Financial Adviser Exam Practice Questions by Topic

Who may give personal advice to retail clients, what a licensee must check before authorising them, and the education, exam, professional year and CPD standards that apply to relevant providers.

The retail/wholesale line, the difference between general and personal advice, and the disclosure documents and warnings that go with each.

The Part 7.7A duties (best interests, appropriate advice, warnings, priority to the client) and the bans and caps on conflicted remuneration and ongoing fees.

General licensee obligations, breach reporting to ASIC, dispute resolution through IDR and AFCA, design and distribution obligations, hawking and misconduct offences.

The AML/CTF reporting obligations that reach advisers, the Australian Privacy Principles in an advice practice, and the rules for giving tax (financial) advice.

The five values that sit above every standard, and the ethical behaviour standards: obey the law and its intent, act with integrity in each client's best interests, and do not act with a conflict.

Consent to act, best interests and understanding, broad long-term effects, consent to fees and benefits and value for money, complete and accurate records, and good-faith, competent advice.

Standards 10-12 (knowledge and skills, cooperation with ASIC and monitoring bodies, upholding the profession) and the ethical decision-making frameworks on ASIC's reading list.

How the statutory best interests obligations and Standards 2, 5, 6 and 7 combine in real advice situations: scope, inquiries, switching, insurance and fees.

The cognitive and emotional biases that affect advisers as well as clients, and why disclosure alone often fails to protect consumers.

How clients actually make financial decisions: loss aversion, present bias, mental accounting, defaults and choice overload, and what that means for advice.

Building a client profile: objectives, financial situation and needs, risk tolerance versus risk capacity, life-cycle stage, sequencing risk and Centrelink basics.

How to scope advice under RG 244, scale the fact-find, explain what is not covered, and prepare compliant SOAs and ROAs.

Contribution caps, bring-forward, downsizer, transfer balance cap, conditions of release, TTR and pension drawdowns, with 2026-27 figures.

Diversification, gearing and margin lending, CGT basics, and life, TPD, trauma and income protection cover inside and outside super.