If my firm is considering getting its own AFSL, can the Responsible Manager (RM) also be a principal or director of the business?
Yes, and in our experience, the RM would usually be a principal or director of the business. To be a RM you need to have advice experience. In larger firms, you may choose to have two RMs to reduce key person risk. That way, should anything happen to one of the RMs, you will still be licensed to operate. For larger firms, ASIC will expect that you would have at least two RMs.