You will need to be ASIC compliant which means you will need to...

You will need to be ASIC compliant which means you will need to do several courses, starting with something like the Diploma in Financial Services FNS50804

Dealilng with retail investors you basically need to be 146 compliant. Seeing you want to manage money you will need to read this PDF first

http://www.asic.gov.au/asic/asic.nsf/byheadline/Regulatory+guides?openDocument#rg132