PS146 Training Australia - Frequently Asked Questions (FAQs)
If you have any questions regarding PS146 compliance and how it impacts you and your organisation, please do not hesitate to Contact Us or call our Customer Care Centre on 1300 306 146.
1. Why do I need PS146 training?
ASIC policy specifies that those providing advice to retail clients need to be PS146 compliant. The intention of the Policy Statement 146 Training of financial product advisers (PS146) is to ensure all providers of financial product advice are suitably qualified.
You cannot provide advice to retail clients in any area or on any product where you do not meet the training standards.
2. What constitutes advice?
Advice is a recommendation, a statement of opinion or a report that is intended to influence a person in making a decision (buy, sell or hold) in relation to a particular financial product, or would reasonably be regarded as being intended to have such an influence.
Relevant advice can be general or personal and this will impose different obligations in terms of the:
- kinds of disclosures required
- level of training for the providers of advice
A person (including an accountant, lawyer and tax agent) will generally have to be licensed if they carry on a business of giving financial product advice as a principal.
3. If I give 'general advice' what prerequisite training is required?
General advice is selling a product where no recommendation is made to the customer as to the suitability of that product. This means that a product adviser cannot 'select' from a group of potential products which might be more suitable for a particular client in relation to their personal needs, circumstances or objectives. The general or product adviser is selling specific products and acting for the product provider.
If you provide 'general advice' Generic Knowledge (GK) is a mandatory pre-requisite course, which sets the foundation by teaching the integrity, ethics and legislative requirements.
| You should complete this prerequisite ... | ... which includes these topics: |
| Generic Knowledge (GK) | integrity, ethics and legislative requirements |
| basic deposit products and related non-cash payment products | |
| providing advice |
In addition, you will need to undertake at least one specialist PS146 training course that relates to the type of financial advice you intend to provide.
4. If I give 'personal advice' what prerequisite training is required?
Personal advice is recommending a financial service or product to a customer where you have considered one or more of the customers objectives, financial situation and needs. The personal adviser is acting on behalf of the client and is making a recommendation in relation to suitable products.
If you provide 'personal advice', Financial Planning (DFS 1) is a mandatory prerequisite course. It includes Generic Knowledge (GK) and Financial Planning Skills (FPS) which sets the foundation by teaching the financial planning process, that is reinforced in each of the subsequent PS146 Training Courses.
| You should complete this prerequisite ... | ... which includes these topics: |
| Financial Planning (DFS 1) | Generic Knowledge (GK) |
| Financial Planning Skills (FPS) |
In addition, you will need to undertake at least one of the three specialist PS146 training course that relates to the type of financial advice you intend to provide.
If you undertake all three of the specialist PS146 training courses, you will be awarded the Diploma of Financial Services (Financial Planning). As a general rule, this nationally recognised diploma is required for most careers in the financial services industry as it qualifies you to provide personal financial service advice in a broad range of wealth protection and wealth creation areas.
5. What specialist PS146 training do I require?
In addition to the prerequisite course described above, you will need to successfully complete ASIC registered training course(s) that relate to the type of financial advice you intend to provide.
| You should complete this prerequisite ... | ... which includes these topics: |
| Insurance (DFS 2) | Term Life Insurance |
| Total & permanent disability insurance | |
| Trauma insurance | |
| Income protection insurance |
| Superannuation (DFS 3) | Personal superannuation |
| Retirement income stream products, pensions, roll-overs and annuities | |
| Property ownership structures | |
| Business superannuation |
| Investment (DFS 4) | Managed investments (listed property trusts, primary production) |
| Securities (shares) | |
| Foreign exchange | |
| Derivatives | |
| Fixed-interest products |
You can undertake one or more of the three specialist PS146 training courses illustrated in the table above, which will grant you PS146 competency to provide advice in the related areas.
6. Can I just complete individual PS146 courses?
Some Dealer Groups will permit their advisers to be qualified to provide limited advice in one specialist area.
For example, to be qualified to provide General Advice in relation to:
- Insurance (general advice) Workshop - 3 Days* ($1,635); Distance ($885)
- Superannuation (general advice) Workshop - 3 Days* ($1,635); Distance ($885)
- Investment (general advice) Workshop - 3 Days* ($1,635); Distance ($885)
For example, to be qualified to provide Personal Advice in relation to:
- Insurance (personal advice) Workshop - 5 Days* ($2,180); Distance ($1,180)
- Superannuation (personal advice) Workshop - 5 Days* ($2,180); Distance ($1,180)
- Investment (personal advice) Workshop - 5 Days* ($2,180); Distance ($1,180)
7. When should I do the full Diploma of Financial Services (Financial Planning)?
The Diploma of Financial Services (Financial Planning) is the default qualification required for most careers in the financial services industry. Most Dealer Groups today require their advisers to have the full diploma because they want their advisers to be qualified to provide personal financial planning advice to retail clients.
