# Diploma of Financial Services (RG146/PS146)



## prawn_86 (9 March 2008)

Has anyone out there completed one?

I am looking at doing one while still at uni to give myself an edge over other graduates.

I have heard it is relatively easy, and there sure are heaps of different training organisations.

Just wanting to get peoples thoughts/experiences if you have done or looked at doing it.


----------



## robots (9 March 2008)

*Re: Diploma of Financial Services (PS146)*

hello,

I enrolled for this course (home study) several years ago,

bought first 2 folders, just bored me to death, fell asleep reading it actually

thankyou

robots


----------



## Insan3 (9 March 2008)

*Re: Diploma of Financial Services (PS146)*

I'm currently doing the Dip.FS(FP) through Kaplan.

Yes, it is boring to read I find it a little difficult not being able to bounce ideas off people who are actually in the industry. 

That said, that is EXACTLY how I felt at Uni as well - so as a Uni student you may not find it that bad.

Depends though - what exactly are you doing at Uni, and how do you personally feel a Diploma will give you the edge over a Bachelor's degree?


----------



## MRC & Co (9 March 2008)

*Re: Diploma of Financial Services (PS146)*

I went to Uni, completed 2 degrees.  Some parts very boring, others not so boring.

Doing the PS146 now, just completed the first module.  SO DAMN BORING!  First half of the module took me a few days, last half, about 3 weeks because I just couldnt bring myself to read it!  Read 2 books instead!

How will it help?  Most jobs, stockbroking, financial planning (a MUST), managed funds, find it VERY beneficial to be PS146 compliant as most firms have now moved into the business of offering all the varieties of financial products.  

Definately a good idea though prawn if you have time! Thing is, it will probably affect your Uni grades, which is not a good thing!  Maybe just use a portion of your holidays each year to complete a module or 2.


----------



## prawn_86 (9 March 2008)

*Re: Diploma of Financial Services (PS146)*

Thanks for the replies all. A few more questions...



robots said:


> hello,
> 
> I enrolled for this course (home study) several years ago,
> 
> ...




Why did you enrol Robots? Was it just to further study? Was it just dry texts that made the reading boring, or was it because it was easy?



Insan3 said:


> I'm currently doing the Dip.FS(FP) through Kaplan.
> 
> That said, that is EXACTLY how I felt at Uni as well - so as a Uni student you may not find it that bad.
> 
> Depends though - what exactly are you doing at Uni, and how do you personally feel a Diploma will give you the edge over a Bachelor's degree?




As MRC has mentioned below, a lot of brokerage firms and even investment banks now have it as a requirement for a lot of positions. So i think if i can get it done before i even leave uni i will be a step ahead.

Can i ask how much time it takes up realistically?



MRC & Co said:


> I went to Uni, completed 2 degrees.  Some parts very boring, others not so boring.
> 
> Doing the PS146 now, just completed the first module.  SO DAMN BORING!  First half of the module took me a few days, last half, about 3 weeks because I just couldnt bring myself to read it!  Read 2 books instead!
> 
> ...




How much time does it really take up MRC? 

My uni grades are decent now and i dont really do too much, but holidays were the main time when i was planning on doing it.

thanks all


----------



## waz (9 March 2008)

*Re: Diploma of Financial Services (PS146)*

I did a Kaplan course too, finished last year, although when I started it was called Finsia.

I did a Grad Dip in Finance and Investment. Did 2 subjects at a time so was able to complete it in 4 trimesters, 1 year and 3 months.

Prawn 86, I have read many of you thread posts and have no doubt you will find the course easy. Although you may be better off finishing your current uni course then enrolling in a post grad course in finance. Its the same content, so if your trying to give yourself an edge, the post grad course would be more beneficial. Also keep in mind that if it does get boring, instead of doing the normal 8 subjects for a diploma, you could just do 4 subjects and get a grad certificate. You would have it completed in 8 months.

If your still in uni and your trying to put yourself ahead of your uni mates, I would suggest work experience over qualifications. Most of the people enrolled in the Kaplan courses are between 25 and 35.

If any questions about Finsia courses ask me, its still pretty fresh in my memory.


----------



## prawn_86 (9 March 2008)

*Re: Diploma of Financial Services (PS146)*

http://www.ps146.com.au/content/courses/diploma_of_financial_services.php

That is actually the link to the one i am looking at doing.

I have spoke with that comapny and they offer a (relatively) cheap external mode which is very flexible. Obviously this suits my needs.

Once i complete the DFS i will recieve credit for a couple uni subjects, so i wont be doubling up n material/wasting time.


Waz:
Thanks for the offer, i may have to ask a couple things when i do start 

Why do you suggest a post grad cert? Apart from not covering the same content (which i wont because of credit)


----------



## robots (9 March 2008)

*Re: Diploma of Financial Services (PS146)*

hello,

i enrolled for hobby purposes,

further readings in life, not much else

thankyou

robots


----------



## MRC & Co (9 March 2008)

*Re: Diploma of Financial Services (PS146)*

I am doing it through Kaplan also.

Took me about 20 hours to read the first module (though I did it very quick because I found it so boring so didnt ensure I remembered things in detail, open book exam).  About 15 hours to complete the assignment.  Put me off being a Financial Planner, way too many compliance issues.  Not to mention, I find retirement, insurance etc as boring as can get!  I only really wanted to learn the taxation and various investment product sections.  

Its pretty easy (no rocket science), but real jumpy so hard to follow at times as it doesnt go into detailed explanations and throws around a lot of jargon which can confuse you unless you re-read it (which I dont).

Still have to sit my exam, but I usually dont have a problem with that, got distinction averages at Uni without barely doing a thing!  I find the whole academic realm generally rather simple.  Human brain is only capable of comprehending some very simple concepts, if only people could learn to write and take the time to explain them clearly, that is the biggest problem and why most things can seem "complex" I beleive.  Not to mention, most like to expand their ego by "seeming smart".  

You wont have a problem with it and I would definately recommend completing it if you want to move into the private finance world once you leave Uni.  Big edge over your competition and relatively simple to attain.

Good luck!

Couple more things after reading Waz post.  I am only doing 4 units and its a Diploma in Financial Services as I am aware.  8 subjects is an advanced diploma.  That is my understanding.

Further, work experience is HUGE!  If you are working casually, try work in the field.  Otherwise, get one of these summer internships.  Plenty of them going, just look up individual sites and spend a day sending resumes out.  One example is go to ticker (code) WIG on the ASX.  Then go to their website and search for employment opportunities.  You will see they have opportunties for current Uni students come up.


----------



## prawn_86 (9 March 2008)

*Re: Diploma of Financial Services (PS146)*

thanks MRC.

I have found it difficult to find part time work in the brokerage/investment type areas. Most seem to only employ full timers. I have a part time/casual job, but it is not in the finance area unfortunately.

I will be applying for summer internships with a few different companies for the end of this year.

The advantage of the DFS course that i am looking at doing is the fact that there is no exam, which is always a bonus


----------



## MRC & Co (9 March 2008)

*Re: Diploma of Financial Services (PS146)*



prawn_86 said:


> thanks MRC.
> 
> I have found it difficult to find part time work in the brokerage/investment type areas. Most seem to only employ full timers. I have a part time/casual job, but it is not in the finance area unfortunately.
> 
> ...




No problem.

No matter if you cant work part-time in the industry.  Any job is still experience and I would also look at volunteering of some kind, travel, sport (captaining the team) etc, all I think are regarded highly on a resume and can only help.

Internships help a heap! 

ha ha, I would rather do an exam and no assignment!  I find most exams cake-walk!  Just CBF putting in the effort of writing assignments!


----------



## miller (10 March 2008)

*Re: Diploma of Financial Services (PS146)*

I'm currently doing a Bachelor of Commerce at monash uni (majoring in finance), and there are in fact 2 specific units in my course which give me full PS146 accrediation in Specialist Knowledge in managed investments, securities, financial planning, superannuation and more.
http://www.asic.gov.au/etraining/etrain.nsf/LUDocID/F86828BE9CAC8CE34A256F260005392F?opendocument

The units apear on the ASIC training register.
http://www.asic.gov.au/etraining/etrain.nsf/ByProviderC?openview&key=ByProviderC

Maybe your uni has something similar prawn?


----------



## lioness (10 March 2008)

*Re: Diploma of Financial Services (PS146)*

Has anyone on here completed the CFP program?? 

I am thinking of doing it. How hard is it and how many hours a week do you need to complete??

Will this make me more employable and ask for a higher salary??

I suppose the advantage is I can work overseas as it is recognised isn't it?


----------



## Dezza (15 March 2008)

*Re: Diploma of Financial Services (PS146)*

I'm up to DFP8, but haven't been motivated to complete the final assignment! 
Only reason for doing it is for work, otherwise might've completed a Masters of Applied Finance or something similar instead.

However, one good thing about the DFPs are learning about tax/super issues for personal knowledge and use. Learning how to minimise taxes whilst maximising end retirement benefits is always a good thing.

As for the CFPs, the FPA is currently promoting CFPs for the financial planning industry, so they should pick up some new business through the promotions this month. Study wise, few mates completed it and moved up to a Senior position shortly after in financial services, so it does help a bit. And it is internationally recognised in most developed countries.


----------



## prawn_86 (15 March 2008)

*Re: Diploma of Financial Services (PS146)*



miller said:


> I'm currently doing a Bachelor of Commerce at monash uni (majoring in finance), and there are in fact 2 specific units in my course which give me full PS146 accrediation in Specialist Knowledge in managed investments, securities, financial planning, superannuation and more.
> http://www.asic.gov.au/etraining/etrain.nsf/LUDocID/F86828BE9CAC8CE34A256F260005392F?opendocument
> 
> The units apear on the ASIC training register.
> ...




My uni offers 2 subjects, which are pretty much equivalent to the first 2 subjects of the DFS. So if you want to be legally qualified to give advice you need to complete the final 2 units of the DFS.


----------



## julius (16 March 2008)

*Re: Diploma of Financial Services (PS146)*

how important is part-time work while you're studying ?

I haven't been working since january - day trading full time + youth allowance

my only priority at this point is getting a final year internship at one of the i-banks...most grad positions go to interns

is not working part-time going to hurt my chances?

prawn I'm thinking I might do the diploma as well...


----------



## Mofra (16 March 2008)

*Re: Diploma of Financial Services (PS146)*

There are shortcuts- if you are applying for a job that notes "PS146 complient or willing to study" your employer can train you to an industry-recognised standard (which is what my prospective employer will do).

Just ensure it will be industry recognised, as I have completed half the course with a major bank yet they did not get the accreditation right so I would have to complete the entire course with Kaplan or go back to the employer for the remaining units.


----------



## prawn_86 (16 March 2008)

*Re: Diploma of Financial Services (PS146)*

I think part time work looks good on your resume, but i do it more for the cash.

I dont have the capital or skills to succesfully day trade.

i too am looking at trying to get one of the investment banks with a grad role, and i have heard the DFS is a good stepping stone


----------



## julius (16 March 2008)

*Re: Diploma of Financial Services (PS146)*

prawn you gotta start somewhere right ... 

& I think you need less capital to day trade than position trade


----------



## Young Gun (16 March 2008)

*Re: Diploma of Financial Services (PS146)*

Hi all

I finished school in 2005 and got a job working in customer service. I studied a diploma of financial service (financial planning) at FINSIA which was PS146 complaint. 

Having not studied at uni before and not really knowing what to expect i felt it was extremly easy and simple. If you failed your assignment (you only had to do one assignment and exam per module) you could re-submit it for free. And whats more is that they even gave you comments as to why you failed. I completed this and i had no real interest in financial planning it was more that it was one of the only courses outside of tafe and uni that related to the financial services industry. 

After about a year i was able to move into a junior analyst type position, but this was more luck than anything and i am 100% the dip of financial services had nothing to do with it. 

After finishing up my diploma, i was able to gain entry into the grad dip of invest and applied finance. I started studying this and did two subjects in the first semester. I ended up passing the financial markets and then failing the financial accounting one. This was because i was lazy and didnt put much work into it coupled with the fact i hadnt done this at uni or any other tertiatory education. I then compelted another subject property investment, and i was sure i had passed this and managed to fail. Anyways since then i have decided to wait until im 21 get into university. 

