With the sad demise of one of the largest independent AFSL’s, some 400 plus advisers now need to find a new licensee within the next 30 days.

Finding the right AFSL is a difficult and drawn out process at the best of times, but having to get it done within 30 days is a steep, but achievable challenge.

To help with the process, we've compiled a list of the seven key documents you should have together before you chat with any prospective licensees.

1. Consent form for a compliance reference

After ASIC Report 515 and the introduction of the ABA’s reference checking protocol, most AFSL are now following the industry reference checking procedure. You need to get this info as soon as possible, as there are so many advisers needing to find new homes, you don’t want this reference check holding you up. A great example of the industry reference checking form has been put together by myonlineadvisers.com.au and can be found here.

2. Updated CV

Make sure your CV is up to date with: your work history for at least the last five years; your qualifications; and your professional memberships. You might be wondering why you need your last five years of employment history, this is for ASIC. It’s one of their requirements for updating the Moneysmart Financial Adviser Register. Further information on what’s required can be found here.

3. Transcripts of education

As the industry moves towards becoming a profession, more and more AFSL’s are asking for certified copies of your education. This is especially important for license holders as it allows them to determine what additional education you will need to undertake post 1 January 2019, under the soon to be confirmed FASEA guidelines. For information about getting a certified copy of your certifications have a look at the Government guidelines.

4. CPD history

Bring along a copy of your continual professional development (CPD) records - where you are currently at, and a history of the last five years’ completed CPD. The AFSL needs to see that you are have maintained your competency in the areas of financial advice that you are providing to clients. Most CPD platforms allow you to download a copy of CPD history or you can request it. Again, get this ASAP, often once an AFSL closes their CPD portals your records are gone!

5. Audit reports and Statement of Advice

AFSL’s need to see your compliance audit report history. The more history you can provide, the more appealing you become.  Along with your audit report and files, your prospective AFSL will want to see a copy of an approved Statement of Advice from the last 3 months.

6. Police check and bankruptcy check

You will need to provide a national police check and a bankruptcy check that is less than 12 months old.

For your bankruptcy check, head to the Australian Government Bankruptcy Register Search, it costs $15 through their online portal.

For your police check, there are several commercial companies out there that in most instances can provide you with your national police check within 24 hours. As always google can help you find some or you can check out CV Check or National Crime Check.

7. Professional memberships

The final thing to get together is a list of your professional memberships and your membership levels. While AFSL’s often like to see that you are member of a professional association (such as the FPA, AFA or SMSFA), the essential membership they want to know about is if you are accredited with the Tax Practitioner Board. To avoid delays, provide them with these details up front.

By preparing this information you’re setting yourself up for the best chance of finding a new AFSL in less than 30 days.  

Remember, as much as you are interviewing the AFSL to see if they fit with your business, they are also interviewing you to see if you fit with theirs!