Insights / November 28th, 2022

When should a financial adviser ‘self license”?

With the financial advice sector in a constant state of change, advisers continue to question whether it would be better to go their own way and self-license. With seismic changes to the dealer group and institutional model over the last few years, now is a great time to explore applying for your own AFSL, which can provide increased security to your business in changing times.

Regardless of the outcome of the Government’s Quality of Advice Review (QAR), our view is that personal advice must become more flexible in delivery. Consumer expectations and the impact of technology, as well as the drive to professionalise financial advice, will drive changes to the regulatory schema. Self-licensing is for advisers who want to make their own decisions and adopt a flexible posture toward future change.

Be in control of your own risk tolerance, have more control over costs, and eliminate the risk of potential reputational damage by being part of a broader dealer group. Advisers benefit from the flexibility and ownership that self-licensing gives them. Become a genuinely independent business.

What do I do to start the process?

To establish your specialised, flexible practice we can assist you with submitting a complete, compelling and appropriate AFSL application to assist you to obtain your licence on the first pass. We will make sure your AFSL application contains all the required documents with the requisite information about your business to  making the process as efficient and effective as possible.

What do I do once I’m licensed?

Once you are licensed, we can provide ongoing AFSL compliance support to ensure the timely undertaking of your regulatory responsibilities, and provide you with comfort that you are able to continue to meet them.

Our compliance portal efficiencies will impact your approach to readily perform your tasks, with automation, policies and ready registers available. Your regular compliance meetings are chaired by our lawyers, allowing you to discuss current and topical issues. Our HelpDesk advice service will give you ready access to our legal team and the knowledge we can share.

To give you more time to service your new clients, let our compliance legal services give your practice a competitive advantage with the support of our integrated technology and client service.  

This publication has been prepared for general guidance on matters of interest only and does not constitute professional legal advice.  You should not act upon the information contained in this publication without obtaining specific professional legal advice.  No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication and to the extent permitted by law, Cowell Clarke does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting or refraining to act in relation on the information contained in this publication or for any decision based on it.

Related Expertise