Advisers need to put aside a day a week NOW
Advisers wanting to become Authorised Financial Advisers (AFA's) under the Financial Advisers Act 2008 have to either graduate with a National Certificate in Financial Services (Financial Advice) (Level 5) (NCFS-5) or achieve the equivalent educational outcome by December.
Chatswood Consulting principal Russell Hutchinson has developed a Working Plan for advisers in association with the PAA and ING which looks in detail at what advisers need to do over the next seven months.
The Working Plan has found that it will likely take between 94 and 636 hours to get authorised depending on levels of experience, previous qualifications and competence.
Hutchinson says the numbers were worked out by looking at NZQA guidelines which outline that every credit needs to be allocated 10 hours. This means someone with no previous knowledge of the financial planning doing NCFS-5 needs to get 50 credits and put aside 500 hours.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