Diploma of Financial Services (Financial Planning)
Workshop - 9 Days plus pre-reading ($4,360); Distance ($2,360)
It is made up of four tier one PS146 training courses which can each be undertaken by Distance Education or by completing the four Workshop Courses:
Four DFS training courses... |
...that allows you to provide personal advice... |
 |
Successful completion of the final course (DFS 4) will allow you to provide personal advice on property ownership structures, listed property trusts, managed investments, shares, foreign exchange, derivatives, and fixed interest products. The second course (DFS 2) will allow you to provide personal advice to clients on general insurance, income protection, Insurance, business overheads and trauma insurance. The first course (DFS 1) sets the foundation by teaching the generic industry knowledge and financial planning skills, which is reinforced in each of the subsequent PS146 Training Courses. |
Upon successful completion of the four DFS Training Courses, you will attain the Diploma of Financial Services (Financial Planning) which grants you PS146 competency to provide personal advice in the related areas. However, this Diploma offers more than just PS146 compliance training. It is designed to engage and challenge participants so that they have the skills to apply knowledge gained in the workplace.
8. Should I study in a workshop with a facilitator?
Interactive workshop courses are the fastest way to achieve your qualification.
Training is delivered to small groups of students in most capital cities every month. Workshop courses are ideal if you are new to the industry, want support and like to network. Facilitators are skilled at making the workshop experience interactive, interspersing real life examples to stimulate interest.
You can choose to attend workshop courses in quick succession in a given month or attend individual courses over several months. For example, you may choose to do a 2-3 day training course every fortnight or month.
9. Should I study by distance education?
Self-paced learning is ideal if you are remotely located, returning to the industry or just can't take the time off work. Distance Education is also approximately half the cost of workshop courses, but you will need to allocate regular study times and be self-disciplined.
You will be assigned an experienced professional facilitator and financial planner, who will be available by telephone and email to provide speedy assessment feedback.
You will have four months to complete the distance education course. You can apply for an extension in writing so long as your application is received within this four month period.
10. Can I choose to do one course by distance education and another in the workshop?
Yes. Whether you do a course by Workshop or by Distance education is your choice. You may even upgrade from Distance Education to a Workshop Course by advising us in writing and paying the difference in price.
11. How long does the workshop training take?
Individual workshop courses are 1 or 2 days in duration and are generally run from 8.30am to 4.30pm between Tuesday and Friday. You will also need to allow half a day for reading course material for each workshop day.
Courses are generally scheduled every month so as to allow you to complete the Diploma of Financial Services (Financial Planning) over a three-week period.
For example, the next diploma workshop program in Sydney will be facilitated in 4 or 5-day blocks on:
20-24 Feb
Financial Planning 20 to 22 Feb (Mon–Wed)
Insurance 23 to 24 Feb (Thu–Fri)
31 Jan –3 Feb
Superannuation 31 Jan –1 Feb (Tue–Wed)
Investment 2 – 3 Feb (Thu–Fri)
We run workshop courses in Sydney every four weeks, so if these dates are not convenient, please consult our course schedule.
12. How long does distance education take?
The time it takes to complete a distance education course varies by individual, but if you are currently working in the financial services industry you should allow at least 5 days (40 hours) of study for each course.
New entrants to the workforce should allow up to 150 hours of study.
13. Can I receive recognition of prior learning (RPL) for courses I have already done?
PS146 Training Australia recognises all previously attained qualifications and/or statements of attainment completed with other universities, TAFE or registered training organisations from courses or subjects listed on the ASIC training register.
For pre-enrolment RPL approval, please provide a copy of your previously attained qualifications and/or statements of attainment by:
fax to the RTO Manager on 1300 366 170 (Int: +61 3 9614 1877) or
mail to PS146 Training Australia, Level 2, 349 Collins Street, Melbourne 3000 or
email attaching a scanned copy as a PDF to training@ps146.com.au
If you apply for RPL as part of your enrolment, check the RPL tick box and course fees will be calculated assuming that your RPL application is successful. If, upon receipt of your previously attained qualifications and/or Statements of Attainments, your RPL application is not accepted, you will be notified and arrangements made for you to enrol and pay for the course in question.
