Appoint (add) a financial adviser
To do this, AFS licensees appoint (add) the adviser to the Financial Advisers Register. The Register is a public record of financial advisers.
The AFS licensee must add a financial adviser to the Register within 30 business days of being authorised.
Up to 25 financial advisers can be added to the Register in one transaction.
Additional information required from 15 November 2019
To comply with the professional standards for financial advisers, AFS licensees must provide additional information for financial advisers they appoint. This must be added to the Register from 15 November 2019. For more details and compliance dates, see Timeline for the reforms.
Follow the steps below to appoint a financial adviser.
1. Check you are authorised to update the Register
You are authorised to update the Financial Advisers Register if you:
- have your own AFS licence
- manage an AFS licence for a business, or
- have been authorised to update the Register by an AFS licensee.
You need to be set up in ASIC Connect to update the Register. ASIC Connect is our online service for notifying and updating details with ASIC.
For more information, see Who updates the Financial Advisers Register.
2. Collect the information you need
You need to provide details for each financial adviser you want to appoint, including:
- role type (financial adviser, provisional financial adviser or time-share adviser)
- work history
- qualifications and training
- memberships of professional bodies
- financial products they are authorised to give advice on.
The financial products that a financial adviser can provide advice on must not exceed those of the AFS licensee. AFS licensee details are listed on the ASIC AFS Licensees Register.
If a financial adviser is also an authorised representative, you need their representative number to appoint them as a financial adviser. To find their number, search the Authorised Representatives Register. This number is used for both roles.
If a financial adviser is authorised by another AFS licensee and is already on the Register, you need to check their details are correct before you appoint them (using the same representative number).
For a full list of details that must be included on the Register, including the approved qualifications and training courses, see Information on the Financial Advisers Register. Documentation is not required to appoint a financial adviser, however, you must declare that the information you have provided is complete and accurate.
3. Decide how you will pay
Fees apply for appointing financial advisers to the Register. You can choose to pay either:
- online using a credit card, or
- later by BPAY or invoice.
The cost depends on how many financial advisers you are appointing. See Fees for updating the Financial Advisers Register. Late fees may also apply.
4. Log in to ASIC Connect
Log in to ASIC Connect and follow the prompts.
Refer to How to appoint an adviser for step-by-step instructions.
5. Keep their details up to date
When a financial adviser's details change, the AFS licensee must update the Financial Advisers Register within 30 business days.
For more information on the general obligations for AFS licensees, see AFS licensee obligations.