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CBA dealer group staff cop new study standards

The Commonwealth Bank has moved to extend its recently-announced rise in education standards to licensee staff as well as authorised reps of Count and Financial Wisdom.

In a statement released today the bank announced that the education standards announced in July for Commonwealth Financial Planning advisers has been extended to advisers licensed by CBA’s other licensees Financial Wisdom and Count Financial.

In addition, the new standards will be mandatory for licensee staff within these networks, including compliance officers, paraplanners, BDMs, PDMs and state managers, a CBA spokesperson confirmed to ifa.

“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,” said Marianne Perkovic, executive general manager, wealth management advice.

Transitioning to the new standards will commence today and will be completed by 31 December 2017.


The statement explains that as a minimum, current authorised reps and relevant licensee staff of Count and FinWiz will need 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.

Prospective authorised reps looking to join one of the two licensees after 22 October 2014 will be required to have one of the aforementioned qualifications 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".