Award coverage for financial planners and financial advisers depends on:

• the industry or industries their employer operates in
• the specific duties and qualifications of the employee.

A financial planner or financial adviser typically helps their clients plan and manage their finances and money. They will help the client set financial goals and develop a plan to meet those goals.

Industry award coverage

An industry award covers a financial planner or financial adviser if:

• their employer operates in the industry defined in the award
• there's a classification which matches the employee's duties and qualifications.

Banking, Finance and Insurance Award

A financial planner or adviser can be covered by the Banking, Finance and Insurance Award if their employer is in the banking, finance or insurance industry or is providing a service to the banking, finance or insurance industry.

For example a financial planner employed by a bank will be covered by this Award.

A financial planner working for a financial planning business generally won’t be covered by the Banking, Finance and Insurance Award, unless their employer is providing a service to the banking, finance, insurance or superannuation industry.

No industry award coverage

When there’s no industry award covering the employer, the employee can be:

• covered by an occupational award, such as the Clerks Award
• covered by the Miscellaneous Award, or
• award free.

Clerks Award

The Clerks Award can cover an employee if their role is mainly clerical or administrative.

Employees are classified based on their duties, skills and training.

Miscellaneous Award

Financial planners or advisers not covered by an industry or occupational award may be covered by the Miscellaneous Award. They’ll be classified based on their duties and qualifications.

The Miscellaneous Award doesn’t cover managerial employees and professional employees such as accountants and finance specialists. For example, a degree-qualified financial planner won’t be covered by the Miscellaneous Award.

Whether a financial planner or financial adviser is a managerial employee or a finance specialist will depend on the facts of each case.

Employees may wish to seek independent advice on their own situation.

Award free employees

Financial planners or advisers who aren’t covered by an industry or occupational award, or the Miscellaneous Award, are award free.

They’re entitled to the national minimum wage and the National Employment Standards.