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{{short description|Professional who renders financial services to clients}}
{{use dmy dates|date=April 2020}}
{{Infobox Occupation
| name            = Financial advisor
| official_names  = Registered representative, financial advisor, investment advisor representative, private banker, attorney, insurance producer, insurance agent, accountant 
| type            = [[Profession]]
| activity_sector = [[Financial services]], [[private banking]], [[banking]], [[business]]
}}
{{Personal finance}}

A '''financial adviser''' or '''financial advisor''' is a professional who provides [[financial services]] to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory body in order to provide advice.

Relationships between clients and financial advisors can be characterized by [[Principal–agent problem|principal-agent problems]], as financial advisors may possess information and conflicts of interest that lead to dishonest advice and misconduct.<ref>{{Cite journal |last=Egan |first=Mark |last2=Matvos |first2=Gregor |last3=Seru |first3=Amit |date=2024 |title=The Problem of Good Conduct among Financial Advisers |url=https://www.aeaweb.org/articles?id=10.1257/jep.38.4.193 |journal=Journal of Economic Perspectives |language=en |volume=38 |issue=4 |pages=193–210 |doi=10.1257/jep.38.4.193 |issn=0895-3309|url-access=subscription |doi-access=free }}</ref>

==Role==
Financial advisers typically provide financial products and services, depending on the qualification examinations they hold and the training they have. Financial advisers are registered, not licensed.<ref>{{cite web
|url=https://www.investopedia.com/articles/personal-finance/050815/what-do-financial-advisers-do.asp 
|title= What Do Financial Advisors Do?
}}</ref> For example, a licensed insurance agent may be qualified to sell both life insurance and variable annuities, because the insurance agent holds an insurance license and holds the Series 7 qualification examination. A broker (Series 7) may also be a financial planner. Any advisor can say they are a financial planner; they do not have to hold the CFP (Certified Financial Planner) designation to do so. A financial adviser may create financial plans for clients or sell financial products, or a combination of both. They may also provide insight on savings.<ref name="FINRA2">{{cite web |title=Selecting Investment Professionals |url=http://www.finra.org/Investors/SmartInvesting/GettingStarted/SelectingInvestmentProfessional/P117278# |url-status=dead |archive-url=https://web.archive.org/web/20150309231940/http://www.finra.org/Investors/SmartInvesting/GettingStarted/SelectingInvestmentProfessional/P117278 |archive-date=9 March 2015 |access-date=8 November 2012 |publisher=FINRA}}</ref>

==Compensation==
A financial adviser is generally compensated through fees, commissions, or a combination of both. For example, a financial adviser may be compensated in one or more of the following ways:<ref name="SEC - Investor Bulletin: Tips for Selecting a Professional">{{cite web |title=Investor Bulletin: Top Tips for Selecting a Financial Professional |url=https://www.sec.gov/investor/alerts/ib_top_tips.pdf |publisher=SEC: Office of Investor Education and Advocacy |access-date=8 November 2012}}</ref>
* An hourly fee for advisory services
* A flat fee, such as $3,500 per year, for an annual portfolio review or $5,000 for a financial plan. This is often referred to as "flat fee advisors"
* A commission on the securities bought or sold, such as $12 per trade
* A commission (sometimes called a "load") based on the amount invested in a mutual fund or variable annuity
* A "mark-up": when one buys "house" products (such as bonds that the broker holds in inventory), or a "mark-down" when they are sold
* A fee for [[assets under management]] (AUM), such as 1% annually of assets managed

==Advisor vs. adviser==
{{Main|Adviser}}

Both spellings, ''advisor'' and ''adviser'', are accepted and denote someone who provides advice. According to one textbook, ''adviser'' and ''advisor'' are not interchangeable in the financial services industry, since the term ''adviser'' is generally used "when referring to legislative acts and their requirements and ''advisor'' when referring to a practitioner. Since [a financial advisor's practice] is never described as an advisery practice, advisor is preferable when not referencing the law."<ref>{{cite book |last=Taylor |first=Don |title=Financial Planning: Process and Environment |year=2005 |publisher=The American College Press |location=Bryn Mawr, PA |isbn=1-932819-08-8 |pages=9.3 |editor=C. Bruce Worsham}}</ref> Congress and the [[Securities Exchange Commission]] refer to "investment advisers" when discussing regulation of them in the Investment Advisers Act of 1940.<ref>{{cite web |title=InvestmentAdvisersAct |date=5 June 2013 |url=http://lawblogs.uc.edu/sld/the-deskbook-table-of-contents/the-securities-acts-statutory-law/the-investment-advisers-act-of-1940-15-usc-§-80b-1-et-seq/}}</ref>