ASIC requires advisers with foreign qualifications to undertake courses on the ASIC training register to become familiar with Australian regulatory requirements (RG146.5 / PS146.5).
14. Can I upgrade from general to personal advice?
If you have successfully completed a course that qualifies you to provide general advice (i.e. Generic Knowledge (GK), you can do the following gap course to qualify you to provide personal advice in the specialist knowledge area that you are qualified in:
Financial Planning Skills (FPS)Workshop - 2 Days ($545); Distance ($295)
Discounts on the above prices are available for dealer groups (10%) or individuals who pay in full 60-days or more prior to workshop commencement (5%). In-house training prices are available on application with a minimum of 8 participants.
15. Once I successfully complete the Diploma, what abbreviation can I use on my business cards?
Once you have been awarded the Diploma of Financial Services (Financial Planning), you can use a post nominal on your business card, resume and letter head to convey your qualifications. While there are no hard and fast rules about how you abbreviate this qualification, some examples include DFS(FP), Diploma FS(FP), Dip.FS (Financial Planning), Dip.FS(FP) or even DFS(Financial Planning).
16. How does PS146 apply to Customer Service Representatives (CSRs)?
CSRs, such as call centre or front desk staff who typically deal with initial enquiries from customers, routinely undertake PS146 training where it provides the general or specialist knowledge they require to successfully perform their functions. Appropriate PS146 training may include one of the following:
Generic Knowledge (general advice) Workshop - 1 Day*($545); Distance ($295)
Insurance (general advice) Workshop - 3 Days* ($1,635); Distance ($885)
Superannuation (general advice) Workshop - 3 Days*($1,635); Distance ($885)
Investment (general advice) Workshop - 3 Days* ($1,635); Distance ($885)
If you provide advice from a script approved by, or under direct supervision of, a person who meets the PS146 standards, it is not mandatory that you be PS146 qualified. However, customer service representatives must have the necessary competencies to perform their functions which include a thorough understanding of the limits of the financial product advice they are permitted to give. Speak to the Compliance Manager in your current or intended financial services firm to better understand their training policy for CSR.
Discounts on the above prices are available for dealer groups (10%) or individuals who pay in full 60-days or more prior to workshop commencement (5%). In-house training prices are available on application with a minimum of 8 participants.
17. How does RG146 / PS146 apply to Pooled Superannuation Trusts (PST)?
If representatives of a trustee of a Pooled Superannuation Trust provide personal financial product advice to retail clients, they will need to comply with the training standards set out in RG146 / PS146.
To be qualified to provide advice to retail clients on Pooled Superannuation Trusts, you must successfully complete either of the following two courses:
Superannuation (personal advice) Workshop - 45 Days* ($2,180); Distance ($1,180)
Superannuation (general advice) Workshop - 3 Days* ($1,635); Distance ($885)
Discounts on the above prices are available for dealer groups (10%) or individuals who pay in full 60-days or more prior to workshop commencement (5%). In-house training prices are available on application with a minimum of 8 participants.
18. I work in a stock broking firm. What course should I do?
To be qualified to provide advice on managed investments, securities, derivates or foreign exchange, suitable for a career in a stock broking firm, you can undertake either of the following two courses:
Investment (personal advice) Workshop - 5 Days* ($2,180); Distance ($1,180)
Investment (general advice) Workshop - 3 Days* ($1,635); Distance ($885)
If you provide advice from a script approved by, or under direct supervision of, a person who meets the PS146 standards, it is not mandatory that you be PS146 qualified. However, customer service representatives must have the necessary competencies to perform their functions which include a thorough understanding of the limits of the financial product advice they are permitted to give. Speak to the Compliance Manager in your current or intended financial services firm to better understand their training policy for stock brokers, call centre or front desk staff.
Discounts on the above prices are available for dealer groups (10%) or individuals who pay in full 60-days or more prior to workshop commencement (5%). In-house training prices are available on application with a minimum of 8 participants.
19. What training must I have to advise on basic deposit products and related non-cash payment products?
To be qualified to provide advice in relation to basic deposit products and related non-cash payment products (BDPs), you can undertake the following RG146 / PS146 Training Courses:
Financial Advice (personal advice) Workshop - 3 Days* ($1090); Distance ($590)
Generic Knowledge (general advice) Workshop - 1 Day* ($545); Distance ($295)
These topic areas are also covered in DFS 2 - Financial Advice (Distance Education or a 3 day Workshop Course);
Discounts on the above prices are available for dealer groups (10%) or individuals who pay in full 60-days or more prior to workshop commencement (5%). In-house training prices are available on application with a minimum of 8 participants.
