Financial advisers will have to adhere to 21 standards set out in a new draft code of conduct published by the Securities Commission.
The code is part of new regulations designed to give investors greater protection. They are due to come into force at the end of the year.
All financial advisers will have to sit and pass a test before the commission can authorise them to practise in the industry.
Code committee chairperson Ross Butler say the draft document lists the approved qualifications that will allow advisers to bypass some aspects of the test.
He says advisers must also prove competence in certain topics before they can give advice in those areas.