Home – New Forums Starting your journey AFS Licence and Selling Financial Products

  • This topic is empty.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • #987093
    saluke
    Member
    • Total posts: 3
    Up
    0
    ::

    Hi all,

    Has anyone applied for an AFS licence and sold financial products direct to the public?

    After some helpful suggestions from another forum member I’m now toying with the idea of setting up an online presence to sell financial products but understand that I’d require an AFS licence to do this.

    If anyone has had any first-hand experience in either just applying for the licence or with selling financial products as well then please share your experiences!

    Thanks,

    Luke

    #1161126
    karmaD
    Member
    • Total posts: 13
    Up
    0
    ::

    Hi Luke,

    There is plenty of information on ASIC website and even a sample of the application here:

    http://www.asic.gov.au/asic/asic.nsf/byheadline/Design+model+of+AFS+licence+application+?openDocument

    The application is really long and ASIC will ask for proofs for certain certifications and training, membership to a dispute resolution organisation, security of infomation and so on. The application must be submitted online and is going to be assesed by ASIC – it can take many months to finalise it but it obviously depends on how quick you can provide them with required documentation and proofs.
    Don’t remember exactly the cost but you’re looking at around $1,500

    Did you consider becaming an authorised representative for someone who already has the AFSL ?

    Regards
    karma

    PS: forgot to mentions that if you hold an AFSL that you must lodge an annual accounts report and an audit report

    #1161127
    Anonymous
    Guest
    • Total posts: 11,464
    Up
    0
    ::

    Thanks for sharing this helpful info karmaD, and welcome to the forum.

    We hope you’ll decide to stick around :)

    Jayne

    #1161128
    alliedib
    Member
    • Total posts: 453
    Up
    0
    ::

    Hi Luke,

    What are the types of financial products you are looking at selling? There are different requirements depending on the exactly offering you are looking at (insurance / mortgage broking / investments etc)

    Regards,

    Mark

    #1161129
    Sophie517
    Member
    • Total posts: 17
    Up
    0
    ::

    You will need to be more specific on the types of financial products you intend to sell as there are different licenses and requirements as Mark mentioned above. If you have no idea about an AFSL, I would recommend that you steer clear away from it, and instead choose to operate as an Authorised Representative of an existing AFSL.

    Most people who don’t understand commission split/monthly fees, think that simply having your own license, means you don’t need to share your income with someone else. But after you factor in the cost of licensing, compliance, practice management procedures, software, accounting, product providers minimum quota’s etc. You will realise that paying to use someone else’s license is a much more economic approach.

    You just need to find the right licensee that provides you with the right products and support.

Viewing 5 posts - 1 through 5 (of 5 total)
  • You must be logged in to reply to this topic.