Financial Advice Competency Framework – An Industry Consensus

This research acknowledges other frameworks and provides a pragmatic and fresh approach, as defined by the profession, to understanding the competencies required to be a competent and trusted financial adviser.

It also provides new subject matter for educators to consider when developing their curricula and competency areas that may better prepare new advisers for their professional year. Many of the online panel affirmed the necessity for tertiary education and a degree, however, they also emphasised the need for continuing education in the workplace to enable advisers to gain the skills and abilities necessary for a client-centred practice.

This study has created new connections between a wide-range of stakeholders, a community of practitioners, academics and industry stakeholders. In re imagining the knowledge domains and competencies required to be a competent financial adviser, new areas have been described that require new tools, educational materials and courses.


Table of Contents

About the Authors 03
Acknowledgments 04
Foreword 04
Executive Summary 05
Development 06
7 New Knowledge Domains for Financial Advice 07
Key Findings 08
Adapting to Change 08
Specialisation within Financial Advice? 09
Layers of Expertise 09
The Role of Technology 11
Financial Adviser Career Pathway 11
How Long Does it Take to Develop Expertise? 12
The Role of Experienced Advisers 15
Acquisition of Proficiency 13
The Impact of this Framework 14
General Recommendations 15
Conclusion: A unifying theme for the financial advice profession 15
Outline of the New Competency Framework 16
Technical Services 17
Professionalism 17
Client Focus 18
Self-Development 18
Connecting with People 18
Business Operations 21
Strategy & Leadership 22
Method 23
Consensus Rating Overview 24
Association of Financial Advisers 26
Asteron Life 26
Beddoes Institute 26