==Regulation==
{{see also|Uniform Investment Adviser Law Exam}}

===United States===
Advisors typically fall into two separate categories: [[Stockbroker|broker-dealers (BD)]] who typically earn a commission from sales and [[registered investment adviser]]s (RIAs) who typically charge a fee based upon assets under management while serving as [[Fiduciary|fiduciaries]] and are registered at the state or federal level.<ref name=":0">{{Cite web|url=https://www.investopedia.com/articles/active-trading/100915/rias-and-independent-brokerdealers-comparison.asp|title=Broker-Dealers vs RIAs: What's the Difference?|last=Cussen|first=Mark P.|website=Investopedia|language=en|access-date=2020-03-18}}</ref> Additionally, an advisor can be either affiliated with a large firm ("wirehouse") or be independent (e.g., independent broker-dealer or IBD).<ref name=":0" /> There are also "hybrid RIAs" who are both broker-dealers and registered.<ref>{{Cite web|url=https://advisorhub.com/resources/the-rise-of-the-hybrid-ria-a-financial-services-odyssey/|title=The Rise of the Hybrid RIA - A Financial Services Odyssey|website=AdvisorHub|language=en-US|access-date=2020-03-18}}</ref>

The number of independent broker-dealer firms has declined from 1175 in 2007 to 819 in 2018, while RIA firms have grown from 9,538 to 15,645 over the same time period.<ref>{{Cite web|url=https://www.financial-planning.com/news/ibd-elite-2019-independent-broker-dealers-see-growth|title=IBD Elite 2019: Time to celebrate? Not just yet|date=2019-06-03|website=Financial Planning|language=en|access-date=2020-03-18}}</ref> As of 2016, the largest IBD firm by revenue was [[LPL Financial]] followed by [[Ameriprise Financial]] and [[Raymond James Financial]].<ref>{{Cite web|url=https://www.financial-planning.com/slideshow/ibds-with-the-largest-total-revenues|title=FP50: IBDs with the largest total revenues|date=2017-06-01|website=Financial Planning|language=en|access-date=2020-03-18}}</ref> [[Edward Jones Investments|Edward Jones]] is another large broker-dealer, and in 2017 stopped selling commission-based funds in response to a best interest [[fiduciary]] rule by the [[United States Department of Labor|Department of Labor]] (DOL).<ref>{{Cite web|url=https://www.investopedia.com/articles/financial-advisor/083016/dol-fiduciary-rule-and-its-impact-mutual-funds.asp|title=The Fiduciary Rule and Its Impact on Mutual Funds|last=Wohlner|first=Roger|website=Investopedia|language=en|access-date=2020-04-15}}</ref> As of 2019, [[Merrill (company)|Merrill Lynch]] had not adopted an RIA model while Wells Fargo and Goldman Sachs had opened up to the business model.<ref>{{Cite web |last1=Levaux |first1=Janet |last2= |first2= |title=Merrill Says RIA Option Is a No-Go |url=https://www.thinkadvisor.com/2019/07/17/merrill-says-no-go-on-ria-option/ |access-date=2020-03-18 |website=ThinkAdvisor |language=en}}</ref> As of 2019, the largest fee-only RIA firm was [[Ric Edelman|Edelman Financial Engines]] with over $200 billion in assets under management, under the ownership of private equity firm [[Hellman & Friedman]].<ref>{{Cite web|url=https://www.investmentnews.com/edelman-financial-engines-is-bringing-financial-planners-to-small-401k-plans-81415|title=Edelman Financial Engines is bringing financial planners to small 401(k) plans|date=2019-09-20|website=InvestmentNews|language=en-US|access-date=2020-03-18}}</ref> Other large fee-only RIA firms include [[Fisher Investments]],<ref>{{Cite web|url=https://www.investmentnews.com/largest-fee-only-rias-74413|title=Largest fee-only RIAs|date=2018-06-09|website=InvestmentNews|language=en-US|access-date=2020-03-18}}</ref> which has over $120 billion in assets under management.<ref>{{Cite web|title=RIA Data Center - InvestmentNews|url=https://data.investmentnews.com/ria/|access-date=2020-10-01|website=data.investmentnews.com}}</ref> As of 2019, 80% of the $4 trillion managed by RIAs were on one of four platforms: [[Fidelity Investments]], [[Charles Schwab Corporation|Schwab]], and [[Pershing LLC]].<ref>{{Cite web|url=https://www.cnbc.com/2019/11/25/what-advisors-can-anticipate-amid-the-26-billion-schwab-td-tie-up.html|title=Here's what advisors can anticipate amid the $26 billion Charles Schwab-TD Ameritrade tie-up|last=Mercado|first=Darla|date=2019-11-25|website=CNBC|language=en|access-date=2020-03-18}}</ref> Some RIAs operate inside "RIA aggregators" which provide institutional support similar to a wirehouse.<ref>{{Cite web|url=https://www.kitces.com/blog/comparison-hightower-advisor-ria-aggregator-vs-merrill-lynch-wirehouse-vs-independent-ria/|title=Financial Advisor Comparison: Wirehouse vs Aggregator vs RIA|date=2017-09-11|language=en-US|access-date=2020-03-18}}</ref>

