Financial Services (Financial Planning)
Diploma (FNS50804)
What is the course all about?
This qualification will provide the qualifications to be able to give personal advice under Australian Securities and Investments Commission (ASIC) RG146.
Who should enrol in this qualification?
- The industry recommends this education pathway for financial planners who provide a range of standard financial planning services and for individuals providing specialist para-planning services. The qualification pathway is determined by elective choices.
- Depending on the electives chosen, this qualification meets ASIC requirements for Authorised Representatives. Para planners must complete elective unit: FNSFPLN508A Conduct Complex Financial Planning Research. Elective Unit FNSFPLN508A is available as part of the Advanced Diploma of Financial Services (Financial Planning) course.
- Individuals may already be working as a Client Services Officer or in training to be a Para-planner. This qualification will provide the qualifications to be able to give personal advice under Australian Securities and Investments Commission (ASIC) PS146.
Do I need any skills?
Applicants for the course should be able to demonstrate an aptitude for the course, relevant work experience in the financial planning industry, an understanding of the financial planning industry and /or relevant previous study.
How long will it take?
Where can I learn?
Hobart City Campus - Level 4, 75 Campbell Street
Launceston City Campus - Cnr Wellington & Paterson Sts
Devonport Campus - Valley Road
Burnie Campus - Mooreville Road
How will I learn?
The resource used will be the text Financial Planning in Australia, second edition, Taylor, Juchau, Houterman and McDonald, LexisNexis Butterworths, 2007.
Depending on your needs, learning may be on-the-job, off-the-job or a combination of both. Options will include:
- Day workshops or evening classes at the Campbell St, Hobart campus.
- Learning your skills in the workplace and receiving recognition by being assessed for those skills
- You may have partly or fully completed a business qualification at University or at another TAFE college or Vocational Education and Training (VET) provider and be granted recognition for your Financial Planning knowledge.
The qualification is divided into four blocks each of which will have three to four workshop days (up to 28 hours) or nine 3 hour sessions (27 hours).
- Introduction to Financial Planning
- Risk Management
- Investments
- Retirement Advice
How will I be assessed?
Throughout all assessments, occupational health & safety procedures must be followed. All competencies have the following employability skills included; communication, teamwork, problem solving, initiative and enterprise, planning and organising, self-management, learning and technology. Assessment must include these elements.
Options for assessment will include:
- Projects
- Case studies
- Role plays
- Preparing reports
- Performing practical tasks
- Performing research
- Preparing plans for clients
- Short answer questions
- Multiple choice questions
- Supervised assessments
Employability skills
All units in this qualification area assessed considering the employablity skills of:
- communication
- teamwork
- problem solving
- initiative and enterprise
- planning and organising
- self-management
- learning
- technology
When I complete this training, what's next?
Depending on how you completed this training, further study or career options may include:
- Working as a Client Services Officer or Para-planner in the Financial Planning Industry
- Being able to give general and personal advice under ASIC RG146
- Meeting the ASIC requirements for an Authorised Representative
What Competencies will I undertake?
Core units – complete all 4 units of competency
- FNSICGEN301B Communicate in the workplace
- FNSICGEN302B Use technology in the workplace
- FNSICGEN304B Apply health and safety practices in the workplace
- FNSICIND401B Apply principles of professional practice to work in the financial services industry
Sectoral core units -
complete 4 of the following units of competency
- FNSFPLN501B Comply with financial planning practice ethical and operational guidelines and regulations
- FNSFPLN502B Conduct financial planning analysis and research
- FNSFPLN503B Develop and prepare financial plan
- FNSFPLN504B Implement financial plan
- FNSFPLN505B Review financial plan and provide ongoing service
Suggested Electives - choose these 3 and 1 of the above core units to be compliant
- FNSASIC503ZB Provide advice in financial planning
- FNSFPLN506B Meet with client to determine client requirements and expectations
- FNSFPLN507B Provide financial planning advice
PLUS
Additional prerequisites and ASIC units for general and specific advice
- FNSASIC301B Establish client relationship and analyse needs
- FNSASIC302B Develop, present and negotiate client solutions
- FNSASIC503UB Provide Advice in Superannuation
- FNSASIC503WB Provide Advice in Securities
- FNSASIC503XB Provide Advice in Life Insurance
- FNSASIC503TB Provide Advice in Managed Investments
- FNSICCUS506B Determine client requirements and expectations
- FNSICCUS507B Record and implement client instruction
- FNSFMKT502B Analyse financial market products for client
- FNSFMKT503B Advise client on financial risks
- FNSICADV501B Provide appropriate services, advice and products to clients
- FNSICADV502B Provide appropriate and timely information and advice to clients
- FNSICPRO502B Conduct research to support recommendations
- FNSCOMP501B Comply with financial services legislation, regulations and codes of practice
Training Delivery using the text Financial Planning in Australia, second edition, 2007
Please note: These Modules may be completed in any order.
