standards.
The new standards, which will be phased in between now and December 2017, will also apply to authorised representatives of CBA businesses, such as Financial Wisdom and Count Financial, as well as staff in supervisory roles.
Count and Financial Wisdom advisers will be required to have one of the following:
- An Advanced Diploma in Financial Planning or equivalent; or
- A degree in finance, business, commerce or a related field; or
- A Certified Financial Planner (CFP) professional designation of the Financial Planning Association; or a Fellow Chartered Financial Practitioner (FChFP) professional designation of the Association of Financial Advisers; or a Master's in Financial Planning; or
- A degree in any field plus an accounting designation with one of the Joint Accounting bodies.
Meanwhile, advisers who become authorised representatives of the two businesses from 22 October, 2014, must have either:
- A degree in finance, business, commerce or a related field; or
- A Certified Financial Planner (CFP) professional designation of the Financial Planning Association; or a Fellow Chartered Financial Practitioner (FChFP) professional designation of the Association of Financial Advisers; or a Master's in Financial Planning; or
- A degree in any field plus hold an accounting designation with one of the Joint Accounting bodies; or
- A minimum of three years relevant full-time experience (or part-time equivalent) within the preceding five years, as an adviser* or paraplanner that included substantial involvement in the preparation or presentation of financial planning advice, plus attainment of the Advanced Diploma in Financial Planning by 31 December 2017.
CBA's executive general manager, wealth management advice, Marianne Perkovic said the bank was taking an "industry lead role".
"Applying these educational standards across the CBA Wealth Management Advice business is an important step in ensuring the financial planning industry is recognised as a profession," she said.
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