MLC will increase education and qualification standards for NAB financial planners to continue to build trust and professionalism across the industry.

NAB Wealth Group Executive and MLC CEO, Andrew Hagger said MLC strongly supported moves across the industry to lift education standards and boost transparency.

“We have recently set new education standards for our NAB financial planners to further build the professionalism of the industry and ensure our clients continue to receive quality advice,” he said.

“With an ageing population that is living longer and facing a significant shortfall in retirement savings, the provision of affordable and trusted financial advice to help consumers secure their future is more important than ever.

“We are committed to making cost-effective financial advice accessible to all Australians.”

The new MLC education standards include:

• New financial planners recruited to NAB Financial Planning will be required to hold a relevant degree qualification and an Advanced Diploma in Financial Planning, or be working towards one to be completed within three years;

• All senior planners are required to hold a Certified Financial Planner designation from the FPA or if working towards one, complete it within three years of commencement;

• Existing financial planners will be required to obtain the Certified Financial Planner designation by 2017, or a Masters designation and Certified Financial Planner designation by 2019; and

• All NAB financial planners will continue to hold membership for a recognised professional association.

MLC is currently working with aligned advisers to further increase education standards.

Mr Hagger said MLC also supports an enhanced national register of financial advisers, and consumers having open access to information about the ownership and independence of their financial adviser and licensee.

“MLC has long championed transparent financial advice and a fee for advice model, and a stronger national register is another step in ensuring we are continually improving transparency across the industry.”