My comments on both courses are: 

- if you are studying at uni i think the dip finacial services is a waste of time. I think you should get into the workforce and see how valuable it is in your company. I know that certain areas of the company i work at (financial services company) value the PS146 qualification and most of the time they will pay you to do this if they think it is worthwhile. At the end of the day this qualification will not get you over the line when comparing you to someone else. 

- having said that the grad dip of applied finance is regarded very highly and having the course would give you a edge over your competitors. It is alot more work than the dip of financial services and if you plan to do 2 subjects at a time, then you will probably have to put alot of time into this, especially if you are already working full time. 

- i have not been happy with finsia since they sold to kaplan and it has since been re branded. As an educational service provider the main attraction is the branding of the company and its repuation. The securities institute and the finsia had a very strong and highly regarded reuptation however i believe that the change of name to kaplan has changed this. Most employers dont know this new company name and i belive it will be quite a few years for the company to regain its status. 

- Customer service and support at kaplan, finsia whatever you want to call it , is a bit lacking and i have not been that happy with them

hope this helps


----------



## prawn_86 (16 March 2008)

*Re: Diploma of Financial Services (PS146)*



Young Gun said:


> - At the end of the day this qualification will not get you over the line when comparing you to someone else.
> 
> - having said that the grad dip of applied finance is regarded very highly and having the course would give you a edge over your competitors. It is alot more work the dip of financial services and if you plan to do 2 subjects at a time for the course of your exam then you will probably have to put alot of time into this, especially if you are already working.




Thanks for your experiences Young Gun,

Curious about a couple things though.

Why do you think this for your first point? I would have thought that if someone has the same degree as me with the same grades, i would have an edge due to the fact i am already compliant. This is also mainly when it comes to the pre interview assesment. IE - they would take me for an interview before the other guy...

Your second point, as i understand it (at my uni anyway) you need a bachelors degree in order to undertake a grad dip. 
I am already doing a bachelor of finance, so wouldnt a grad dip be pretty similar? I would have thought a masters in finance would be more appropriate.


----------



## Dezza (16 March 2008)

*Re: Diploma of Financial Services (PS146)*

Only good thing about Kaplan taking over from FINSIA and Tribeca is that it's international (eg. UK and Asia). So if you decide to work overseas in finance and slap that on the table, they should know what it is, especially if you completed some of the modules under the Tribeca brand as I did.

Similar to prawn_86's view, I personally believe that post-education qualifications assists in getting you through to the interview stage for jobs. However, the actual thing that gets you over that line is your experience in answering those interview questions through use of previous examples and how well you fit into the business' culture. 

But yeah, DFPs 1-7 are pretty straight forward with not much thinking involved (i.e. copy/paste from module folder, or from someone else who has completed it). DFP 8's a little more 'real-life' but with the use of financial planning software at work, it's still quite straight-forward, just time consuming.


----------



## Young Gun (16 March 2008)

*Re: Diploma of Financial Services (PS146)*



prawn_86 said:


> Thanks for your experiences Young Gun,
> 
> Curious about a couple things though.
> 
> ...




No worries I am happy to answer in more detail why this is my opinion. 

From my expirience, most companies looking to hire graduates will care and require you to have qualifications, this is a given. However that being said, all managers know that what you have learnt at uni is generally not going to result in you being able to do your job any better or worse (this is a generlisation and i am mainly talking in relation to finance, buisness degrees). 

So taking this into consideration , yes extra qualifications may look good on your cv however when you are first joining the workforce from university it is a big step, for most it is the first time they have worked full time in a team environment. It has been my expirience that most bosses look for people that are good communicators, express themselves well but most important people that are a good fit for the team in which they will be joining. This is the most critical thing people dont realise. Yes, you can have 6 post grad qualifications but if the hiring manager things the next person with just a bachlors degree is a better fit, then they will most likely hire this person. 

So in summary yes a a post grad (or a number) of post grad qualifications will look good for you straight out of uni getting a job, however the effect this will have on beating your fellow competitor i think is miminal, because you need to understand hiring is alot more than is just on paper. Your qualifications are only enough to get you an interview, once you have had your interview whats on your cv means sweet fck all. . . So should you spend $4,000 on doing a Diploma of Financial Services which means nothing compared to your bachelors degree you already have, just on the whim that it may mean you get that job ? I would answer no. You have just finished uni, wait and get a job and when your working for a company they generaly pay for you to study. 

Hope this is a little clearer for you.


----------



## Julia (16 March 2008)

*Re: Diploma of Financial Services (PS146)*

Great post, Young Gun.  Companies will always go for a person whom they can see will adapt to their corporate environment.   They will train you "to fit".  Often this means they prefer someone with less experience so they don't have to retrain bad habits.


----------



## onemore (16 March 2008)

*Re: Diploma of Financial Services (PS146)*

Geeze life is becoming hard .


----------



## prawn_86 (16 March 2008)

*Re: Diploma of Financial Services (PS146)*



onemore said:


> Geeze life is becoming hard .




Care to elaborate?


----------



## BlingBling (17 March 2008)

*Re: Diploma of Financial Services (PS146)*

Prawn,
I've been doing the Dip of FS (Fin Planning) thruogh Tribeca/Kaplan.
Pretty easy but my only hard point was being offshore and having no one to talk to about certain questions I had. Since becoming Kaplan the service isn't as good as it was when it was Tribeca. i'll probably start the advanced dip when I get back to Oz and when my employer will pay for it!


----------



## moneyslave (17 March 2008)

*Re: Diploma of Financial Services (PS146)*

i do this course: Financial Services (http://www.sit.nsw.edu.au/courses/search.php?cid=20806&area=courses&Media_Index_ID=111) at night in tafe. its cheap ($600 a semester) n its the only subject remotely related to finance (kinda mid life crisis n wanna change career lol)

ps. i go to the ultimo campus n there are heaps of attractive office chicks in my class ;-)


----------



## prawn_86 (17 March 2008)

*Re: Diploma of Financial Services (PS146)*



moneyslave said:


> i do this course: Financial Services (http://www.sit.nsw.edu.au/courses/search.php?cid=20806&area=courses&Media_Index_ID=111) at night in tafe. its cheap ($600 a semester) n its the only subject remotely related to finance (kinda mid life crisis n wanna change career lol)




Does that course constitute any credit towards a PS146 qualification?


----------



## Sean K (17 March 2008)

*Re: Diploma of Financial Services (PS146)*

Prawn, you won't pass this course if you're on ASF during all the lectures!!! LOL


----------



## prawn_86 (17 March 2008)

*Re: Diploma of Financial Services (PS146)*



kennas said:


> Prawn, you won't pass this course if you're on ASF during all the lectures!!! LOL




I actually had a good informative lecture today.

Shock, horror!  Not many of them occur.

Im on a break in between classes thanks mum :


----------



## moneyslave (17 March 2008)

*Re: Diploma of Financial Services (PS146)*

i think so ... to a certain extend? please see:

"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."

http://www.ps146.com.au/content/generic/faq.php#13


----------



## Dezza (17 March 2008)

*Re: Diploma of Financial Services (PS146)*

One problem with Kaplan now is that they change the assignments too often now making it harder to "reference" from. :

Also, I had DFP7 booked in at Kaplan one day and rocked up, only to be told it wasn't booked in correctly. Frustrating.


----------



## prawn_86 (18 March 2008)

*Re: Diploma of Financial Services (PS146)*

Well i just ordered my first module, DFS1.

The co i am doing it through allows 4 months to complete the 4 modules so in a few months time i will be legally qualified 

Now to see how boring the reading actually is...


----------



## prawn_86 (21 March 2008)

*Re: Diploma of Financial Services (PS146)*

Recieved the package in the post yesterday and there sure is a lot of reading.

Seems fairly straightforward an i am about 1/4 of the way through it within a few hours.

I guess the defining moment will be if i pass the assesments or not...


----------



## Dezza (21 March 2008)

*Re: Diploma of Financial Services (PS146)*

Is this through Kaplan prawn? If so, you'l breeze through them. Assignment you can take relevant sections from the modules, and the exam is open-book with answers word-for-word. So as long as you know where to look, the answer's right in front of you.


----------



## prawn_86 (21 March 2008)

*Re: Diploma of Financial Services (PS146)*



Dezza said:


> Is this through Kaplan prawn? If so, you'l breeze through them. Assignment you can take relevant sections from the modules, and the exam is open-book with answers word-for-word. So as long as you know where to look, the answer's right in front of you.




Not Kaplan.

The company i am doing it through is called "PS146 Training"

Link:
http://www.ps146.com.au/

All of their assesment is just Q & A while reading through the documentation. No exam, and the ability to re-submit anything you get wrong. Sounds easy enough to me...


----------



## julius (22 March 2008)

*Re: Diploma of Financial Services (PS146)*

prawn does this qualify you to manage other people's money or just give advice ?


----------



## prawn_86 (22 March 2008)

*Re: Diploma of Financial Services (PS146)*



julius said:


> prawn does this qualify you to manage other people's money or just give advice ?




Just to legally give advice. Although you couldnt really manage money without giving them some form of advice.

As far as im aware, there are no legal requirements in order to manage other peoples money. If they choose to invest it inot you or your business/company that is their perogative.

Could be wrong on that one though...


----------



## Dezza (22 March 2008)

*Re: Diploma of Financial Services (PS146)*

I think you still might need an Australian Financial Service License (AFSL) or be an AUthorised Representative of an entity that holds an AFSL in order to be giving advice legally. But the PS146 / Dip FS (FP) qualification provides the basis of being qualified to provide advice. 

Most people in bank branches are tier 2 (I think, or is it Tier 1), PS146 compliant in order to provide general banking / financial services advice (e.g. recommending TDs), whereas Tier 1 (or tier 2 if other way around) allows you to provide specific/in depth advice to the client's need (e.g. super/managed funds).


----------



## prawn_86 (22 March 2008)

*Re: Diploma of Financial Services (PS146)*

True Dezza, with regards to the AFSL.


----------



## RobinHood (23 March 2008)

*Re: Diploma of Financial Services (PS146)*

I've almost completed FINSIA/Kaplan Diploma of financial markets. Anyone know how much this is credited in university(in terms of study time)?

I'm considering continuing the post-grad but I'm really not sure. I'm 19 - no experience in the industry, just a few interviews.

 I don't like the contents that is required learning at uni but I do like the learning environment(as opposed to FINSIA's emphasis on correspondence). 

Thoughts? uni or finsia? 
I'd like to work as trader in hedge fund or banks prop desk...


----------



## prawn_86 (23 March 2008)

*Re: Diploma of Financial Services (PS146)*



RobinHood said:


> Thoughts? uni or finsia?
> I'd like to work as trader in hedge fund or banks prop desk...




As far as i know, there are 3 ways you can get to this position.

1. have a uni degree with nice grades, complete a succesfull interview and then gain a graduate role.

2. Work somewhere in the industry and then slowly move towards this. may take 5 - 10 years.

3. Have an awesome personal trading record and be able to show your results. And we are talking probably double market returns for a number of years.


----------



## leeviu (11 April 2008)

*Re: Diploma of Financial Services (PS146)*



RobinHood said:


> I've almost completed FINSIA/Kaplan Diploma of financial markets. Anyone know how much this is credited in university(in terms of study time)?
> 
> I'm considering continuing the post-grad but I'm really not sure. I'm 19 - no experience in the industry, just a few interviews.
> 
> ...




Hey RobinHood,

How was the course? How difficult are the exams? How many words are the assignments?
I am planning to do the same course starting in may. The only thing is I will be in Europe for 5 weeks and I am not sure how many subjects to choose for this trimester.

Cheers


----------



## RobinHood (11 April 2008)

*Re: Diploma of Financial Services (PS146)*

Course contents are solid. Exams are fine, you get the hang of it once you finish your first two. Assignments can be tedious just for the research. 

