Having announced a rise in minimum education standards for authorised representatives of troubled dealer group Commonwealth Financial Planning in July, the bank yesterday announced that the requirements will now also apply to financial planners licensed by other CBA subsidiaries as well as licensee support staff.
A CBA spokesperson confirmed that in addition to Financial Wisdom and Count Financial authorised representatives, employees of these two groups involved in monitoring and supervising financial planners will also be beholden to the requirements, including “compliance officers, paraplanners, BDMs, [practice development managers] and state managers”.
CBA executive general manager, wealth management advice, Marianne Perkovic said the move reflect’s the bank’s commitment to financial planning industry professionalism.
“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,” Ms Perkovic said.
“Further, today’s announcement ensures our commitment to professionalism is embedded in our business as it encompasses both advisers as well as those who monitor the integrity of our advice, being licensee staff providing support to Count Financial and Financial Wisdom,” she said.
