What are the licensing requirements for Financial Advisers?

Well there are 3 types of Financial Advisory Firms which has different licensing requirements:

  1. Personal Bankers are under the Exempt FA license, but personal bankers need to take M5, M9, HI, M8. M6 is usually required to market structured products, bonds & other securities. M7 only if you advise on futures & other derivatives.
  2. Financial Planners under Insurance Companies need to take only M5, M9 before being able to market life insurance products or riders without Major Illness or Medical coverage. HI is needed to market with Major Illness and Medical. No need for the rest of the exams.
  3. Financial Advisers Representatives (FAR) under Financial Advisory Companies (multi-tied or independent) have the same requirement as financial planners under insurance companies, but require additional M8 to market collective investment schemes. Under M8, the FAR is required to have a basic understanding of unit trusts and other collective investment schemes in order to competently market them. M6 and M7 are optional.

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