A word of warning to anyone considering FINSIA:
They can be hopeless.  I got my books 1 week after beginning the first stage certificate. In the second stage I was signed up one week late and received my books a week and a half after starting the course(which all adds up if you work and have pre-prepared study plans). When I had question regarding my assignment it took them 4 weeks to respond(so too late for me to apply this new information to exams) and this is only after I e-mailed them 3 or 4 times.


Otherwise, good course contents and I can definitely see them helping out in trading related roles.


----------



## leeviu (11 April 2008)

*Re: Diploma of Financial Services (PS146)*



RobinHood said:


> Course contents are solid. Exams are fine, you get the hang of it once you finish your first two. Assignments can be tedious just for the research.
> 
> A word of warning to anyone considering FINSIA:
> They can be hopeless.  I got my books 1 week after beginning the first stage certificate. In the second stage I was signed up one week late and received my books a week and a half after starting the course(which all adds up if you work and have pre-prepared study plans). When I had question regarding my assignment it took them 4 weeks to respond(so too late for me to apply this new information to exams) and this is only after I e-mailed them 3 or 4 times.
> ...





Thanks!

How many words are the assignments? would you be able to complete an assignment in 2 days if you do let's say 8 hours/day?

Cheers,


----------



## RobinHood (12 April 2008)

*Re: Diploma of Financial Services (PS146)*

no.


----------



## lumocolor (8 May 2008)

*Diploma of Financial Services (DFP) - Study Groups? Tutoring?*

I was wondering if anyone had experiences in obtaining one-on-one tuition or was aware of an online study board when completing their Diploma of Financial Services / Advanced Diploma of Financial Services?

I spent some time searching previous postings and noticed a number of forum members were in the process of completing their DFP but noticed no postings about study resources. I tried Google but could not find a single discussion board.

In short, I am completing my DFP all expenses paid by my employer (Big 4 bank). I do not intend on becoming a financial planner but both I and the bank find it useful for me to have a general idea about financial planning. 

I am a bit stuck on the Kaplan DFP4 assignment and quite time poor - I thought an hour of tutoring or doing an assignment exchange with someone else at Kaplan would be a good idea! 

Anyone in the same boat? Or?


----------



## bvbfan (9 May 2008)

*Re: Diploma of Financial Services (DFP) - Study Groups? Tutoring?*

You've enrolled already?

I'm just about to finish it off, just for the opportunities it might open up.

The study groups, if people are keen aren't a bad method. Only did it once for grad diploma unit but seemed to work.

Surely being with a bank you can get some help from the other planners. I know most of my mates got help. Heck I even helped some.


----------



## Dezza (9 May 2008)

*Re: Diploma of Financial Services (PS146)*

I sent in my DFP 8 assignment last week and sweating on the results now before sending in the Skills Assessment for Adv Dip FS (FP).  Hopefully it'll be alright.

What's your query with DFP 4? It's been about a year since I did it, but hopefully still might be able to help you out...(no promises tho). 

As for the Big 4, it's not "Which new bank" is it? If so, you can come visit us at work and knock off your assignment if your boss lets you. 

If not, I'm sure you can ask some of your FPs in your financial institution as bvbfan said.


----------



## BlingBling (10 May 2008)

*Re: Diploma of Financial Services (PS146)*

Lumo..

I've just finished my DFP @ Kaplan. 
Are you doing SRP? 
What's your problem?
I did mine while I was in Japan and after 10 years out of Oz, so super assignment was the hardest for me as I had no one to talk to. Surely you have people at work that you can talk to regarding your questions?

Don't bother with Kaplan, they'll take 3 days to respond and then if you have a question about their respone that will take another 3 days!
Tribeca used to have phone support which was great for little problems that needed solving asap.

I'll start my ADFP soon. Have to find a job first.. (Sunny coast, Goldy) thats the hard part!


----------



## prawn_86 (10 May 2008)

*Re: Diploma of Financial Services (PS146)*

wow, a lot more people here doing it that i thought there would be.

I have completed DFS1 and just sent off my DFS2, so once i get that marked off i only have 2 more units to do for the standard Diploma. i might look at the advanced when im actually finished uni, and see what my employer recommends


----------



## BlingBling (10 May 2008)

*Re: Diploma of Financial Services (PS146)*

Who are you going through again prawn?

I want to start my ADFP but will wait for my employer to put me through!
Then looking at possibly doing CFP but have to do 18 units at uni to get that..

Question is, will it bring me that much more $$$$ for 4.5 years of effort?


----------



## hardcoremike (10 May 2008)

*Re: Diploma of Financial Services (PS146)*

I'm still at uni atm and the DFS looks pretty good to do over the semester break.

Prawn- How much time has it taken you to complte the first 2 parts? are there any assessments where q&a but more of a role play type situation

Cheers


----------



## prawn_86 (10 May 2008)

*Re: Diploma of Financial Services (PS146)*



BlingBling said:


> Who are you going through again prawn?




Im doing mine through a co called PS146 Training.
www.ps146.com.au



hardcoremike said:


> Prawn- How much time has it taken you to complte the first 2 parts? are there any assessments where q&a but more of a role play type situation




The hardest thing for me, timewise is juggling this with current uni assignments.

DFS 1 only took me about 4 - 5hrs absolute max, as it is all fairly basic. DFS 2 took about double that as it is on insurance, which i had very little pevious knowledge.

In each unit there is about 18 - 20 activities, and one of those is a role-play activitie over the phone, the rest are written assesment, short answer questions.


----------



## hardcoremike (10 May 2008)

*Re: Diploma of Financial Services (PS146)*

Cheers mate.
Have you done the role-play activitie? if so, mind telling me what it's about

What happens if you 'fail'? Will they let you resubmit free of charge?
once again, thanks


----------



## prawn_86 (10 May 2008)

*Re: Diploma of Financial Services (PS146)*

I have done the roleplay activities for both DFS 1 & 2. Basically they just set a scene and you talk through it, such as presenting a Statment of Advice to a client.

If you 'fail' any of the exercises, they just say that you didnt pass and that you need to re-submit those particular ones, not the whole thing again. No extra cost.


----------



## RobinHood (14 May 2008)

*Re: Diploma of Financial Services (PS146)*

To any potential employers,

I'm currently considering going straight to a FINSIA/KAPLAN post-grad in Applied Finance and Investments, instead of university. I've already completed a diploma. The reason is that I believe in terms of value and education FINSIA is a much better option. My only concern is the emphasis employers will place on a bachelors degree. If I go to University it would only be me jumping through hoops in order to be considered by your firm for potential employment (trading/investment related) and paying exorbitant fees while I'm at it.  Advice is appreciated.



P.S. I have been trading actively for three years, with extremely detailed logs.


----------



## bvbfan (15 May 2008)

*Re: Diploma of Financial Services (PS146)*

Depends on what you want to do.

I went the same avenue and seems a higher qualification as per Australia Qualifications Framework isn't sufficient for some jobs and they want a Bachelors Degree.

I may go back and do it, depending on whether this avenue gets me to where I want


----------



## RobinHood (16 May 2008)

*Re: Diploma of Financial Services (PS146)*

Decided that I will just go to Monash Commerce next year. I'd like Melbourne Uni but they refuse to recognize prior learning at FINSIA.

I'm deciding whether it is worth it continuing at FINSIA until I'm enrolled for next year (depending on how much Monash credits prior studies at FINSIA). Would anyone happen to have experience with this ?


----------



## prawn_86 (17 May 2008)

*Re: Diploma of Financial Services (PS146)*



RobinHood said:


> I'm deciding whether it is worth it continuing at FINSIA until I'm enrolled for next year (depending on how much Monash credits prior studies at FINSIA). Would anyone happen to have experience with this ?




Credit differs for each uni, but for me, when i complete the DFS i will recieve credit for 2 subjects (1/2 a semester).

Financially i looked at it this way:

The DFS is going to cost me $2120 upfront.
I'll recieve 2 subjects credit which will save my HECS $1800
Therefore im paying just over $300 to get my PS146 accreditation, which isnt bad at all when you think about it.


----------



## >Apocalypto< (17 May 2008)

*Re: Diploma of Financial Services (PS146)*

Pawn you will have to change the name of the thread it's not called the PS146 any more!

It's now called the RG146


----------



## prawn_86 (17 May 2008)

*Re: Diploma of Financial Services (PS146)*



>Apocalypto< said:


> Pawn you will have to change the name of the thread it's not called the PS146 any more!
> 
> It's now called the RG146




Well so it is, thats news to me 

Title changed


----------



## Rockon2 (19 May 2008)

Hello all,, ive read the above posts with interest, and I have a question.

What qualifications does someone need to run some of the courses seen advertised in the press on  'Stock trading'   ??

Some quote there AFSL number.

Or do they only need RG146 ??  compliance, as suggested earlier.

cheers


----------



## hardcoremike (19 May 2008)

*Re: Diploma of Financial Services (PS146)*



prawn_86 said:


> Credit differs for each uni, but for me, when i complete the DFS i will recieve credit for 2 subjects (1/2 a semester).
> 
> Financially i looked at it this way:
> 
> ...





G'day Prawn. hows the studying going?

I didn't know that they offered 2 subject credts. Does it matter which subjects they are in uni?

For my last year of Commerce, i'll be doing the compulsory subjects for an Accounting and Finance major. I'm guessing theres no credit towards them since they are compulsory?

Cheers


----------



## Jack Sun (15 June 2008)

Gday, 

I have to complete the Property Investment Analysis assignment for FINSIA (now Kaplan). Its due next Tuesday and Im battling for time. Is anyone out there a gun on this subject or in any position to help? 

Obviously I'll make it worth your while. I work in broking and will be able to help in that area ie research, employment, general advice etc. 

Let me know.

Cheers, 

Jack


----------



## prawn_86 (15 June 2008)

*Re: Diploma of Financial Services (PS146)*



hardcoremike said:


> G'day Prawn. hows the studying going?
> 
> I didn't know that they offered 2 subject credts. Does it matter which subjects they are in uni?
> 
> ...




Sorry, i missed this reply.

Credit varies depending on each uni, so it would be best to contact you lecturer, or whoever sorts that out at your uni.

Before i started my DFS i asked my lecturer and he confirmed i would get 2 subjects (1 compulsory, 1 elective) credited.


----------



## Temjin (15 June 2008)

Jack Sun said:


> Gday,
> 
> I have to complete the Property Investment Analysis assignment for FINSIA (now Kaplan). Its due next Tuesday and Im battling for time. Is anyone out there a gun on this subject or in any position to help?
> 
> ...




Which course are you doing at the moment? I don't recall there is a property investment analysis in any of the DFP modules. Investment Planning module was more than just property. I guess you had a different module or something back from Finsia?


----------



## bergers_n_fries (17 June 2008)

*Re: Diploma of Financial Services (PS146)*



prawn_86 said:


> Sorry, i missed this reply.
> 
> Credit varies depending on each uni, so it would be best to contact you lecturer, or whoever sorts that out at your uni.
> 
> Before i started my DFS i asked my lecturer and he confirmed i would get 2 subjects (1 compulsory, 1 elective) credited.





what were the names of the courses you were credited??

cheers


----------



## prawn_86 (17 June 2008)

*Re: Diploma of Financial Services (PS146)*



bergers_n_fries said:


> what were the names of the courses you were credited??
> 
> cheers




The 2 subjects i get credit for are Financial Planning and Applied Financial planning


----------



## MaleJunk (24 July 2008)

Picking up this old thread.

I did my Dip. in Financial Markets (FINSA) about three years ago. It was very straight fwd and I completed it in 4 trimesters.

I'm thinking about doing the Grad Dip in Applied Finance. 

Anyone got any comments on how hard this course is compared to the Dip. in Fin. Markets? Anyone done the Masters?

Also, I don't have a undergraduate degree. What uni's recognise Kaplan courses for exemptions/cross credits to their finance/business Degrees.


----------



## bvbfan (1 August 2008)

Doing the Grad Dip myself.

First couple of units only marginally harder for me

The last 4 are tough, but depends on what you choose really I guess.
Assignments actually I found harder.


----------



## Largesse (1 August 2008)

anyone here that has completed a UniMelb commerce degree tried using Intro and Intermediate Personal Finance as recognition of prior learning for the RG146?

just trying to ascertain whether i can skip half of the course because it will have undoubtedly have been covered at uni already.