20. What RG 146 / PS146 training qualifies me to provide consumer credit insurance?
Consumer credit insurance is a Tier 2 financial services product as defined under the Financial Services Reform Act and is designed to manage risk in relation to consumer credit.
To be qualified to provide advice on consumer credit insurance, you can undertake either of the following two courses:
General Insurance Workshop - 3 Days* ($1,635); Distance ($885)
Discounts on the above prices are available for dealer groups (10%) or individuals who pay in full 60-days or more prior to workshop commencement (5%). In-house training prices are available on application with a minimum of 8 participants.
21. What training for travel insurance products can I do?
Travel insurance is a Tier 2 financial product as defined under the Financial Services Reform Act, designed to manage risk in relation to travel.
To be RG146 / PS146 qualified to provide advice on travel insurance products, you can undertake either of the following two courses:
General Insurance Workshop - 3 Days* ($1,635); Distance ($885)
Discounts on the above prices are available for dealer groups (10%) or individuals who pay in full 60-days or more prior to workshop commencement (5%). In-house training prices are available on application with a minimum of 8 participants.
22. Which RG146 / PS146 courses can I do to provide advice on general insurance?
General insurance is a tier 2 financial services product as defined under the Financial Services Reform Act and is designed to manage risk in relation to assets and events such as cars, house and contents, landlord, caravan, boat and travel.
To be PS146 qualified to provide advice on General Insurance, you can undertake either of the following two courses:
General Insurance Workshop - 3 Days* ($1,635); Distance ($885)
Discounts on the above prices are available for dealer groups (10%) or individuals who pay in full 60-days or more prior to workshop commencement (5%). In-house training prices are available on application with a minimum of 8 participants.
23. What PS146 training do I need to advise on self-managed superannuation funds (SMSFs)?
No course on the ASIC register provides training in relation to SMSFs only. To comply with PS146 you must have knowledge of all superannuation products, even when you are advising on one superannuation product only, such as SMSF.
Any person advising on SMSFs must complete, as a minimum, either:
Superannuation (personal advice) Workshop - 5 Days* ($2,180); Distance ($1,180)
Superannuation (general advice) Workshop - 3 Days* ($1,635); Distance ($885)
Discounts on the above prices are available for dealer groups (10%) or individuals who pay in full 60-days or more prior to workshop commencement (5%). In-house training prices are available on application with a minimum of 8 participants.
24. I am an AFS licensee and advise and deal in derivatives. How does RG146 / PS146 apply to me?
The RG146 / PS146 training standards for generic knowledge and specialist knowledge in derivatives must be satisfied at the tier 1 educational level. To be qualified to provide advice and deal in derivatives, you can undertake either of the following two courses:
- Investment (personal advice) Workshop - 5 Days* ($2,180); Distance ($1,180)
- Investment (general advice) Workshop - 3 Days* ($1,635); Distance ($885)
Discounts on the above prices are available for dealer groups (10%) or individuals who pay in full 60-days or more prior to workshop commencement (5%). In-house training prices are available on application with a minimum of 8 participants.
25. Are 'product issuers' required to meet the training requirements under PS146?
Product issuers when advertising their own products may be providing financial product advice. In addition, any advisers and customer service representatives must have the necessary competencies to perform their functions which include a thorough understanding of the limits of the financial product advice they are permitted to give.
Appropriate PS146 training may include one of the following:
- Insurance (general advice) Workshop - 3 Days* ($1,635); Distance ($885)
- Superannuation (general advice) Workshop - 3 Days* ($1,635); Distance ($885)
- Investment (general advice) Workshop - 3 Days* ($1,635); Distance ($885)
Discounts on the above prices are available for dealer groups (10%) or individuals who pay in full 60-days or more prior to workshop commencement (5%). In-house training prices are available on application with a minimum of 8 participants.
26. How does RG146 / PS146 apply to para-planners?
Para-planners are representatives that perform functions such as collecting information from retail clients about their objectives, financial situation or needs, preparing draft Statements of Advice (SoA) and assisting in the explanation of financial product advice to retail clients.
If you work under direct supervision of a person who meets the RG146 / PS146 standards, then it is not mandatory for you to be PS146 qualified. However, para-planners must have the necessary competencies to perform their functions. As such, para-planners routinely complete the following course as it provides the specialist knowledge they require to successfully perform their role.
