NAB is the latest financial institution to increase minimum education and qualification standards for advisers across its MLC network.
The announcement follows recent changes to qualification requirements for both AMP and CBA aligned advisers, which will see both groups require degree-level education.
NAB Wealth group executive and MLC chief executive Andrew Hagger said MLC “strongly supported moves across the industry” to improve education standards in advice.
Under the new arrangements new financial planners recruited to NAB's financial planning arms will be required to hold a relevant degree qualification and an advanced diploma in financial planning, or be working towards having one completed within three years.
Existing financial planners will be required to obtain a Certified Financial Planner (CFP) designation by 2017 or a Master designation and a CFP designation by 2019.
“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,” Mr Hagger said.
In addition, all senior planners under NAB will be required to hold a CFP designation from the FPA or complete one within three years of commencement.
NAB financial planners will also be required to continue holding membership with a recognised professional association.
"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,” Mr Hagger said.
“We are committed to making cost-effective financial advice accessible to all Australians."
Mr Hagger said that MLC also supports ASIC’s proposed national register for financial advisers noting that the group “has long championed transparent financial advice.”
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