The bank announced on Friday it would require all new Commonwealth Financial Planning advisers – as well as new supervisors and managers – to hold a relevant degree.
Furthermore, existing financial planners within Commonwealth FP will be required to hold an Advanced Diploma in Financial Planning or an equivalent by 30 June 2017.
Existing senior financial planners will need to obtain the Certified Financial Planner certification, which is offered in Australia by the Financial Planning Association.
Speaking to InvestorDaily, Ms Perkovic said the bank is also mandating industry association membership for its planners – across both Commonwealth FP and CBA-owned dealer group Financial Wisdom.
While the bank does not have an “extensive list” of eligible associations, she confirmed it would include the FPA, the accounting bodies and the SMSF Professionals’ Association of Australia.
But Friday’s announcement regarding compulsory educational standards will only apply to salaried planners, she said.
“We started a process with the salaried planners because that’s where we have the control and can set the standard. And then we will work with our self-employed – [it’s a] work in progress,” she said.
CBA will be paying the full cost of the new requirement, including the substantial annual cost of the FPA’s Certified Financial Planner designation, said Ms Perkovic.
"We’re obviously willing to wear the cost," she said. “The fair thing for us, given that we have improved and enhanced the [education] standards, is for us to actually fund our existing people for the opportunity to meet the standard.”
Ms Perkovic was not concerned at the prospect of planners jumping ship to a company with lower educational requirements.
“I don’t know whether you would lose somebody for making an investment into their education and qualification,” she said.
“It’s been positively received by the business, and I think it would be disappointing to lose someone if they don’t want the investment the bank’s going to make into them to enhance their educational requirements.”
