The future uptake of financial advice will be supported by the announced legislation for an independent body to set higher professional standards, the Association of Financial Advisers (AFA) believes.
The association's chief executive, Brad Fox, said the legislation was good news for Australia's financial advisers and consumers needing financial advice.
"Many Australians remain confused or uninformed about what a financial adviser can do for them and their lifestyle and this legislation will help with that," he said.
"Financial advice is taking another step toward becoming a widely recognised and appreciated profession."
Fox said that it was important for all advisers to take note of the key transition dates and start early in upgrading their qualifications.
"Balancing time and commitments to family and clients, running a practice, normal professional development activity and studying makes for a full workload and starting as soon as possible will support keeping things in balance," Fox said.