Diploma of Financial Services (Financial Planning)
Workshop - 9 Days plus pre-reading ($4,360); Distance ($2,360)
Discounts on the above prices are available for dealer groups (10%) or individuals who pay in full 60-days or more prior to workshop commencement (5%). In-house training prices are available on application with a minimum of 8 participants.
27. How does RG146 / PS146 apply to trainees, office staff and adviser assistants?
Trainees, office staff and adviser assistants to financial advisers or insurance brokers are generally provided with RG146 / PS146 training as it provides the specialist knowledge they require to successfully perform their duties.
While it is not mandatory, appropriate RG146 / PS146 training generally includes one of the following:
- Insurance (personal advice) Workshop - 5 Days* ($2,180); Distance ($1,180)
- Insurance (general advice) Workshop - 3 Days* ($1,635); Distance ($885)
- Superannuation (personal advice) Workshop - 5 Days* ($2,180); Distance ($1,180)
- Superannuation (general advice) Workshop - 3 Days* ($1,635); Distance ($885)
- Investment (personal advice) Workshop - 4 Days* ($2,180); Distance ($1,180)
- Investment (general advice) Workshop - 5 Days* ($1,635); Distance ($885)
Discounts on the above prices are available for dealer groups (10%) or individuals who pay in full 60-days or more prior to workshop commencement (5%). In-house training prices are available on application with a minimum of 8 participants.
28. Is advice given by a tax agent financial product advice?
Advice given by a tax agent registered under the Part VIIA of the Income Tax Assessment Act 1936 is not financial product advice, if the advice is given in the ordinary course of activities.
However, if tax advice is intended to influence the client in decision-making about financial products, the tax advice may be financial product advice. Therefore, if you are a tax adviser you will need to consider whether you provide any financial services that may require you to hold an AFS license or become a representative of a licensee.
You may also wish to transition into the financial services industry, in which case is may be appropriate to enroll in the:
Diploma of Financial Services (Financial Planning)
Workshop - 9 Days plus pre-reading ($4,360); Distance ($2,360)
Discounts on the above prices are available for dealer groups (10%) or individuals who pay in full 60-days or more prior to workshop commencement (5%). In-house training prices are available on application with a minimum of 8 participants.
29. How does RG146 / PS146 apply to incidental advice provided by lawyers?
Advice given by a lawyer in their professional capacity about matters of law, legal interpretation or the application of law to the facts is not financial product advice. A person is also taken not to provide financial product advice if they only express an opinion or recommendation about the allocation of a person's funds among certain types of products and do not express an opinion or recommendation about a specific financial product or class of financial products.
Where lawyers wish to transition into the financial services industry, they tend to enroll in the:
Diploma of Financial Services (Financial Planning)
Workshop - 9 Days plus pre-reading ($4,360); Distance ($2,360)
Discounts on the above prices are available for dealer groups (10%) or individuals who pay in full 60-days or more prior to workshop commencement (5%). In-house training prices are available on application with a minimum of 8 participants.
30. What can't a recognised accountant do without RG146 / PS146 training and appropriate AFSL authorisation?
You are not able to do the following things without RG146 / PS146 training and AFSL authorisation, even if you are a recognised accountant:
- You cannot give any advice that relates to the particular assets or investment strategy of the SMSF, including whether the trustee should acquire or dispose of certain financial products or classes of financial product.
- You cannot recommend that the client dispose of interests in another type of superannuation fund (such as an employer fund or public offer fund), or any other type of financial product, even if the recommendation is for the client to dispose of that product in order to establish or join a SMSF (for example, by rolling over funds from the other superannuation fund to the SMSF).
- You cannot recommend that the client change the investment strategies or contribution levels of another type of superannuation fund. That is, you cannot recommend that the client stop contributing to an existing superannuation fund and instead make contributions into a SMSF. You cannot give advice to switch between investment options.
- You cannot recommend that your client should not invest in other types of financial product.
- You cannot recommend that your client join an existing SMSF unless that recommendation is reasonably necessary to, and an integral part of, advice about the establishment, operation, structuring or valuation of the fund.
Many accountants are establishing financial planning divisions to their practice. To be transition into the financial services industry, you can undertake the:
Diploma of Financial Services (Financial Planning)
Workshop - 9 Days plus pre-reading ($4,360); Distance ($2,360)
Discounts on the above prices are available for dealer groups (10%) or individuals who pay in full 60-days or more prior to workshop commencement (5%). In-house training prices are available on application with a minimum of 8 participants.