In the [[United States]], the [[Financial Industry Regulatory Authority]] (FINRA) regulates and oversees the activities of [[brokerage firm]]s, and their registered representatives. The [[U.S. Securities and Exchange Commission|Securities and Exchange Commission]] (SEC) regulates investment advisers and their investment adviser representatives. Insurance companies, insurance agencies and insurance producers are regulated by state authorities.<ref name="FINRA1">{{cite web |title=Understanding Professional Designations |url=http://apps.finra.org/DataDirectory/1/prodesignations.aspx |url-status=dead |archive-url=https://web.archive.org/web/20121006100820/http://apps.finra.org/DataDirectory/1/prodesignations.aspx |archive-date=6 October 2012 |access-date=8 November 2012 |publisher=FINRA}}</ref> Investment Advisers may be registered with state regulatory agencies, the Securities and Exchange Commission, or pursuant to certain exemptions, remain unregistered.<ref name="NASAA1">{{cite web |url=http://www.nasaa.org/industry-resources/investment-advisers/investment-adviser-guide/ |title=Investment Adviser Guide |publisher=NASAA |access-date=22 March 2013}}</ref>

In the United States, a financial adviser carries a [[Series 7 exam|Series 7]] and [[Series 66]] or [[Series 65]] qualification examination. According to the U.S. [[Financial Industry Regulatory Authority]] (FINRA), qualification designations and compliance issues must be reported for public view.<ref name="FINRA1" /> Details of formal compliance issues can be found on the Investment Adviser Public Disclosure (IAPD) website and details of non-formal issues can be found on [https://www.onestafinance.com/ Onesta]. FINRA specifies the following groups of "investment professionals" who do not necessarily or always represent a "financial adviser:" [[broker]]s, [[investment adviser]]s, [[private banking|private banker]]s, [[accountant]]s, [[lawyer]]s, [[insurance agent]]s and [[financial planner]]s.<ref name="FINRA2" /> Financial advisors need to be able to take the full picture of the client's financial situation into account.<ref>{{cite journal |last1=Zanella |first1=Nicola |date=2014 |title=The Financial Risks Pyramid: Taking a Holistic Approach to Financial Advice |url=https://jwm.pm-research.com/content/17/3/27/tab-pdf-trialist#sec-4 |url-status=dead |journal=The Journal of Wealth Management |volume=17 |issue=3 |pages=27–34 |doi=10.3905/jwm.2014.17.3.027 |s2cid=155314723 |archive-url=https://web.archive.org/web/20221001060534/https://jwm.pm-research.com/content/17/3/27/tab-pdf-trialist#sec-4 |archive-date=1 October 2022 |access-date=1 October 2022|url-access=subscription }}</ref>

