Why Advice #5 What is an AFSL?

What is an AFSL? What is a financial advice dealer group? To offer advice on a financial product in Australia you require an AFSL. In the financial advice space, some advisers have their own AFSL, while the majority are authorised by a broader group who holds a license, often known as a financial advice dealer group. The dealer group provides various services the adviser would rather outsource and operates compliance oversight for the advisers licensed to the group.

Daniel is joined by Andrew Wootton, General Manager of FYG Planners, a financial advice dealer group with advisers across every state in Australia.

The pair discuss:

What an AFSL is along with its obligations.

The services a financial planning dealer group offers to advisers and the community.

How the banks damaged the financial advice industry.

How advice can become more affordable.

The professional indemnity insurance issues in Australia.

Security services FYG is developing to help protect clients.

What changes the regulators should make going forward.

Hosted on Acast. See acast.com/privacy for more information.