If you would like to continue providing advice to retail clients, you must work on behalf of a licensed financial advice provider as either a financial adviser or a nominated representative – you cannot be both.
You will NOT need a financial advice provider licence.
If you are a financial adviser, you must register on the Financial Service Providers Register. If you’re registering for the first time, this will cost $300 (ex GST) in fees and $460 (ex GST) in levies. A criminal history check fee of $35 (ex GST) may also apply.
Once registered, you will be charged an annual levy of $265 (ex GST). You will also be charged $75 (ex GST) each year to stay registered.
Nominated representatives do not need to register on the Financial Service Providers Register and do not personally have to pay a levy as this will be covered by the financial advice provider.