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Stockbrokers will have to upskill to become holistic financial advisers because of industry disruption caused by Robinhood-style online trading platforms, the Morrison government says, dashing broker hopes they could duck a mandatory examination. All stockbrokers must pass a national exam testing ethics and competency in investment and retirement planning issues by January next year or risk losing their authority to provide advice, Financial Services Minister Jane Hume reiterated in a speech on Thursday.
Alex Ellinghausen. But the exam creates a baseline level of knowledge and underlying principles that can be expected from any financial adviser. Those claims were reported by The Age and The Sydney Morning Herald in March, but government data subsequently confirmed stockbrokers achieved far better marks in the exam than suggested and, in some Hume financial education services, have outperformed their financial planner peers. Senator Hume revealed on Thursday that stockbrokers have passed the exam.
SAFAA has ly told the Financial Review that stockbroking is a distinct profession from financial planning and should be regulated as such. That traditional stock selling and execution function has been usurped by the new breed of self-directed trading platforms, Ms Hume added, referencing a of Australian-born incarnations of the now infamous US-based Robinhood app. The government announced in August last year it will wind up the Financial Adviser Standards and Ethics Authority FASEA and hand responsibility for overseeing the education and ethics reforms to Treasury and the corporate regulator.
Politics Federal Financial planners Print article. Aleks Vickovich Wealth editor. Updated May 20, — 4. Save Log in or Subscribe to save article.
Aleks Vickovich is the wealth editor. He writes about financial advice, funds management, superannuation and banking, with a special interest in the next generation of investors. Connect with Aleks on Twitter. Aleks at aleks.
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