====Fiduciary standard====
The anti-fraud provisions of the [[Investment Advisers Act of 1940]] and most state laws impose a duty on Investment Advisors to act as [[Fiduciary|fiduciaries]] in dealings with their clients. This means the adviser must hold the client's interest above its own in all matters. The SEC has said that an adviser has a duty to:<ref name=NASAA1/>

*Make reasonable investment recommendations independent of outside influences
*Select broker-dealers based on their ability to provide the best execution of trades for accounts where the adviser has authority to select the broker-dealer.
*Make recommendations based on a reasonable inquiry into a client's investment objectives, financial situation, and other factors
*Always place client interests ahead of its own.

Since the financial crisis in 2008, there has been great debate regarding the fiduciary standard and to which advisers it should apply. In July 2010, The Dodd–Frank Wall Street Reform and Consumer Protection Act mandated increased consumer protection measures, including enhanced disclosures and authorized the SEC to extend the fiduciary duty to include brokers rather than only advisers regulated by the 1940 Act. As of July 2016, the SEC has yet to extend the fiduciary duty to all brokers and advisers regardless of their designation. However, in April 2016, the Department of Labor finalized a thousand-page rule holding all brokers, including independent brokers, working with retirement accounts (IRAs, 401(k)s, etc.)<ref>Any account designated as a qualified retirement plan under [[ERISA]]</ref> to the fiduciary standard.<ref>{{cite journal |title=Federal Register :: Definition of the Term "Fiduciary"; Conflict of Interest Rule-Retirement Investment Advice |url=https://www.federalregister.gov/articles/2016/04/08/2016-07924/definition-of-the-term-fiduciary-conflict-of-interest-rule-retirement-investment-advice |journal=Department of Labor |publisher=Federalregister.gov |doi=10.2139/ssrn.2112263 |access-date=2017-03-31}}</ref>

In June 2016, as a way to address adviser conflicts of interest, the DOL ruled in a redefinition of what constitutes financial advice, and who is considered a fiduciary.<ref>{{cite web|url=https://www.dol.gov/ebsa/newsroom/fs-conflict-of-interest.html|archive-url=https://web.archive.org/web/20160409013930/http://www.dol.gov/ebsa/newsroom/fs-conflict-of-interest.html|url-status=dead|archive-date=9 April 2016|title=Fact Sheet: DOL Finalizes Rule to Address Conflicts of Interest in Retirement Advice, Saving Middle Class Families Billions of Dollars Every Year|website=www.dol.gov|access-date=2016-07-27}}</ref> Prior to 2016, fiduciary standards only applied to Registered Investment Advisers (RIAs), and did not impact brokers, who previously operated under a less strict "suitability" standard that provided leeway to provide education without "advice". The new ruling requires all financial advisers who offer advice for compensation to act as fiduciaries and meet the fiduciary standard, but only when dealing with retirement accounts such as IRA or 401(k) accounts. The ruling includes one exemption for brokers, Best Interest Contract Exemption, which can be allowed if the broker enters into a contract with the plan participant and meets certain behavioral requirements.<ref>{{cite web|url=https://www.forbes.com/sites/brianmenickella/2016/06/06/how-the-dols-fiduciary-rule-will-impact-your-retirement-accounts/#123c58b2ab51|title=How The DOL's Fiduciary Rule Will Impact Your Retirement Accounts|last=Menickella|first=Brian|website=[[Forbes]]|access-date=2016-07-27}}</ref> The new ruling does not impact the advice or investment product sales pertaining to non-retirement accounts.

Opposition to the fiduciary standard maintains that the higher standard of fiduciary duty, vs the lower standard of suitability, would be too costly to implement and reduce choice for consumers. Other criticisms suggest that consumers with smaller retirement accounts may be less able to access personalized advice due to advisor/broker compensation models, many of which have been restructured to comply with the fiduciary rule.