----------



## white_goodman (2 August 2008)

Hi im 20 and currently doing 3rd year of a property economics degree...
im very interested in doing this or something similar as i want to get into a form of LPT fund or securitised funds etc etc... what would the kind people of ASF reccomend in order to acheive this? would this diploma be worthwhile getting or should i look into some sorta of post grad...

the thing is many people who have graduated from my course have made their way into property style funds, or funds which have a substantial property allocation.. but alot of the subjects im doing is development, valuation orientated, with only 5 or so economics, investment, cash flow related...

ive also got a 2 year cadetship atm which a major property agency, but i dont quite know which divisions i should choose which would be beneficial in trying to get into this sorta career.. if anyone has any knowledge on the area or any general advice, id appreciate the help...


----------



## bigdollar (17 August 2008)

Hiya

kinda new to this forum..

am currently doing the DFS1 Mod1 thru 360....i find da study time too short....is there another provider where i can do it at self pace....like i take the time to study and then choose whicheva exam date available....its kinda hard working/studying/partying...


----------



## lennyhayes (26 September 2008)

Hi,  I'm also new to this forum.

I've been wanting to get my diploma of financial services for a long time but had to postpone it because I gave birth.

I've been looking at some distance learning schools since I don't have too much time in my hands.

Can anyone vouch for these distance learning schools?

PS146 - International Institute Technology
Kaplan - Kaplan


----------



## bluerose85 (7 October 2008)

What u guys expecting from the course?
Nothing teach better than real trading. 
I studied bachelor of finance, then master of financial analysis, then a short equity valuation course, and i found them just a theory mess.


----------



## hotbmw (5 February 2009)

*Financial Planning Studies*

Hey guys

Many years ago i completed a few DFP subjects via correspondence through Deakin Uni. Im looking at completing my studies now but Deakin doesnt offer it any more.

Does anyone know who offers the best course now, the industry standard?
I see there are many sites offering courses but i want to complete it with whoever is regarded as the best now.

Any planners out there that can advise. I have completed a few DFP1, 2 and 3 and was hoping to carry these across with exemptions.

Thanks in advance
Rob


----------



## Boggo (5 February 2009)

*Re: Financial Planning Studies*

Have a look here Rob

http://www.ps146.com.au/


----------



## Garpal Gumnut (5 February 2009)

*Re: Financial Planning Studies*



hotbmw said:


> Hey guys
> 
> Many years ago i completed a few DFP subjects via correspondence through Deakin Uni. Im looking at completing my studies now but Deakin doesnt offer it any more.
> 
> ...




To save you clowning around this is probably the premier Australian School of Financial Planning.

All the skills to separate people from their hard earned are here.

http://www.artmedia.com.au/Clown.htm

gg


----------



## Dezza (5 February 2009)

*Re: Financial Planning Studies*

Easiest one in the industry would have to be Kaplan. Assignment is quite straight-forward and the exam is multiple choice and open book! Not too pricey either.


----------



## Macquack (5 February 2009)

*Re: Financial Planning Studies*



Dezza said:


> Easiest one in the industry would have to be Kaplan. Assignment is quite straight-forward and the exam is multiple choice and open book! Not too pricey either.




Is this the course that Storm financial planners scraped through.


----------



## Dezza (6 February 2009)

*Re: Financial Planning Studies*



Macquack said:


> Is this the course that Storm financial planners scraped through.




Could be! But I know a lot of large financial institutions use Kaplan for their educational learnings. 

The information they provide is all good and easy to read, it's just that the examination process is a little too easy. 

I completed DFPs 1-8 with them and passed 1st time for all. Most of the exams passed were either 100% or 95% correct, with the answers word-for-word from the book. So as long as you know where to look and how to read, then you'll be fine with them.


----------



## Garpal Gumnut (6 February 2009)

*Re: Financial Planning Studies*



Garpal Gumnut said:


> To save you clowning around this is probably the premier Australian School of Financial Planning.
> 
> All the skills to separate people from their hard earned are here.
> 
> ...




This is the guy you need to contact re the course mate.

gg


----------



## prawn_86 (6 February 2009)

*Mod Note*

Threads merged to keep info in the same area


----------



## hotbmw (6 February 2009)

*Re: Financial Planning Studies*



Garpal Gumnut said:


> To save you clowning around this is probably the premier Australian School of Financial Planning.
> 
> All the skills to separate people from their hard earned are here.
> 
> ...




i see you graduated top of the class! good stuff Garp!


----------



## hotbmw (6 February 2009)

*Re: Financial Planning Studies*



Dezza said:


> Easiest one in the industry would have to be Kaplan. Assignment is quite straight-forward and the exam is multiple choice and open book! Not too pricey either.




Dezza, so many firms use kaplan nowadays? is it a respectable firm? i just want to make sure i complete my studies with the right firm.

cheers


----------



## Garpal Gumnut (6 February 2009)

*Re: Financial Planning Studies*



Dezza said:


> Could be! But I know a lot of large financial institutions use Kaplan for their educational learnings.
> 
> The information they provide is all good and easy to read, it's just that the examination process is a little too easy.
> 
> I completed DFPs 1-8 with them and passed 1st time for all. Most of the exams passed were either 100% or 95% correct, with the answers word-for-word from the book. So as long as you know where to look and how to read, then you'll be fine with them.




Just ask yourself why its so easy. Either the subject matter is so obvious to any newt, or the majority of those sitting are newts. 



Dezza said:


> Easiest one in the industry would have to be Kaplan. Assignment is quite straight-forward and the exam is multiple choice and open book! Not too pricey either.




Oh dear , need I repeat myself.



hotbmw said:


> Dezza, so many firms use kaplan nowadays? is it a respectable firm? i just want to make sure i complete my studies with the right firm.
> 
> cheers




Its the piece of paper that's important mate, not the knowledge gained, once you realise this you will be stormin mate.



hotbmw said:


> i see you graduated top of the class! good stuff Garp!




Ok you guys listen up. 

If I were ever to become a financial planner I would do the following.

1. Put everything in Mrs Gumnut's name.
2. Find the easiest course that would enable me to put a shingle up.
3. Do a week or two selling Ladas in a second hand car yard.
4. Put a fountain in the lobby of my office.
5. Offer the first visit free to those ripped off by a FP debacle recently.

gg


----------



## hotbmw (6 February 2009)

Garp,

thats why im aking who the industry standard is?
so when i finish the piece of paper means something.

DOES ANYONE KNOW?

years ago it was Deakin Uni. everyone did it there.

WHERE DOES EVERYONE DO IT NOW????


----------



## prawn_86 (6 February 2009)

Im doing mine through PS146 Training. Kaplan is pretty popular also. As long as they are a recognised training organisation the have to provide pretty much the same material anyway, so i went for one that was cheapish with no exams, as i have enough uni exams


----------



## hotbmw (6 February 2009)

prawn_86 said:


> Im doing mine through PS146 Training. Kaplan is pretty popular also. As long as they are a recognised training organisation the have to provide pretty much the same material anyway, so i went for one that was cheapish with no exams, as i have enough uni exams




no exams????


----------



## prawn_86 (6 February 2009)

hotbmw said:


> no exams????




All assesment is done through assignments


----------



## Dezza (6 February 2009)

Haha. Well, it was easy cause I was dealing with the issues and subjects on a daily basis at work. However, I know a few people who tried to complete DFP 1 with Kaplan (back then Tribeca), who were your regular bank customer service people and they failed. So I guess it just depends on your personal development and understanding. It takes some time to get use to calculating Newstart Allowance, Pensions and redundancies if you're not doing these regularly.

As for costs, I only say it was cheap cause the company paid for everything and received a discount due to association, but if you failed, you would have to pay for the re-sit. I think it's still about $600 a pop for each DFP.

The Financial Services companies that I know use it are quite large, including some of the Big 4 banks, and the larger fund managers. 

But in the end, it doesn't really matter where you get it from. In the end, it's still a DFP or Adv DFP which the employers will see.


----------



## tommymac (8 February 2009)

prawn_86 said:


> All assesment is done through assignments




It's changed since I did it 4 or 5 years ago (with Tribeca). 

But the exams were easy. 8 sections with 10 questions in each section approx. You needed to get 80% in each section. The exam was open book and if you failed a section you could go back later ad redo that one individual section.


----------



## Garpal Gumnut (8 February 2009)

prawn_86 said:


> All assesment is done through assignments






Dezza said:


> Haha. Well, it was easy cause I was dealing with the issues and subjects on a daily basis at work. However, I know a few people who tried to complete DFP 1 with Kaplan (back then Tribeca), who were your regular bank customer service people and they failed. So I guess it just depends on your personal development and understanding. It takes some time to get use to calculating Newstart Allowance, Pensions and redundancies if you're not doing these regularly.
> 
> As for costs, I only say it was cheap cause the company paid for everything and received a discount due to association, but if you failed, you would have to pay for the re-sit. I think it's still about $600 a pop for each DFP.
> 
> ...






tommymac said:


> It's changed since I did it 4 or 5 years ago (with Tribeca).
> 
> But the exams were easy. 8 sections with 10 questions in each section approx. You needed to get 80% in each section. The exam was open book and if you failed a section you could go back later ad redo that one individual section.




And we wonder why the investing punters who don't do their own research feel let down by the Financial Planning industry.!!

Is it any more difficult than becoming a PR guru or a real estate or car salesman?

Open book and 80% pass rate!!

gg

gg


----------



## TheRage (8 February 2009)

Garpal Gumnut said:


> And we wonder why the investing punters who don't do their own research feel let down by the Financial Planning industry.!!
> 
> Is it any more difficult than becoming a PR guru or a real estate or car salesman?
> 
> ...





Course content for DFS is not that easy but exam format is somewhat of a joke. There is very little deduction or inference learning but rather questions asked straight from text. CFP qualification is much harder and requies at least a degree of some sort. The industry will long term need to change the minimum standard to be a relevant degree for it to be seen as a profession. 

By the way where I work all the planners have undergraduate qualifications ranging from science backgrounds to engineering backgrounds. So financial planning does appeal to intelligent people however not all financial planners are intelligent or have integrity for that matter. The industry is changing though and removal of trailing commissions on FUM will happen sooner than you think....


----------



## GumbyLearner (8 February 2009)

TheRage said:


> The industry is changing though and removal of trailing commissions on FUM will happen sooner than you think....




How will the industry change????


----------



## prawn_86 (8 February 2009)

Garpal Gumnut said:


> Is it any more difficult than becoming a PR guru or a real estate or car salesman?




Slightly more difficult.

The above that you mentioned dont require any legal qualifications at all (that im aware of), whereas to be an FP you have to have at least done a diploma (even if it is easy)


----------



## Dezza (8 February 2009)

I think a Real Estate agent has to pass an exam. Kaplan offers the exam as well, so I'm sure if can't be too difficult. 

I agree with The Rage. The actual content is quite useful and in-depth, however, when it comes to testing the knowledge, as long as you can read you'll pretty much pass. That's with Kaplan anyways...however, when Deakin Uni use to offer it, it was closed book with multi's and short-answers, and was a lot harder than the ones they have now. Maybe that's why the older generation of FPs are slightly more in tune than the ones that are churned out these days (from my perspective only after working with them for 5 years).


----------



## italiandragon (11 March 2009)

Hello,

I used to be a Financial Advisor in Italy but here I can`t do the same because I don`t have this qualification.

Since I just lost my job I`m struggling with money and would love to do this course.

So does anybody know if there anyway to get it for free or with a concession rate by distance with any provider?

Thank you


----------



## kincella (11 March 2009)

well if you actually receive unemployment benefits...you can sign up for a course and the govt will give you 950 back...I think that how it works....
but god help you if you are on UB...like about 220pw


----------



## Garpal Gumnut (11 March 2009)

italiandragon said:


> Hello,
> 
> I used to be a Financial Advisor in Italy but here I can`t do the same because I don`t have this qualification.
> 
> ...






kincella said:


> well if you actually receive unemployment benefits...you can sign up for a course and the govt will give you 950 back...I think that how it works....
> but god help you if you are on UB...like about 220pw




A good way to do it mate is to get sentenced to a reasonable gaol term. I'd suggest a seven or eight year stretch as then you'll be in for 3 or 4with good behaviour, enough times to get through all the subjects. They are not difficult.