31. When should I do the Advanced Diploma of Financial Services (Financial Planning)?
The Advanced Diploma of Financial Services (Financial Planning) is an education pathway for advanced standing with peak financial services industry associations, including the Association of Financial Advisers (AFA) Financial Planning Association (FPA) and the Independent Financial Advisers (IFA).
A large number of Dealer Groups today, also require their financial planners to have the full advanced diploma because they want their advisers to be qualified to provide personal financial planning advice to retail clients in relation to estate planning, taxation planning, investment planning and complex financial planning.
Advanced Diploma of Financial Services (Financial Planning)
Workshop - 8 Days plus pre-reading ($4,360); Distance ($2,360)
It is made up of four RG146 / PS146 training courses which can each be undertaken by Distance Education or by completing the four Workshop Courses:
Four ADFS training courses... |
...that provides advanced industry standing |
|
Successful completion of the final Course (ADFS 4) will qualify You to conduct complex financial planning research, determine complex client needs, provide comprehensive monitoring and implement innovate financial plans. The third Course (ADFS 3) enables You to provide personal advice in relation to portfolio construction, risk and return, diversification, investment styles, research and disclosure. The second Course (ADFS 2) will qualify You to provide personal advice to clients on estate planning, succession planning and key man insurance. The first Course (ADFS 1) will qualify You to provide personal advice to clients on taxation planning, including Australian Taxation System Income Tax, FBT, PAYG, HEC, Income, CGT, Retirement Planning, Deductions and Personal Tax Planning. |
Upon successful completion of this education program, you will attain the Advanced Diploma of Financial Services (Financial Planning) which grants you RG146 / PS146 competency to provide personal advice in the above related areas. However, this course offers more than just RG146 / PS146 compliance training. It is designed to engage and challenge participants so that they have the skills to apply the knowledge gained in the workplace.
32. What is the difference between the old Diploma of Financial Planning ('DFP') and the new Diploma of Financial Services (Financial Planning) ('DFS(FP)')?
The old DFS was made up of eight DFP courses (DFS 1 to 8) and was delivered by the Financial Planning Association (FPA). The first four DFP courses (DFP 1 to 4) met all ASIC PS146 requirements prior up to 31 December 2002. While the DFS was a nationally accredited course under the Australian National Qualifications Framework (AQTF), it was not recognised by the Australian National Training Authority (ANTA).
The new DFS(FP) is made up of four DFS courses (DFS 1 to 4) and is a nationally recognised AQTF qualification that is recognised by the Australian National Training Authority (ANTA) and meets all ASIC PS146 requirements from 1 January 2003. The four courses in the DFS(FP) includes the content of the old DFP plus additional competencies and skill based assessment.
33. I have been out of the industry for some time but have the old DFP. What do I need to do to meet ASIC's new RG146 / PS146 requirements?
In most circumstances, you will benefit from undertaking the new DFS(FP). However, given your previous industry experience and recognition of prior learning, you may be able to undertake an accelerated distance education program.
Diploma of Financial Services (Financial Planning)
Workshop - 9 Days plus pre-reading ($4,360); Distance ($2,360)
34. What are industry competencies?
PS146 Training Australia has structured its training to meet the required national standards for content and assessment methods as required by the Financial Services Training Package (FSTP), principles of Competency Based Training (CBT) and the Australian Vocational Education and Training (VET) policies.
A Training Package is a set of nationally endorsed standards and qualifications used to recognise and assess the skills and knowledge people needed to perform effectively in the workplace. Training Packages are developed by industry through national industry skills councils (ISCs) or by enterprises to meet the identified training needs of specific industries or industry sectors.
Competency-based training (CBT) was introduced in the late 1980s as part of wider economic policy measures to improve the skill levels of the Australian workforce, enable Australian industry to be more competitive in global markets and establish new career structures for the Australian workforce. In a traditional educational system, the unit of progression is time and it is teacher-centered. In a CBT system, the unit of progression is mastery of specific knowledge and skills.
Australian vocational education and training (VET) policy adopted by successive governments at federal, State and Territory levels requires the application of CBT to the relevant training package. The Australian National Training Authority (ANTA) Principles and Guidelines for improving outcomes for Vocational Education and Training provide credit towards a recognized VET qualification within the Australian Qualifications Framework.
PS146 Training Australiafs courses meet the above standards of the financial services industry for financial planners and are listed on the ASIC Training Register.