The decision has caused a massive shift in the financial community. One survey found that 73% of advisors were concerned the rule would have an adverse impact on how they do business, 71% anticipated increased client frustration, and 66% planned to reevaluate the products they recommend.<ref>{{cite web|url=https://www.fidelity.com/about-fidelity/institutional-investment-management/dol-fiduciary-rule|title=Financial Advisors Weigh in on What the Department of Labor Fiduciary Rule Could Mean For Them|publisher=Fidelity|archive-url=https://web.archive.org/web/20180326202352/https://www.fidelity.com/about-fidelity/institutional-investment-management/dol-fiduciary-rule|archive-date=2018-03-26|url-status=dead}}</ref>

Enforcement of the rule began on 9 June 2017<ref>{{cite web|url=https://www.forbes.com/sites/jamiehopkins/2017/06/14/new-fiduciary-rule-for-financial-advisors-moves-the-needle-but-in-which-direction/#1c0bf6c34caa|title=New Fiduciary Rule For Financial Advisors Moves The Needle, But In Which Direction|last=Hopkins|first=Jamie?|website=[[Forbes]]}}</ref> but is no longer enforced since the DOL fiduciary rule was officially vacated on 21 June 2018 by the U.S. Fifth Circuit Court of Appeals.<ref>{{cite web |title=It's Over! Fifth Circuit Issues Mandate Vacating Fiduciary Rule |url=https://www.groom.com/resources/its-over-fifth-circuit-issues-mandate-vacating-fiduciary-rule |website=www.groom.com|date=22 June 2018 }}</ref> On 5 June 2019, the SEC adopted Regulation Best Interest, establishing a new standard of conduct under the Securities Exchange Act of 1934 (“Exchange Act”) for broker-dealers, with compliance due to begin 30 June 2020.<ref>{{cite web |title=SEC.gov Regulation Best Interest |url=https://www.sec.gov/info/smallbus/secg/regulation-best-interest |website=www.sec.gov}}</ref>

In July 2020, the DOL proposed a new fiduciary rule,<ref>{{Cite web|date=2020-07-07|title=Improving Investment Advice for Workers & Retirees|url=https://www.federalregister.gov/documents/2020/07/07/2020-14261/improving-investment-advice-for-workers-and-retirees|access-date=2020-08-21|website=Federal Register}}</ref> and made two changes to guidance and regulation.<ref>{{Cite web|last=Szapiro|first=Aron|date=August 19, 2020|title=Another Fiduciary Rule?|url=https://www.morningstar.com/articles/998370/another-fiduciary-rule|access-date=2020-08-21|website=Morningstar.com|language=en}}</ref>

====Registration====
A [[Registered Investment Adviser]] (RIA) refers to an IA that is registered with the SEC or a state's securities agency and typically provides investment advice to a [[retail investor]] or registered [[investment company]] such as a [[mutual fund]], or [[exchange-traded fund]]. Registered Investment Advisors are regulated by either the SEC or by the individual states, depending on the amount of assets under management.{{citation needed|date=January 2022}}

===Canada===
The financial adviser role in Canada is varied. Most financial advisers carry licenses to sell [[life insurance]], [[Security (finance)|securities]], or [[mutual fund]]s, or some combination of all three. The life insurance license is obtained through successful completion of the [[LLQP|life license qualification program]], except in Quebec, where licensing is completed through the Autorité des marchés financiers.<ref>{{cite web |url=http://www.lautorite.qc.ca/en/professionals.html |title=Autorité des marchés financiers |access-date=15 February 2013}}</ref> There are three distinct securities licenses available. Completion of the [[Canadian Securities Course]] (CSC) allows the sale of most types of securities, including stocks, bonds, and mutual funds. More advanced licensing is required for the sale of derivatives and commodities. Completion of a mutual funds course allows the adviser to sell mutual funds only, excluding certain types of very specialized funds and importantly, [[exchange-traded fund]]s (ETFs)—although recently non-securities licensed financial advisers have gained access to ETFs through new mutual fund products. The third possible license is the [[Alternative investment|exempt securities license]].

In many, but not all, cases, licensing requires the support of a dealer or insurer. It is also mandatory for advisers to carry [[errors and omissions insurance]]. The term financial adviser can refer to the entire spectrum of advisers. In general, the industry in Canada is segmented into three channels of advisers: MGA, MFDA and IIROC. However, there is little regulatory control exercised over use of the term, and, as such, many insurance brokers, insurance agents, securities brokers, financial planners and others identify themselves as financial advisers.

