Course Finder

05. What is the minimum training requirement if I ONLY want to provide GENERAL ADVICE?

General advice involves communicating with a retail client but at no time does the Financial Adviser take in to account the individual’s personal objectives, financial situation and needs.

The Adviser must make no recommendations in relation to a financial product’s suitability for a retail client, nor can the Adviser ‘select’ from a group of potential products which might be suitable for a particular client in relation to their personal needs, circumstances or objectives.

If you want to provide ‘general advice’ to a retail client then you MUST have undertaken or MUST undertake the following level of study:

General Advice Adviser = Generic Knowledge + at least one Specialist Knowledge Area

The SPECIALIST KNOWLEDGE areas are covered in Appendix A2 of RG146 issued by ASIC and include Financial Planning, Insurance, Superannuation, Securities, Managed Investments, Derivatives, Foreign Exchange, Deposit products and Non-Cash Payment products.