35. What competencies do I get if I complete the diploma?
Upon successful completion of the Diploma of Financial Services (Financial Planning), you will be issued with a statement of attainment which includes the following units of competency:
| Competency Unit | Title | |
| ASIC Units |
FINSASIC301A FINSASIC302A FINSASIC503ZA FINSASIC503XA FINSASIC503UA FINSASIC503TA FINSASIC503Wa FINSASIC503VA |
Establish client relationship and analyse needs Develop, present and negotiate client solutions Provide advice in Financial Planning Provide advice in Insurance Provide advice in Superannuation Provide advice in Managed Investments Provide advice in Securities Provide advice in Derivatives |
| Sectoral Core Units | FNSFPLN501A FNSFPLN502A FNSFPLN503A FNSFPLN504A FNSFPLN505A |
Comply with financial planning practice, ethical and operational guidelines & regulatory requirements Conduct financial planning analysis and research Develop and prepare a financial plan Implement financial plan Review financial plan and provide ongoing service |
| Elective Units | FNSFPLN506A FNSFPLN507A FNSICADV501A FNSICADV502A FNSCOMP501A FNSICPRO502A FNSICCUS506A FNSICCUS507A FNSFMKT502A FNSFMKT503A |
Meet with client to determine client requirements and expectations Provide financial planning advice. Provide appropriate services, advice and products to clients Provide appropriate and timely information to clients Comply with financial services legislation, industry and professional codes of practice Conduct product research to support recommendations Determine client requirements and expectations Record and implement client instructions. Analyse financial market products for clients Advise clients on financial risks |
| Industry Core | FNSICGEN301A FNSICGEN302A FNSICGEN304A FNSICIND401A |
Communicate in the workplace Use technology in the workplace Apply health and safety practices in the workplace Apply principles of professional practice to work in the financial services industry |
36. How are the courses assessed?
In line with contemporary learning methods and ASIC guidelines, no exams are required.
Instead, assessment is by way of approximately 80 activities conducted through out the program, including case studies, role-plays, group activities, short answer and multiple choice questions. This provides an enhanced learning experience by combining knowledge, skills and assessment in a continuous cycle throughout the course.
If you choose to study by the distance education, you will be assigned an assessor and financial planner who will be available by email and telephone to provide speedy assessment feedback. Some activities, such as presenting a SoA to a client, will require you to make an appointment for a telephone assessment.
37. What competencies do I get if I complete the Advanced diploma?
Upon successful completion of the Advanced Diploma of Financial Services (Financial Planning), you will be issued with a statement of attainment which includes the following units of competency:
Competency Unit |
Title |
FNSFPLN508A FNSFPLN601A FNSFPLN602A FNSFPLN603A FNSFPLN604A FNSFPLN605A FNSFPLN606A |
Conduct complex financial planning research Provide technical and professional guidance Determine client requirements and expectations for clients with complex needs Provide comprehensive monitoring and ongoing service Develop complex and/or innovative financial planning strategies Present and negotiate complex and/or innovative financial plan to the client Implement complex and or innovative financial plan |
38. What competencies do I get if I complete the Insurance Adviser course?
Upon successful completion of the Insurance (General Advice) course as listed on the ASIC Training Register, you will be issued with a Statement of Attainment In partial completion of the nationally recognised qualification of the Diploma of Financial Services (Financial Planning) FNS50804, which includes the following units of competency:
Competency Unit |
Title |
|
ASIC Units |
FNSASIC503XA |
Provide advice in Life Insurance |
Prerequisite Units |
FNSICADV501A |
Provide appropriate services, advice and products to clients (ASIC Tier 1 Unit) Comply with financial services legislation, industry and professional codes of practice Conduct research to support recommendations Record and implement client instructions |
FNSFPLN501A |
Comply with financial planning practice ethical and operational guidelines and regulatory requirements |
|
Industry Core Units |
FNSICGEN301A FNSICGEN302A FNSICGEN304A FNSICIND401A |
Communicate in the workplace Use technology in the workplace Apply health and safety practices in the workplace Apply principles of professional practice to work in the financial services industry |
In addition to the above, upon successful completion of the Insurance (Personal Advice) course as listed on the ASIC Training Register, you will be issued with two Statements of Attainment in partial completion of the nationally recognised qualification of the Diploma of Financial Services (Financial Planning) FNS50804, which includes the following additional units of competency:
Competency Unit |
Title |
|
ASIC Units |
FNSASIC301A FNSASIC302A FNSASIC503ZA |
Establish client relationship and analyse needs Develop, present and negotiate client solutions Provide advice in Financial Planning |
Elective Units |
FNSFPLN506A FNSFPLN507A |
Meet with client to determine client requirements and expectations Provide financial planning advice |
Sectoral Core Units |
FNSFPLN502A FNSFPLN503A FNSFPLN504A FNSFPLN505A |
Conduct financial planning analysis and research Develop and prepare financial plan Implement financial plan Review financial plan and provide ongoing service |