The Corrective Services will fund the course and amongst your fellow prisoners you will have many Financial Planners as mentors and many other inmates of considerable cash means on whom you can practise your skills.

gg


----------



## Julia (11 March 2009)

Garpal Gumnut said:


> A good way to do it mate is to get sentenced to a reasonable gaol term. I'd suggest a seven or eight year stretch as then you'll be in for 3 or 4with good behaviour, enough times to get through all the subjects. They are not difficult.
> 
> The Corrective Services will fund the course and amongst your fellow prisoners you will have many Financial Planners as mentors and many other inmates of considerable cash means on whom you can practise your skills.
> 
> gg



I'm trying not to laugh too hard (it's really funny, g.g.) because your suggestion is too close to the truth for comfort.
However, many thanks for the amusement


----------



## Garpal Gumnut (12 March 2009)

Julia said:


> I'm trying not to laugh too hard (it's really funny, g.g.) because your suggestion is too close to the truth for comfort.
> However, many thanks for the amusement




Thanks Julia,

Lets hope that is the end of these Mini-Mannies, attempting to sip out of the cup of hardworking people.

My opinion tends towards abolishing the financial planning industry.

Its ineffective, predatory, dim and witless.

gg


----------



## beamstas (12 March 2009)

Im doing a business degree -- majoring in accounting.

This Diploma of Financial services, i am thinking of doing it..

Can anyone give me a basic rundown of the pros and cons?


----------



## Garpal Gumnut (12 March 2009)

beamstas said:


> Im doing a business degree -- majoring in accounting.
> 
> This Diploma of Financial services, i am thinking of doing it..
> 
> Can anyone give me a basic rundown of the pros and cons?




Jesus wept

gg


----------



## Julia (12 March 2009)

beamstas said:


> Im doing a business degree -- majoring in accounting.
> 
> This Diploma of Financial services, i am thinking of doing it..




Why?


----------



## beamstas (12 March 2009)

Julia said:


> Why?




Another piece of paper to sit next to my piece of paper that im currently obtaining 

Seriously -- down the track don't you think it would pay off to have it? Im only asking , i don't know much about it

Brad


----------



## Julia (12 March 2009)

beamstas said:


> Another piece of paper to sit next to my piece of paper that im currently obtaining
> 
> Seriously -- down the track don't you think it would pay off to have it? Im only asking , i don't know much about it
> 
> Brad



I don't know much about it either, Brad, but given that from comments on this forum it's not too hard to achieve, then sure, you might as well have it.

I guess my question was more of an enquiry as to whether you planned to become a Financial Adviser/Planner, a career path that is more than a bit tarnished at present.

And you'd have to contend with Garpal's avowed intention to eliminate FP's from the face of the earth, a mission I suspect will in the present climate achieve substantial support.


----------



## Garpal Gumnut (12 March 2009)

beamstas said:


> Another piece of paper to sit next to my piece of paper that im currently obtaining
> 
> Seriously -- down the track don't you think it would pay off to have it? Im only asking , i don't know much about it
> 
> Brad




Next time you decide to relieve your constipation, go to the loo mate, peel off a piece of loo paper and write on it, " I am a financial planner".

Finish your business with whatever paper is left, but not that on which you have written.

Take the precious paper to a Framing shop.

Ask them to mount it.

Ensure that you have the correct piece of paper to give to them, though in reality it should not make much difference.

Wait for 2 weeks and collect.

Mount on a wall in an office with a fountain and a fishtank and a pretty female receptionist with prominent incisors who says hi frequently .

Then my son you will be a Financial Planner.

gg


----------



## Timmy (13 March 2009)

Garpal Gumnut said:


> Next time you decide to relieve your constipation, go to the loo mate, peel off a piece of loo paper and write on it, " I am a financial planner".
> 
> Finish your business with whatever paper is left, but not that on which you have written.
> 
> ...




I think a lobotomy, or some such brain removal/reduction procedure is a prerequisite, gg


----------



## Gerkin (13 March 2009)

Garpal Gumnut said:


> Next time you decide to relieve your constipation, go to the loo mate, peel off a piece of loo paper and write on it, " I am a financial planner".
> 
> Finish your business with whatever paper is left, but not that on which you have written.
> 
> ...






Just go out and do it, dont listen to some of the rubbish in here. Go do it, at least it will show you are keen.

You will be able to fly through the subjects easily. In fact your business degree will teach you more however the diploma of FS will give you that bit of paper that employers want.


----------



## mattlaw (13 March 2009)

beamstas said:


> Im doing a business degree -- majoring in accounting.
> 
> This Diploma of Financial services, i am thinking of doing it..
> 
> Can anyone give me a basic rundown of the pros and cons?




Hi Beamstas,

First off i am a financial planner and have the diploma of financial services. If you are planning on having a career as a financial planner then you have to do it as you cant give financial advice without it (even if you are a qualified accountant).

Financial planning isnt all about investments there are other areas such as estate planning, insurance etc that you could get involved in. 

Obviously there is a bit of negativity at the moment with people saying that financial planners are not really worth a pinch of ##it, but my experience with the majority of people is that they really need help with saving for their retirements and different strategies such a Transition to Retirement Income Streams.

Most of my clients struggle to spell their names let alone follow the ASF to get all of this great advice of when they should have seen the writing on the wall and moved all of the super to cash. 

Anyway your decision, but i do help alot of people being a financial planner despite what some people may think.

Cheers


----------



## prawn_86 (20 March 2009)

Just completed my third unit. 1 more to go.

I will wait until after July though as next semester at uni will be quieter for me


----------



## Garpal Gumnut (20 March 2009)

Garpal Gumnut said:


> Next time you decide to relieve your constipation, go to the loo mate, peel off a piece of loo paper and write on it, " I am a financial planner".
> 
> Finish your business with whatever paper is left, but not that on which you have written.
> 
> ...






Timmy said:


> I think a lobotomy, or some such brain removal/reduction procedure is a prerequisite, gg






Gerkin said:


> Just go out and do it, dont listen to some of the rubbish in here. Go do it, at least it will show you are keen.
> 
> You will be able to fly through the subjects easily. In fact your business degree will teach you more however the diploma of FS will give you that bit of paper that employers want.






mattlaw said:


> Hi Beamstas,
> 
> First off i am a financial planner and have the diploma of financial services. If you are planning on having a career as a financial planner then you have to do it as you cant give financial advice without it (even if you are a qualified accountant).
> 
> ...






prawn_86 said:


> Just completed my third unit. 1 more to go.
> 
> I will wait until after July though as next semester at uni will be quieter for me




I don't want to rain on your parade , but my contacts in both the Labor and Coalition ranks in Canberra tell me that an inquiry is being organised and number one item on the agenda is the abolition of Financial Advisers as we know them.

Keep your diplomas etc but wait out for the inquiry before spending more money.

gg


----------



## prawn_86 (21 March 2009)

Garpal Gumnut said:


> I don't want to rain on your parade , but my contacts in both the Labor and Coalition ranks in Canberra tell me that an inquiry is being organised and number one item on the agenda is the abolition of Financial Advisers as we know them.
> 
> Keep your diplomas etc but wait out for the inquiry before spending more money.
> 
> gg




Well like any other gov enquiry it will be years before any 'recommendations' are made, and then it will be 'phased in' over a period of time.

I think i'll finish my 1 unit and get my diploma so its another string in my bow


----------



## sjx (21 March 2009)

Some financial planners may as well be cardboard cut-outs.

But then again, some are really, very good. If your passionate, and you think you have the ability to become a Financial Planner, then by all means go for it. 

I'd never want to do it.. having all my clients hate me when they lose their money cause of a decision that I originally thought was a good one, isn't something I'd personally like to live with. It's a two way street, your clients are going to love you or hate you.

I don't mind them, I sometimes consult a Financial Planner (friend of mine). He told me to invest in the bond market this time last year; so I did, and I'm pretty happy with that advice! 

I think there is one question. How would you feel about being a Financial Planner in the last year or so? I would have trouble sleeping. 

regards,
sam


----------



## Julia (21 March 2009)

sjx said:


> r
> I think there is one question. How would you feel about being a Financial Planner in the last year or so? I would have trouble sleeping.
> 
> regards,
> sam



That would depend on what advice you offered, wouldn't it???
If you'd advised your clients to switch to cash at the end of 2007 I would think you'd be sleeping pretty well and your clients would be happy.

However, you probably wouldn't have done that because to do so would have cut off all your trailing commissions.

So what would you have done SJX ?


----------



## sjx (2 April 2009)

Julia said:


> That would depend on what advice you offered, wouldn't it???
> If you'd advised your clients to switch to cash at the end of 2007 I would think you'd be sleeping pretty well and your clients would be happy.
> 
> However, you probably wouldn't have done that because to do so would have cut off all your trailing commissions.
> ...




I am unsure what I would have said.. I think it would be silly to backdate what my recommendations would be, but I doubt that I would of said cash.

I think it is blatant lies if people are thinking that they'd advise cash as an investment in 2007. You may "like" to believe that you would have however, can't you. Crystal ball anyone?

I also think you are being ignorant in regard to my remarks. I know of many reputable financial advisers that were feeling uneasy; understandably - cause of the economic climate.

Sounds like your taking a bit of a swipe at me.. I was only offering my thoughts.

so why don't you go and start an investment bank? i mean, you'll do a better job than all the ones that have collapsed cause you claim cash was the answer- right?


----------



## Julia (2 April 2009)

sjx said:


> I am unsure what I would have said.. I think it would be silly to backdate what my recommendations would be, but I doubt that I would of said cash.
> 
> I think it is blatant lies if people are thinking that they'd advise cash as an investment in 2007. You may "like" to believe that you would have however, can't you. Crystal ball anyone?




Nonsense.  You didn't need a crystal ball.   The market peaked in November 2007 and by the end of December the bad news just kept on coming.
I did sell my shares then and moved to cash so your suggestion that I'm only talking in hindsight is completely wrong.
Plenty of other people did the same.  I surely didn't have any monopoly on making such a decision.
I will ignore your suggestion about 'blatant lies'.  Just demonstrates your ignorance.





> I also think you are being ignorant in regard to my remarks. I know of many reputable financial advisers that were feeling uneasy; understandably - cause of the economic climate.



I am being ignorant?   Really?
I'd say that, well might many financial advisors  be feeling uneasy.  What business do they have in calling themselves financial advisers if they can't read the economic climate appropriately and advise their clients accordingly???

To advise, e.g. clients who are close to retirement, or already retired not to have preservation of capital as their first requirement is imo incompetence at best.




> Sounds like your taking a bit of a swipe at me.. I was only offering my thoughts.



This is a forum.  A forum is a venue for the exchange of ideas.
You postulated an argument.  I disagreed with it.

I think you are overlooking the fact that it is decidedly in the interests of those financial advisers who have placed clients into managed funds( which are paying those financial advisers very healthy trailing commissions for every year those clients remain in those funds) to encourage those clients to remain in those investments.  In so doing, in many instances they will have significantly disadvantaged those clients.

Maybe read the Storm thread for the some examples of this.



> so why don't you go and start an investment bank? i mean, you'll do a better job than all the ones that have collapsed cause you claim cash was the answer- right?



That's just a perfectly silly and irrelevant remark.


----------



## Garpal Gumnut (3 April 2009)

A Diploma in Financial Planning is similar to a Diploma in How to Ride a Bicycle.

Absolutely useless.

To invest or manage one's funds is a matter of learning.

One needs to get on a small bicycle and endure the wobbles and then move on to bigger things.

One does not need a financially semi literate planner with a diploma and a template to work about, to invest and survive as an investor.

gg


----------



## sjx (3 April 2009)

Julia said:


> Nonsense.  You didn't need a crystal ball.   The market peaked in November 2007 and by the end of December the bad news just kept on coming.
> I did sell my shares then and moved to cash so your suggestion that I'm only talking in hindsight is completely wrong.
> Plenty of other people did the same.  I surely didn't have any monopoly on making such a decision.
> I will ignore your suggestion about 'blatant lies'.  Just demonstrates your ignorance.
> ...