Module 1- Introduction to Financial Planning (9 weeks @ 3 hours or 3-4 days)
Topic Chapter & Competencies achieved after module 1
- The Financial Planning Environment - Chapter 1
- The Client- Advisor Relationship - Chapter 2
- Financial Reports and Plans - Chapter 3
- Compliance and Ethics - Chapter 5
- FNSICGEN302B Use technology in the workplace
- FNSICGEN304B Apply health and safety practices in the workplace
- FNSICIND401B Apply principles of professional practice to work in the financial services industry
- FNSASIC301B Establish client relationship and analyse needs
- FNSASIC302B Develop, present and negotiate client solutions
- FNSFPLN501B Comply with financial planning practice ethical and operational guidelines and regulations
Module 2- Risk Management (9 weeks @ 3 hours or 3-4 days)
Topic Chapter & Competencies achieved after module 1 and 2
- Fundamental Concepts of Diversification and Risk Management - Chapter 4
- Life Insurance - Chaper 12
- Income Protection Insurance and Health Insurance - Chapter 13
- General Insurance - Chapter 14
- FNSASIC503XB Provide advice in life insurance and the prerequisites
- FNSICADV501B Provide appropriate services, advice and products to clients
- FNSCOMP501B Comply with financial services legislation, industry and professional codes of practice
- FNSICPRO502B Conduct product research to support recommendations
- FNSICCUS507B Record and implement client instruction
Module 3 - Retirement Advice (9 weeks @ 3 hours or 3-4 days)
Topic Chapter & Competencies achieved after modules 1, 2 and 3
- Superannuation - Chapter 15
- Social Security - Chapter 16
- FNSASIC503UB Provide advice in superannuation and the additional prerequisites
- FNSICCUS506B Determine client requirements and expectations
- FNSICADV502B Provide appropriate and timely information and advice to client
Module 4- Investments (9 weeks @ 3 hours or 3-4 days)
Topic Chapter & Competencies achieved after modules 1, 2, 3 and 4
- Investing in Shares and Bonds - Chapter 7
- Making Securities Transactions - Chapter 8
- Investing in Managed Funds - Chapter 9
- Financial Plan Construction - Chapter 18
- FNSICGEN301B Communicate in the workplace
- FNSFPLN502B Conduct financial planning analysis and research
- FNSFPLN503B Develop and prepare financial plan
- FNSFPLN504B Implement financial plan
- FNSFPLN505B Review financial plan and provide ongoing service
- FNSFPLN506B Meet with client and determine client Requirements and expectations
- FNSFPLN507B Provide financial planning advice
- FNSASIC503ZB Provide advice in financial planning
- FNSASIC503WB Provide advice in securities
- FNSASIC503TB Provide advice in managed investments
and additional prerequisites
- FNSFMKT502B Analyse financial market products for client
- FNSFMKT503B Advice clients of financial risk
Prerequisite units for the following will be completed and assessed through course work in
conjunction with the respective ASIC industry competency.
Industry Specific ASIC Competencies
- FNSASIC503TB Provide advice in Managed Investments
Prerequisites
- FNSICCUS506B Determine client requirements and expectations
- FNSICADV502B Provide appropriate and timely information and advice to clients
- FNSICPRO502B Conduct product research to support recommendations
- FNSICCUS507B Record and implement client instructions
- FNSASIC503UB Provide advice in Superannuation
Prerequisites
- FNSICCUS506B Determine client requirements and expectations
- FNSICADV502B Provide appropriate and timely information and advice to clients
- FNSICPRO502B Conduct product research to support recommendations
- FNSICCUS507B Record and implement client instructions
- FNSASIC503VB Provide advice in Derivatives
Prerequisites
- FNSICCUS506B Determine client requirements and expectations
- FNSICCUS507B Record and implement client instructions
- FNSFMKT502B Analyse financial market products for client
- FNSFMKT503B Advice clients of financial risk
- NSASIC503WB Provide advice in Securities
Prerequisites
- FNSICCUS506B Determine client requirements and expectations
- FNSICCUS507B Record and implement client instructions
- FNSFMKT502B Analyse financial market products for client
- FNSFMKT503B Advice clients of financial risk
- FNSASIC503XB Provide advice in Life Insurance
Prerequisites
- FNSICADV501B Provide appropriate services, advice and products to clients
- FNSCOMP501B Comply with financial services legislation, industry and professional codes of practice
- FNSICPRO502B Conduct product research to support recommendations
- FNSICCUS507B Record and implement client instructions
Fees
Total cost $2,500*
- Workshop 1 - $700*
Includes text book “Financial Planning in Australia (second Ed.)
- Workshop 2 - $600*
- Workshop 3 - $600*
- Workshop 4 - $600*
*These costs were accurate at time of printing but may be subject to change.
Assessment Validation Process
Training and assessment tools have been validated by Roger Colbeck, CFP, Manager Financial Planning, Tasmanian Perpetual Trustees Pty. Ltd.
Consultation
This learning and assessment strategy has been prepared with ongoing guidance from our Enterprise Reference Group, which comprises members who have financial experience in financial planning, financial institutions, government, the accounting and book-keeping profession, small business and large local and national companies.
Accounting and Finance Delivery Team Details
Or call TAFE Tasmania General Enquiries: 1300 655 307
Last Updated
Monday, 8 September 2008 (M)
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