Advisers with degrees not only answer:ASIC

Liberal Democrats senator David Leyonhjelm has questioned the need for financial advisers to obtain tertiary qualifications.

Senator Leyonhjelm, in quizzing the the Australian Securities and Investment Commission during a Senate estimates hearing on Thursday, said he had three university degrees and doesn't think he can give good advice even to himself "very well".

"ASIC is not suggesting that a degree alone is a magic answer to better standards and better outcomes," deputy commissioner Peter Kell responded.