Maybe read storm financial forum.. lol, I am perfectly aware of such situations. 

Your right this is a forum! My idea is that you should sell your house today.. and seriously.. start Lehman Sisters.. Babcock and Julia maybe? Julias Financial Storm? 

Looking forward to it.. There is my exchange of ideas. 


I never made any such assumptions that Financial Planners would lie to their clients to get their trailing profits.. I found this remark offensive to be honest, and after re-reading my original post, I maintain that it didn't constitute anything like that at all.

have a nice day


----------



## Timmy (3 April 2009)

Julia said:


> However, you probably wouldn't have done that because to do so would have cut off all your trailing commissions.




I think this is spot on Julia – this commission and trailing commission business makes a mockery of an FA being able to offer independent advice; like you said, cash doesn’t pay a trailing commission.  

Most FAs are salespeople - not that there is anything wrong with that, but lets dispense with the naive notion that they are somehow ‘professionals’ with client interests foremost.  I have no doubt some do, but not most of ‘em.


----------



## sjx (3 April 2009)

Timmy said:


> I think this is spot on Julia – this commission and trailing commission business makes a mockery of an FA being able to offer independent advice; like you said, cash doesn’t pay a trailing commission.
> 
> Most FAs are salespeople - not that there is anything wrong with that, but lets dispense with the naive notion that they are somehow ‘professionals’ with client interests foremost.  I have no doubt some do, but not most of ‘em.




Well I cetainly do not, and people shouldn'y make such brash assumptions..


----------



## Temjin (3 April 2009)

Timmy said:


> I think this is spot on Julia – this commission and trailing commission business makes a mockery of an FA being able to offer independent advice; like you said, cash doesn’t pay a trailing commission.
> 
> Most FAs are salespeople - not that there is anything wrong with that, but lets dispense with the naive notion that they are somehow ‘professionals’ with client interests foremost. I have no doubt some do, but not most of ‘em.




It's unfortunate that the regulations have made some of these FAs to become more of a "salesperson" over a professional advisor. There are simply too much restrictions when you become a financial advisor. And these restrictions made it impossible for them to be unbiased in their advises. 

I'm not sure about the FAs in the US, but I have seen some extremely professional ones who are just as successful as those entreprenuers who made millions through investing. Unfortunately, the "methods" in which they employ, which are logically sound, to manage their clients' wealths are usually considered "illegal" here.


----------



## Kez180 (6 April 2009)

I found my RG146 compliance in a Wheat Bix box...

Just kidding, I am almost finished a commerce degree of which my second major was Financial Planning. 

I think that degree qualification should be a minimum, I got an email today from AAMC regarding their RG146 Dip FP.

The major up-selling point was that you could complete it in 5 days....

After 3 years full time study at university I feel pretty disgusted by that...


----------



## dsta (7 April 2009)

Does anyone have views on the Applied Finance course?

I’m currently employed in a relatively senior position in a Finance role in Financial Services (have been for a number of years) and have a Economics/Marketing degree.

Despite it never being a hindrance in the past, at times I feel that the lack of formal Finance specific study (aside from core Uni subjects) could become a hindrance as my role becomes more complex as time goes on.  Whether or not undergrad Finance actually covers more complex areas such as Funding Sources and Interest Rate markets in detail is something that I don’t know but either way, these are the kind of areas I feel I need to increase my skill set in.

I’m never been pressured to study further but due to the reason above and as I have a general interest in Financial Markets etc.., I think it’s something that will add value in many ways.

After initially considering a Masters and not being entirely comfortable with the long term commitment required, I initially revised this down to a Diploma and more recently to the Grad Cert. Only at this stage.  This will enable me to complete the core subjects before decided whether to proceed.

Does anyone have an opinion on this course and what it offers or whether there are any alternatives which I could also consider??

Thanks in advance!


----------



## white_goodman (25 June 2009)

has anyone got any views on the Kaplan course thing? im trying to set it up for psotgrad next year....


----------



## Kowabunga (25 June 2009)

white_goodman said:


> has anyone got any views on the Kaplan course thing? im trying to set it up for psotgrad next year....




I've recently began my graduate certificate in applied finance with Kaplan.  So far it seems pretty good.  I'm learning a lot - wouldn't know how it compares to other finance courses out there as my studying background has been in engineering.


----------



## white_goodman (25 June 2009)

Kowabunga said:


> I've recently began my graduate certificate in applied finance with Kaplan.  So far it seems pretty good.  I'm learning a lot - wouldn't know how it compares to other finance courses out there as my studying background has been in engineering.




from what ive looked at the only knewish material would be the orignal core ones, the whole ivnestment elective stream with valuations etc ive done through my proeprty economics degree i presume.. over how long do you plan on doing it? a friend was saying it may be difficult with work to do 2 subs per trimester


----------



## Kowabunga (25 June 2009)

white_goodman said:


> from what ive looked at the only knewish material would be the orignal core ones, the whole ivnestment elective stream with valuations etc ive done through my proeprty economics degree i presume.. over how long do you plan on doing it? a friend was saying it may be difficult with work to do 2 subs per trimester




I'm planning to do those 4 core subjects - one per trimester so it's going to take me 16 months.  I work full time as well and I am _just _handling the one subject.  It's quite possible to be able to do 2 subjects + work but then you won't have much spare time.


----------



## white_goodman (25 June 2009)

Kowabunga said:


> I'm planning to do those 4 core subjects - one per trimester so it's going to take me 16 months.  I work full time as well and I am _just _handling the one subject.  It's quite possible to be able to do 2 subjects + work but then you won't have much spare time.




also depends how hard you study i guess... ive gotten through uni with night before and day of for the past 3.5 years with a average just over 70... you reckon thatll fly?


----------



## Kowabunga (25 June 2009)

white_goodman said:


> also depends how hard you study i guess... ive gotten through uni with night before and day of for the past 3.5 years with a average just over 70... you reckon thatll fly?




haha yea easy! It wouldn't be hard to pass - you only need a combined Exam and Assignment score of > 50.  
But I think you'd wanna get more out of the course than that.


----------



## white_goodman (25 June 2009)

Kowabunga said:


> haha yea easy! It wouldn't be hard to pass - you only need a combined Exam and Assignment score of > 50.
> But I think you'd wanna get more out of the course than that.




thats a given, im there to learn not do mind numbing assessments, hopefully its like that


----------



## Kowabunga (25 June 2009)

white_goodman said:


> thats a given, im there to learn not do mind numbing assessments, hopefully its like that




For each subject there's 1 mid-trimester assignment and 1 end of trimester exam.
In the subject I'm in now we cover a new topic each week with set  topic discussions conducted on their online forum, though its been pretty dead in there.  
you can also attend lectures and study group sessions.
Not sure what your background is white - you might already know some of the stuff already.  They got the subject descriptions on their website.


----------



## white_goodman (29 June 2009)

i may be confused but the one this thread is talking about is the 'vocational' one stricly aimed at financial planning?

im looking into the post grad ones... is anyone doing the postgrad subjects?


----------



## Largesse (29 June 2009)

I'm enrolling in the GradDip AppFin next trimester. Intending to do the financial markets stream

I just completed a B.Comm with Finance Major this sem, have looked through the course material for the Kaplan course, I think i'll be able to easily handle 2 subjects + work per trimester... so that means it'll be completed in a bit over a year.

On the RG146 front, i might just enrol in that for gags and knock it over next week.... 5 days is a rort


----------



## white_goodman (29 June 2009)

im getting confused...

im trying to read up a bit on it on invested but still getting confused?

there is a difference between the postgrad and the financial planning courses isnt there? I dont really wanna be a financial planner....

im thinking of doing the headstart for next trimester and do a subject or two as I only have 3 subjects for my last semester at uni...

would someone explain to me the difference in the two types of courses? or even if there is 2 courses, cos when people talk about it they seem to only be talking about financial planning...

EDIT: i think one is for 'vocational' and they also offer 'postgrad' which used to be offered through Finsia?


----------



## Largesse (29 June 2009)

white_goodman said:


> im getting confused...
> 
> im trying to read up a bit on it on invested but still getting confused?
> 
> ...




there are a number of courses out there.
what you are getting mixed up with are:

- Diploma of Financial Services, this ISNT postgrad
http://www.kaplanprofessional.edu.au/Financial_Services/Vocational_Education/DFSFP

- Graduate Diploma of Applied Finance, this IS postgrad (ie. you need a degree or significant work experience to enrol)
http://www.kaplanprofessional.edu.au/Financial_Services/Postgraduate_Education/GDAF



They are two seperate courses.


Edit: The more comprehensive course is the Grad Dip, but it all depends on your goals


----------



## white_goodman (29 June 2009)

Largesse said:


> there are a number of courses out there.
> what you are getting mixed up with are:
> 
> - Diploma of Financial Services, this ISNT postgrad
> ...




thankyou, im looking at the second one... has anyone had experience doing the postgrad course? specifically the investment management and financial markets elective streams?


----------



## Kowabunga (29 June 2009)

white_goodman said:


> thankyou, im looking at the second one... has anyone had experience doing the postgrad course? specifically the investment management and financial markets elective streams?




What I was talkn to you about last week was the postgrad course.  But I'm just enrolled in the first core subject atm.


----------



## Largesse (29 June 2009)

Kowabunga said:


> What I was talkn to you about last week was the postgrad course.  But I'm just enrolled in the first core subject atm.




want to email me your assignment?


----------



## white_goodman (29 June 2009)

Largesse said:


> want to email me your assignment?




yeh count me in aswell haha


----------



## Kowabunga (29 June 2009)

Largesse said:


> want to email me your assignment?




lol trade ya for the next assignments since you'll be ahead of me after next trimester


----------



## white_goodman (29 June 2009)

Kowabunga said:


> What I was talkn to you about last week was the postgrad course.  But I'm just enrolled in the first core subject atm.




you said you were 'just' handling it? ive heard people say its quite intensive with work at jsut one sub per trimester? you reckon id be nuts to do my last semester of uni plus one subject trimester 3, plus work?

I just dont wanna be studying all of my 20's away, i still havent had a 'gap' year as of yet... also the course can be done online? you dont have to go into city for night classes unless you are struggling with something?


----------



## Garpal Gumnut (29 June 2009)

Having a Diploma of Financial Services is rather like having a Diploma of Taliban.

It teaches you how to blow yourself and others up.

Another resemblence is that the free world plans to get rid of both the Taliban and Financial Planners.

The former will be sent packing by Obama and the latter by Bernie Ripoll.

gg


----------



## Kowabunga (29 June 2009)

white_goodman said:


> you said you were 'just' handling it? ive heard people say its quite intensive with work at jsut one sub per trimester? you reckon id be nuts to do my last semester of uni plus one subject trimester 3, plus work?
> 
> I just dont wanna be studying all of my 20's away, i still havent had a 'gap' year as of yet... also the course can be done online? you dont have to go into city for night classes unless you are struggling with something?




yea its all online, night classes aren't that great - if you're struggling with something you can discuss it on the online forum
yea I think you're pretty nuts to do all that 
totally doable but you're not gonna have much free time


----------



## white_goodman (29 June 2009)

Kowabunga said:


> yea its all online, night classes aren't that great - if you're struggling with something you can discuss it on the online forum
> yea I think you're pretty nuts to do all that
> totally doable but you're not gonna have much free time




sweet ill do it then haha, uni is pretty manageable and work is flexible as its a cadetship, tri 3 starts aug/sept correct?


----------



## Kowabunga (29 June 2009)

white_goodman said:


> sweet ill do it then haha, uni is pretty manageable and work is flexible as its a cadetship, tri 3 starts aug/sept correct?




yup 14th of sept! good luck man!