Many financial advisers in Canada are also financial planners. While there are numerous [[financial planning]] designations, the most common is the [[Certified Financial Planner]] designation although the Registered Financial Planner (R.F.P.)<ref>[http://www.iafp.ca Registered Financial Planner (R.F.P.)]</ref> and Personal Financial Planner designations are also popular in Canada. There is no regulation, outside of Quebec, of the term "Financial Planner".<ref>{{cite web |url=http://www.advisor.ca/news/industry-news/planning-advocates-push-professionalism-446 |title=PLANNING ADVOCATES PUSH PROFESSIONALISM |date=6 October 2010 |publisher=ADVISOR.CA |access-date=22 March 2013}}</ref>

{{further|Financial management advisor}}

===United Kingdom===
{{unreferenced section|date=August 2016}}
There are three main bodies awarding qualifications for financial advisers in the UK. The main one is the [[Chartered Insurance Institute]], which offers professional financial services qualifications all the way from beginner to degree levels. The IFS School of Finance offers alternative courses/qualifications in certain specialist areas such as mortgages and equity release. The Institute of Financial Planning offers the [[Certified Financial Planner]].

In the [[United Kingdom]], investment advice is given either by a financial adviser or a [[stockbroker]].

Financial advisers need to pass a series of exams and receive a Diploma in Financial Planning (or, prior to the Retail Distribution Review, a Financial Planning Certificate) and also authorised by the [[Financial Services Authority|Financial Conduct Authority]], a [[United Kingdom|UK]] [[government]] [[Quasi-autonomous non-governmental organisation|qango]] that must be satisfied that the adviser is a “fit and proper person” before they may practice. Typically a diploma qualified adviser will have DipFA or DipPFS after their name.

Financial advisers are either restricted or independent. An independent financial adviser is free to select a suitable solution for the client from all the products and providers in the market. An adviser that is not free to select from the entire market, for whatever reason, is restricted. An adviser may be restricted because they only advise on a specific area, for example pensions, or because they only advise on products from one company such as a [[bank]].

In the UK there are 30,043 investment advisers, 27,776 mortgage advisers of which 8,788 are holistic advisers providing investment and mortgage advice. Each firm will be granted permissions by the FCA to operate, and each adviser has qualifications that will allow them to give advice on some or all of the permissions the firm has. It is possible to check the regulatory status of a firm, its granted permissions, trading names, and individuals authorised to act on its behalf as financial advisers by using either the regulatory body [https://register.fca.org.uk/s/ register] or a commercial service that relies on the same data but provides additional functionality such as mapping and location searches such as [https://financialadvisers.co.uk/namesearch/ financialadvisers.co.uk].

''Best advice'' is a concept that was never more than a heading in the FSA/PIA/NASDIM regulations (and is now withdrawn in favour of the 'appropriate' standard) and which refers to the general obligation under Contract Law (Agency) that a broker has to find the correct 'financial product' to match a client 'need'. A provider firm must not make a recommendation unless it has a suitable product to offer. If it offers no suitable products then none should be recommended. A multi-tied firm must not make any recommendations unless it has access to a suitable product from the providers on their panel. In the UK many believe{{Weasel inline|date=April 2024}} impartial advice can be obtained only by consulting an independent financial adviser.

=== Ireland ===

The QFA ("qualified financial advisor") designation is awarded to those who pass the Professional [[Diploma]] in Financial Advice and agree to comply with the ongoing "continuous professional development" (CPD) requirements.<ref>{{cite web | url=https://www.centralbank.ie/regulation/how-we-regulate/authorisation/minimum-competency/qualifications | title=Qualifications &#124; Central Bank of Ireland }}</ref> It is the recognised benchmark designation for financial advisers working in [[retail]] financial services. The qualification, and attaching CPD programme, meets the "minimum competency requirements" (MCR) specified by the Financial Regulator, for advising on and selling five categories of retail financial products:
* Savings, investments and pensions
* Housing loans and associated insurances
* Consumer credit and associated insurances
* Shares, bonds and other investment instruments
* Life assurance protection policies