39. What competencies do I get if I complete the Superannuation Adviser course?
Upon successful completion of the Superannuation (General Advice) course as listed on the ASIC Training Register, you will be issued with a Statement of Attainment In partial completion of the nationally recognised qualification of the Diploma of Financial Services (Financial Planning) FNS50804, which includes the following units of competency:
Competency Unit |
Title |
|
ASIC Units |
FNSASIC503UA |
Provide advice in Superannuation |
Prerequisite Units |
FNSICCUS506A |
Determine client requirements and expectations Provide appropriate and timely information to clients Conduct product research to support recommendations Record and implement client instructions |
Sectoral Core Units |
FNSFPLN501A |
Comply with financial planning practice ethical and operational guidelines and regulatory requirements |
Industry Core Units |
FNSICGEN301A FNSICGEN302A FNSICGEN304A FNSICIND401A |
Communicate in the workplace Use technology in the workplace Apply health and safety practices in the workplace Apply principles of professional practice to work in the financial services industry |
In addition to the above, upon successful completion of the Insurance (Personal Advice) course as listed on the ASIC Training Register, you will be issued with two Statements of Attainment in partial completion of the nationally recognised qualification of the Diploma of Financial Services (Financial Planning) FNS50804, which includes the following additional units of competency:
Competency Unit |
Title |
|
FNSASIC301A FNSASIC302A FNSASIC503ZA |
Establish client relationship and analyse needs Develop, present and negotiate client solutions Provide advice in Financial Planning |
|
Elective Units |
FNSFPLN506A FNSFPLN507A |
Meet with client to determine client requirements and expectations Provide financial planning advice |
Sectoral Core Units |
FNSFPLN502A FNSFPLN503A FNSFPLN504A FNSFPLN505A |
Conduct financial planning analysis and research Develop and prepare financial plan Implement financial plan Review financial plan and provide ongoing service |
40. What competencies do I get if I complete the Investment Adviser course?
Upon successful completion of the Investment (General Advice) course as listed on the ASIC Training Register, you will be issued with a Statement of Attainment In partial completion of the nationally recognised qualification of the Diploma of Financial Services (Financial Planning) FNS50804, which includes the following units of competency:
Competency Unit |
Title |
|
ASIC Units |
FNSASIC503TA FNSASIC503Wa FNSASIC503VA |
Provide advice in Managed Investments Provide advice in Securities Provide advice in Derivatives |
Prerequisite Units |
FNSICADV502A FNSICPRO502A FNSICCUS506A FNSICCUS507A FNSFMKT502A FNSFMKT503A |
Provide appropriate and timely information to clients Conduct research to support recommendations Determine clients requirements and expectations Record and implement client instructions Analyse financial market products for clients Advise clients on financial risks |
Sectoral Core Units |
FNSFPLN501A |
Comply with financial planning practice ethical and operational guidelines and regulatory requirements |
Industry Core Units |
FNSICGEN301A FNSICGEN302A FNSICGEN304A FNSICIND401A |
Communicate in the workplace Use technology in the workplace Apply health and safety practices in the workplace Apply principles of professional practice to work in the financial services industry |
In addition to the above, upon successful completion of the Investment (Personal Advice) course as listed on the ASIC Training Register, you will be issued with two Statements of Attainment in partial completion of the nationally recognised qualification of the Diploma of Financial Services (Financial Planning) FNS50804, which includes the following additional units of competency:
Competency Unit |
Title |
|
ASIC Units |
FNSASIC301A FNSASIC302A FNSASIC503ZA |
Establish client relationship and analyse needs Develop, present and negotiate client solutions Provide advice in Financial Planning |
Elective Units |
FNSFPLN506A FNSFPLN507A |
Meet with client to determine client requirements and expectations Provide financial planning advice |
Sectoral Core Units |
FNSFPLN502A FNSFPLN503A FNSFPLN504A FNSFPLN505A |
Conduct financial planning analysis and research Develop and prepare financial plan Implement financial plan Review financial plan and provide ongoing service |
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