----------



## port_4 (1 December 2009)

Hi there,

Just having a look at doing the Diploma of Financial Services and was wondering if anyone can give me an opinion on the compnay "RG146 Training Australia"? Their website is http://www.rg146courses.com.au/

Thanks


----------



## 4fundamentals (9 December 2009)

port_4 said:


> Hi there,
> 
> Just having a look at doing the Diploma of Financial Services and was wondering if anyone can give me an opinion on the compnay "RG146 Training Australia"? Their website is http://www.rg146courses.com.au/
> 
> Thanks




I have completed both the DFS and ADFS through this group.  Essentially.  I think the Financial Planning industry, particularly now, is beginning to not care, whether you hold these qualifications.  Reasoning:

I did both these course in under 6 months.....Sooooooooo easy. 

I would say, if you want to become a financial planner, do them, but don't think your education ends there.  

I have a BA in econ, and this ADFS, and now i'm just starting the CFP course, and then I'll probably do the CFA afterwards.

This industry is becoming more and more a game of WHO HAS THE MOST LETTERS BEHIND THEIR NAME!!!!


----------



## Mr J (9 December 2009)

4fundamentals said:


> This industry is becoming more and more a game of WHO HAS THE MOST LETTERS BEHIND THEIR NAME!!!!




Perhaps more letters than skill? I can't imagine trusting the financial advice of a 19 year old who has completed a "course"!


----------



## Largesse (9 December 2009)

^ typical old person's attitude.

so mistrusting of the younger generation.


----------



## 4fundamentals (9 December 2009)

Mr J said:


> Perhaps more letters than skill? I can't imagine trusting the financial advice of a 19 year old who has completed a "course"!




That was more of a joke, more than anything.

You are right its possible for a 19 year old to provide advice, given the pass the course requirements for DFS. 

Neither did I indicate my age, nor refer to myself as being inexperienced.


----------



## Gerkin (9 December 2009)

4fundamentals said:


> I have completed both the DFS and ADFS through this group.  Essentially.  I think the Financial Planning industry, particularly now, is beginning to not care, whether you hold these qualifications.  Reasoning:
> 
> I did both these course in under 6 months.....Sooooooooo easy.
> 
> ...




I disagree, you show me one client that cares about letters after there advisors name, they dont. 
On the employers side, they do care but you must have a bit of personality about you for the industry, 
Also, why bother doing a CFA wen you are doing all these courses to be a financial planner?


----------



## Mr J (9 December 2009)

Largesse said:


> ^ typical old person's attitude.
> 
> so mistrusting of the younger generation.




I'm part of that younger generation, and I don't trust anyone's advice. I will consider it and form my own conclusions, but then I'm not the type of person that would employ a financial advisor.



			
				4fundamentals said:
			
		

> Neither did I indicate my age, nor refer to myself as being inexperienced.




Sorry, my comment wasn't directed at you, just my general opinion of the industry. I'm sure there are good financial advisors out there, but the majority seem to be less useful than flipping a coin. I probably shouldn't participate any more in this thread .



			
				Gerkin said:
			
		

> On the employers side, they do care but *you must have a bit of personality* about you for the industry,




For sales?


----------



## 4fundamentals (10 December 2009)

Gerkin said:


> I disagree, you show me one client that cares about letters after there advisors name, they dont.
> On the employers side, they do care but you must have a bit of personality about you for the industry,
> Also, why bother doing a CFA wen you are doing all these courses to be a financial planner?




WOW

I WAS JOKING. 

Firstly, clients do care about a CFP, some clients are "funny" like that. 

Yes employers care about personality true.  I guess its more the big picture. 

I was just joking.  I am obviously aware that its more than just education that will dictate the success of my employment.  

Why bother doing a CFA?  For a number of reasons I don't feel like explaining to you.


----------



## Krusty the Klown (10 December 2009)

4fundamentals said:


> Why bother doing a CFA?  For a number of reasons I don't feel like explaining to you.




I agree with Gerkin, that won't help you, CFP will, but not CFA if you want to be an adviser or planner.

After you do your CFP, a sales course would be better on your resume than CFA.

If you work as an adviser, your investment recommendations will come from a licensee's "approved list". The analysis will already be done.


----------



## Gerkin (10 December 2009)

Mr J said:


> I'm part of that younger generation, and I don't trust anyone's advice. I will consider it and form my own conclusions, but then I'm not the type of person that would employ a financial advisor.
> 
> 
> 
> ...




Not for sales, to actually relate to a client. You cant have the best & smartest financial planner or stockbroker who cant relate to a client can you.


----------



## Gerkin (10 December 2009)

4fundamentals said:


> WOW
> 
> I WAS JOKING.
> 
> ...





Goodluck with the CFA. I've read a few of your posts now, it seems that your more switched than i origially thought.

As for CFP, i think the Jury is still out. I still believe that a decent business degree is still just as good. I know the CFP program well, and I honestly believe it is about letters after your name for alot of planners. I dont believe he CFP designation will ever get the status of say a CA or CPA.


----------



## glendaw101 (10 December 2009)

Gerkin how can you compare? "I dont believe he CFP designation will ever get the status of say a CA or CPA."

I should hope not!! It takes a lot more than a few TAFE modules to earn a CA or CPA rather than a CFA!!


----------



## Largesse (10 December 2009)

I dont know if i understood your post correctly glendaw101 but a CFA (http://en.wikipedia.org/wiki/Chartered_Financial_Analyst) is actually quite hard to obtain.

Requires at the very least comprehensive graduate level financial mathematics, econometrics, valuation and modeling knowledge and probably postgraduate level knowledge.

A basic requirement of the CFA program is that you hold a relevant bachelors degree.


----------



## Gerkin (10 December 2009)

glendaw101 said:


> Gerkin how can you compare? "I dont believe he CFP designation will ever get the status of say a CA or CPA."
> 
> I should hope not!! It takes a lot more than a few TAFE modules to earn a CA or CPA rather than a CFA!!




Go back and read my post again.

Any by the way, the CFP designation requires the folowing
Undergraduate Degree
Advanced Diploma of Financial Planning.

So it actually requires more education than to get into a CPA or CA course? which only requires a Bach of Bus majoring in Acc.

Good Luck, go and do some research on Auditing Standards, that will help everyone


----------



## Gerkin (10 December 2009)

glendaw101 said:


> Gerkin how can you compare? "I dont believe he CFP designation will ever get the status of say a CA or CPA."
> 
> I should hope not!! It takes a lot more than a few TAFE modules to earn a CA or CPA rather than a CFA!!




Another question as you have opened your trap.

Do you know what a CFA is? And no its not the Country Fire Authority.

Also, just remember CPA and CA can be as bad as Financial Planners, go and look at the ASIC website, have a look under Westpoint and the CA that have had enforceable undertaking against them. 

Also, my views on CFP not being as equal is because of how the media portrays the Accounting vs Financial Planning Industry, it is also teh CFP is relativley a new term as compared to CPA and CA


----------



## glendaw101 (10 December 2009)

Gerkin how can you compare? "I dont believe he CFP designation will ever get the status of say a CA or CPA."

I should hope not!! It takes a lot more than a few TAFE modules to earn a CA or CPA rather than a CFA!!

OOPs My apologies I meant CFP as in Certified Financial Planner


----------



## Gerkin (10 December 2009)

glendaw101 said:


> Gerkin how can you compare? "I dont believe he CFP designation will ever get the status of say a CA or CPA."
> 
> I should hope not!! It takes a lot more than a few TAFE modules to earn a CA or CPA rather than a CFA!!
> 
> OOPs My apologies I meant CFP as in Certified Financial Planner




Just have a look how many CPA and CA have failed as well. They failed in Great Southern, they failed in Westpoint, Enron, Worldcom.

Its up to the investor to decide who they should trust. The accountants fail wen they cant pick up mistakes in teh audit

I know alot of CFP's who actually put alot of CA/CPA's to shame, even in taxation  and entity structures. All the CPA & CA exams are on is regurging information in the exam.

If you get into soem of the private wealth divisions, and boutiques you will see alot of difference in planner ablity than the one operating next to th cafe in your local suburb

Sorry to hijack the thread,


----------



## glendaw101 (10 December 2009)

Gerkin said:


> Just have a look how many CPA and CA have failed as well. They failed in Great Southern, they failed in Westpoint, Enron, Worldcom.
> 
> Its up to the investor to decide who they should trust. The accountants fail wen they cant pick up mistakes in teh audit
> 
> ...






Sorry Gerkin if I have no faith in CFP's. Must be cos I entrusted a large portion of my life savings to one who invested me in MFS/Octaviar?Wellington and Great Southern Plantations (netting him a 10%commission) to name a few. When The s..t hit the fan he said we had a communication break down and to go away. (probably because he didn't want to hear me say that a 40% exposure of my portfolio in just one asset is excessive. The AFS license he practised under went into liquidation and now he has opened up shop under a different licence. I believe he is an ex bank clerk who did a TAFE course to handle peoples life savings. Sure I could have questioned his advice, even though I was paying him to assess the risk according to my risk profile/analysis. However I thought I was paying for skilled advice the same as I pay the skilled mechanic to service my car and expect it to be done proffesionaly and if there is a problem it will be fixed at no cost or covered by his insurance.


----------



## Julia (10 December 2009)

Gerkin said:


> Its up to the investor to decide who they should trust. The accountants fail wen they cant pick up mistakes in teh audit
> 
> I know alot of CFP's who actually put alot of CA/CPA's to shame, even in taxation  and entity structures. All the CPA & CA exams are on is regurging information in the exam.
> 
> ...



You haven't really hijacked the thread at all.  So no need for apology there.
But it would take you about three seconds to proof read your post before clicking on 'Submit'.  Then we wouldn't have to translate the typos and other errors, e.g. 'regurging' rather than 'regurgitating'.



glendaw101 said:


> Sorry Gerkin if I have no faith in CFP's. Must be cos I entrusted a large portion of my life savings to one who invested me in MFS/Octaviar?Wellington and Great Southern Plantations (netting him a 10%commission) to name a few. When The s..t hit the fan he said we had a communication break down and to go away. (probably because he didn't want to hear me say that a 40% exposure of my portfolio in just one asset is excessive. The AFS license he practised under went into liquidation and now he has opened up shop under a different licence. I believe he is an ex bank clerk who did a TAFE course to handle peoples life savings. Sure I could have questioned his advice, even though I was paying him to assess the risk according to my risk profile/analysis. However I thought I was paying for skilled advice the same as I pay the skilled mechanic to service my car and expect it to be done proffesionaly and if there is a problem it will be fixed at no cost or covered by his insurance.



Glendaw, have you read the Storm Financial thread?
It's all about just what you are saying here.
Comes down to ultimately never absolutely trusting anyone and always taking responsibility yourself for the level of risk.


----------



## Macquack (10 December 2009)

Gerkin said:


> The accountants fail wen they cant pick up mistakes in the audit




I thought accountants produce the financial statements and auditors audit the statements. 

So how can accountants pick up mistakes in the audit when it is not their job or responsibility?


----------



## 4fundamentals (11 December 2009)

glendaw101 said:


> Sorry Gerkin if I have no faith in CFP's. Must be cos I entrusted a large portion of my life savings to one who invested me in MFS/Octaviar?Wellington and Great Southern Plantations (netting him a 10%commission) to name a few. When The s..t hit the fan he said we had a communication break down and to go away. (probably because he didn't want to hear me say that a 40% exposure of my portfolio in just one asset is excessive. The AFS license he practised under went into liquidation and now he has opened up shop under a different licence. I believe he is an ex bank clerk who did a TAFE course to handle peoples life savings. Sure I could have questioned his advice, even though I was paying him to assess the risk according to my risk profile/analysis. However I thought I was paying for skilled advice the same as I pay the skilled mechanic to service my car and expect it to be done proffesionaly and if there is a problem it will be fixed at no cost or covered by his insurance.





I am extremley sorry for your loss. 

This is one of the reasons on my previous post that I said I have set my goals to obtain the CFP and CFA designation.

CFP: Certified Financial Planner.

This doesn't mean a Financial Planner is able to identify a "solid" investment.

CFA: Certified Financial Analyst.

The reason for obtaining both of these disignations, is due to the fact, that licensees, within Dealer groups hold what is called an "Approved Product List".

These Approved Product Lists, hold hundreds if not 1000s of investments.  There is no way for an financial planner with a CFP designation to identify safe and secure investments simply by relying on this list.

This is fiduciary and duty of care obligations come into place.  What the whole industry as forgotten about.