===New Zealand===
The National Certificate in Financial Services [Financial Advice] [Level 5] is currently being introduced in New Zealand. All Individuates and registered legal entities providing financial services must be registered as a (Registered Financial Service Provider). Their Directors, retail and sales staff are required to gain the national certificate.{{Cn|date=March 2024}}

The [[New Zealand Qualifications Authority]] (NZQA) in conjunction with industry groups via the ETITO administers a qualifications frame work for the qualification. Registrations and examinations are conducted by the ETITO.<ref>{{cite web |url=http://afacompetence.org.nz/1-who-is-etito/ |title=Who is The Skills Organisation? |publisher= The Skills Organisation |access-date=22 March 2013}}</ref> All financial advisers are required to register with the ETITO by March 31, 2011.

The Qualifications Framework consists of a core set of competencies sets, A B C followed by 2 electives covering specialist areas such as Insurance and Residential Property Lending. Certain NZQA approved qualifications such as an Accountancy degree may exempt students from competency set A NZQA approved training. The certificate is offered by the accredited organizations.{{Cn|date=March 2024}}

===South Korea===
In [[South Korea]], the [[Korea Financial Investment Association]] oversees the licensing of investment advisers.{{Cn|date=March 2024}}

===Australia===
Financial advisors in Australia must have passed a [[RG146]] qualifying and hold a license that is overseen by the [[Australian Securities and Investments Commission]].<ref>{{cite web|url=https://www.moneysmart.gov.au/investing/financial-advice |title=Financial advice &#124; MoneySmart by ASIC |publisher=Moneysmart.gov.au |date=2013-07-01 |access-date=2014-07-20}}</ref> It ought to be noted that financial advisers in Australia will need to undergo transitional arrangements as new educational requirements will be in place on 1 January 2019. Additionally, financial advisers in Australia are subject to fiduciary obligations.<ref>{{cite web |url=http://www.justice.nsw.gov.au/lawlink/Supreme_Court/ll_sc.nsf/vwFiles/Campbell210812.pdf/$file/Campbell210812.pdf |title=Supreme Court New South Wales |publisher=Justice.nsw.gov.au |date=2014-07-14 |access-date=2014-07-20 |archive-url=https://web.archive.org/web/20140407095513/http://www.justice.nsw.gov.au/lawlink/Supreme_Court/ll_sc.nsf/vwFiles/Campbell210812.pdf/$file/Campbell210812.pdf |archive-date=2014-04-07 |url-status=dead }}</ref>

=== India ===
The [[Securities and Exchange Board of India]] (SEBI) is the [[Regulatory agency|regulator]] for the [[securities]] market in [[India]].

It was established in 1988 and given [[statutory]] powers on 12 April 1992 through the [[Securities and Exchange Board of India Act, 1992|SEBI Act, 1992]].
In India, SEBI registered investment advisor is referred, when an investor who would like advice on where to invest in share market or an investor.{{clarify|date=February 2020}} SEBI has put certain guidelines before giving RIA license to any individual, corporate or firms. In India, there are 1160 RIAs as of 31 January 2020, who are registered with SEBI as registered investment advisor (2013) regulations.{{clarify|date=February 2020}}<ref>{{cite web |title=SEBI List of Investment Advisor |url=https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=13&regno=INA100003675 |website=SEBI |publisher=Investiture.in |access-date=28 February 2020}}</ref>

==See also==
* [[Collective investment scheme]]s
* [[Socially responsible investing]]
* [[Robo-advisor]]

==References==
{{reflist|2}}

==External links==
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* [https://web.archive.org/web/20051030003147/http://www.aifa.net/ AIFA] Association of Independent Financial Advisers - UK Trade body
* [https://web.archive.org/web/20130711180145/http://www.fca.gov.uk/ FCA website] Financial Conduct Authority (UK)
* [http://www.naifa.org NAIFA] National Association of Insurance & Financial Advisors
* [https://archive.today/20121214063345/http://www.adviserinfo.sec.gov/IAPD/Content/Search/iapd_OrgSearch.aspx/ SEC IA Search] SEC Database of US Registered Investment Advisers
* [http://www.efpa-eu.org EFPA Europe] European Financial Planning Association

[[Category:Financial services occupations]]
[[Category:Financial advisors]]
[[Category:Economics consulting]]