Under FAIS, financial advisers must hold a recognized qualification in order to be registered. Acceptable qualifications include the following:
A bachelor’s degree in financial planning, economics, finance, or a related field.
A postgraduate qualification in financial planning, economics, finance, or a related field.
A professional qualification from a recognized financial planning organization, such as the Financial Planning Institute of Southern Africa (FPI) or the South African Institute of Financial Markets (SAIFM).
A qualification from a recognized institution of higher learning that is specifically designed for financial advisers, such as the University of the Free State’s Bachelor of Financial Planning degree or the University of Pretoria’s Postgraduate Diploma in Financial Planning.
In addition to holding a recognized qualification, financial advisers must also complete class of business training programs that are relevant to the financial products they wish to advise on. For example, an adviser who wants to provide advice on life insurance products must complete the long-term insurance class of business training program.
It’s important to note that financial advisers must meet the education and training requirements of FAIS in order to be registered and to provide financial advice to clients. These requirements are in place to ensure that financial advisers are competent and able to provide high-quality advice that is in the best interests of their clients.