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The financial advice industry has faced many challenges in recent years due to the Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 commencing and introducing reforms to the Corporations Act 2001 (Corporations Act), to raise the education, training and ethical standards of financial advisers. Although the industry faced teething problems in the beginning with some financial advisers having to formalise their experience through additional qualifications to provide advice, the industry has settled, and new entrants are finding their way meeting the industry standards for qualifying as financial advisers.  Financial advisers must complete an approved qualification at the tertiary level, pass the financial adviser exam, participate in 40 hours of continuing professional development (CPD) each year and comply with the Financial Planners and Advisers Code of Ethics 2019 (Code of Ethics) – a set of principles and core values in the areas of ethical behaviour, client care, quality process and professional commitment.

Anyone who wants to qualify as a financial adviser must also complete a full-time professional year, comprising of at least 1,500 hours of work activities and 100 hours of structured training. Three entrants into the advice industry who are at various stages of their professional year tenure share their experience and journey to becoming a financial adviser.  Read more here.

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