Fiduciary duty requires that a Financial Planner, acts in the very best interest of the client. 

Throughout the past year, we have all been ripped through the mud.  

However there still are good Financial Planners out there who actually care.

Again, I am extremely sorry for your loss. 

Regards,

Fundamentals.


----------



## Krusty the Klown (11 December 2009)

Macquack said:


> I thought accountants produce the financial statements and auditors audit the statements.
> 
> So how can accountants pick up mistakes in the audit when it is not their job or responsibility?




Auditing is one aspect of accounting. All external auditors are qualified accountants.


----------



## Macquack (11 December 2009)

Krusty the Klown said:


> Auditing is one aspect of accounting. All external auditors are qualified accountants.




Yes, but not all accountants (CA's CPA's) are qualified auditors.


----------



## mazzatelli (11 December 2009)

Macquack said:


> Yes, but not all accountants (CA's CPA's) are qualified auditors.




???
Qualified as in to do the job or as in possessing a CA/CPA?
Usually when one says they are qualified it means they are CA/CPA qualified regardless of whether they perform audit, tax, fin reporting, mgmt accting functions etc

There are many accountants that possess the CA/CPA but couldn't carry out their duties for ****

In the case you speak of, accountants of the firm produce financial statements, then external auditors come in and check the financial statements. In addition the company should also possess an internal audit committee who report directly to the Board rather than senior mgmt - they focus on controls and ensure transactions etc are processed correctly.


----------



## Largesse (11 December 2009)

auditz, book keepingz n shizit.

ya kno


----------



## goponcho (5 October 2010)

Bump,

Will the RG146 be a good stepping stone to getting into trading privately for income? Will it provide a good basis for my learning or will my efforts be better focussed elsewhere if i dont want to work for a company in the future?


----------



## prawn_86 (6 October 2010)

goponcho said:


> Bump,
> 
> Will the RG146 be a good stepping stone to getting into trading privately for income? Will it provide a good basis for my learning or will my efforts be better focussed elsewhere if i dont want to work for a company in the future?




RG146 is for people who need a legal requirement. It wont teach you anything about trading


----------



## goponcho (6 October 2010)

prawn_86 said:


> RG146 is for people who need a legal requirement. It wont teach you anything about trading




Hrmm okay thanks.

Are there any _recognised_ courses which go through the theory and practical aspects of trading? At any institution.. universities, tafes, privately, online?


----------



## Sir Osisofliver (6 October 2010)

goponcho said:


> Hrmm okay thanks.
> 
> Are there any _recognised_ courses which go through the theory and practical aspects of trading? At any institution.. universities, tafes, privately, online?




The answer to this question is...not yet.

FNS10 (the new training package under which all financial training packages will be administered) was due for release in September (and has now been pushed back to late October for release).  

In its current draft format there are no recognised training packages covering the specific topic of trading. In order to have a course *recognised* under ASIC and the Australian Quality Training Framework it must be lodged with the industry skills councils and be approved as a course outside the current training package.

Expect this process to take a minimum of six months from release of the new training package.

Cheers

Sir O


----------



## merlinnn (6 October 2010)

This may be of interest

http://wiki.ibsa.org.au/FNS10_Draft_Qualifications


----------



## SIGI (28 October 2010)

Hi, does anyone know if you can buy/find notes for the RG146 courses without having to sign-up with a school. I'm interested in the knowledge but not the qualification?


----------



## Pig Lover (5 December 2010)

*Diploma of financial planning*

Hi all,

I am just wondering anyone can help me with this. I did a bachelor degree (non-business) and now thinking of a change of profession. I am doing master of commerce, majoring in banking and finance. I am interest in stock broking, financial planning and superannuation. I am thinking of doing the diploma of financial planning during the holiday. I can't do it at tafe cause my uni timetable would be crushed with the tafe one. I am looking to finish the course as soon as possible and also doing it by distance learning. But when I start looking I find out there is a wide variety of places that run the same course. And also the price is different from around $1300 to $2200. Does anyone know what is the difference between these courses ? I am pretty tight on budget and I just want to be RG146 compliant. It would be great if anyone can give me any recommendation. Also, is the qualification permanent ? Am I suppose to renew it once in a while ? Thanks for your response.


----------



## Julia (5 December 2010)

Hello pig lover

Can you say why you are attracted to being a stockbroker or financial planner?

What do you consider these roles involve?


----------



## Pig Lover (6 December 2010)

Hi Julia,

I only did one finance subject this semester and I started getting interested in the stock market. I guess the role of a stock broker is to buy and sell shares on behalf of the client, as well as, making recommendations to the client so he/she can make informed choice.  

As for finanical planner, I think is to give advice on how to invest client's money, save tax, plan ofr retirement, etc, with the aim to maximize client's wealth. 

I am trying to get more qualifications so I will be set to get into a field that I am interested in. I am not young (27) and I want to make good use of my time during the holiday.


----------



## Julia (6 December 2010)

Pig Lover said:


> Hi Julia,
> 
> I only did one finance subject this semester and I started getting interested in the stock market. I guess the role of a stock broker is to buy and sell shares on behalf of the client, as well as, making recommendations to the client so he/she can make informed choice.



Yep, sounds so reasonable, doesn't it.  Unfortunately most brokers and advisers are more driven by personal greed than the clients' best interests.
They are commission driven and will frequently recommend a client into an investment which will hand down the greatest level of commission to the adviser.

As a lowly adviser, you will do what you are told, according to what stocks your head office wants to shift on behalf of their big clients.

Forget any idealistic notions you may have about looking after the little bloke.

Have a read of the thread which is current at the moment:
"Professional Adviser Fees" and you will see how poor Kayman has been done over.

https://www.aussiestockforums.com/forums/showthread.php?t=21047





> As for finanical planner, I think is to give advice on how to invest client's money, save tax, plan ofr retirement, etc, with the aim to maximize client's wealth.



Again, nice idea, and we would hope it would all be so.  But the above principles sadly apply here also.

(The above comments are made with due apology to any rare advisers out there who are not commission driven.)




> I am trying to get more qualifications so I will be set to get into a field that I am interested in. I am not young (27) and I want to make good use of my time during the holiday.



Well, good on you.  I admire your capacity to work for what you want.
Don't mean to disillusion you entirely, but it just ain't what you think out there.


----------



## Kryzz (7 December 2010)

*Re: Diploma of financial planning*



Pig Lover said:


> Hi all,
> 
> I am just wondering anyone can help me with this. I did a bachelor degree (non-business) and now thinking of a change of profession. I am doing master of commerce, majoring in banking and finance. I am interest in stock broking, financial planning and superannuation. I am thinking of doing the diploma of financial planning during the holiday. I can't do it at tafe cause my uni timetable would be crushed with the tafe one. I am looking to finish the course as soon as possible and also doing it by distance learning. But when I start looking I find out there is a wide variety of places that run the same course. And also the price is different from around $1300 to $2200. Does anyone know what is the difference between these courses ? I am pretty tight on budget and I just want to be RG146 compliant. It would be great if anyone can give me any recommendation. Also, is the qualification permanent ? Am I suppose to renew it once in a while ? Thanks for your response.




There will be little difference in the course material, maybe customer service, how things are assessed etc. I have one subject to complete with an applied finance degree at my Uni, and have some courses in that degree which are ASIC accredited.

I was originally quoted approx $1,500 for the DFS, once i told them that I had received credit from some of my uni courses (the ASIC accredited ones), the subsequent amount due was approx $250.

Find out if you will receive any credit for subjects you have/will done that are ASIC accredited, if you do, you should not be paying the full price originally quoted

nb: make sure who you go through is legit: http://www.asic.gov.au/asic/asic.nsf/byheadline/ASIC+Training+Register?openDocument


----------



## Hurricane (7 December 2010)

Hey PL I'm currently completing the DFS with Kaplan, they've split it into 4 modules. The first gives you the "general" RG146 qual (tier 2 I think?) as well as tier 1 compliance in Planning. The other modules give you RG146 tier 1 in Risk Management (i.e insurance) Superannuation and Investment planning.

Basically you need Tier 1 RG146 for each product you'd be advising on so if you wanted to tailor your compliance level strictly for those products, you wouldn't need to go down the DFS route. Otherwise the DFS is a mixed bag made up of the "core" subjects that the provider think you'll need.

I'm doing mine in my spare time (corrospondence) and if you've got half a brain you'll knock it off in no time. It's an assignment (which can be a little challenging in places) followed by an open book [shakes head] exam for each module.

I've found Kaplan ok they don't give much help but their notes are pretty comprehensive and let's be honest here if you can't pass this course you shouldn't be advising people how to invest their life savings!!!!!! Oh and it's about $550 a module if you do it 1 at a time but there are discounts if you pay in full up front.


----------



## Pig Lover (7 December 2010)

Hi all,

Thanks for telling me the difference between the reality and general notion, Julia. Sounds like you are burnt out and have lost confidence in human sincerity in the industry. I have some experience working in retail shops and I understand sometimes you have to pursue targets by lying or not telling the truth. It's frustrating but that's how it works.  I will keep that in mind, thanks for the warning.

Thanks for the info, Kryzz and Hurricane. I've talked to Kaplan and probably will enrol next week. My friend told me it's easy and straight forward but don't get too relax to it.

Thank you for your response everyone.


----------



## Julia (7 December 2010)

Pig Lover said:


> Hi all,
> 
> Thanks for telling me the difference between the reality and general notion, Julia. Sounds like you are burnt out and have lost confidence in human sincerity in the industry.



No, I'm not burned out.  I've been happily managing my SMSF for many years.
I'm simply aware of the realities of the so called advising profession.


----------



## Junior (8 December 2010)

Julia said:


> Yep, sounds so reasonable, doesn't it.  Unfortunately most brokers and advisers are more driven by personal greed than the clients' best interests.
> They are commission driven and will frequently recommend a client into an investment which will hand down the greatest level of commission to the adviser.
> 
> As a lowly adviser, you will do what you are told, according to what stocks your head office wants to shift on behalf of their big clients.
> ...




Hi Julia,

I've been in the industry for about 7 years, and my experience is that things are changing.  The public is much more aware of fees and commissions compared to pre-GFC, and there is pressure to move to a fee for advice model.  I won't go into more depth at the moment...but like any industry there are good, honest operators, as well as greedy, selfish participants.  But I really think things are moving in the right direction.  

Higher education standards for advisers and a ban on upfront commissions will help this change.


----------



## Julia (8 December 2010)

Junior said:


> Hi Julia,
> 
> I've been in the industry for about 7 years, and my experience is that things are changing.  The public is much more aware of fees and commissions compared to pre-GFC, and there is pressure to move to a fee for advice model.  I won't go into more depth at the moment...but like any industry there are good, honest operators, as well as greedy, selfish participants.  But I really think things are moving in the right direction.
> 
> Higher education standards for advisers and a ban on upfront commissions will help this change.



Hello Junior,
I'm pleased to hear it.  Perhaps all my capacity for idealism has been lost, but I'm finding it hard to believe there won't still be kickbacks to advisers in some form.  That is just the way of anyone (funds) wanting to promote their product.

And I'm less than reassured after reading a post in another thread about a component of the qualification for an adviser/planner being an 'open book exam'!!!


----------



## Garpal Gumnut (21 December 2010)

Julia said:


> Hello Junior,
> I'm pleased to hear it.  Perhaps all my capacity for idealism has been lost, but I'm finding it hard to believe there won't still be kickbacks to advisers in some form.  That is just the way of anyone (funds) wanting to promote their product.
> 
> And I'm less than reassured after reading a post in another thread about a component of the qualification for an adviser/planner being an 'open book exam'!!!




agree Julia,

All FPA's are either employed by the banks or institutions or dependent upon them for kickbacks.

gg


----------



## Junior (22 December 2010)

Julia said:


> Hello Junior,
> I'm pleased to hear it.  Perhaps all my capacity for idealism has been lost, but I'm finding it hard to believe there won't still be kickbacks to advisers in some form.  That is just the way of anyone (funds) wanting to promote their product.
> 
> And I'm less than reassured after reading a post in another thread about a component of the qualification for an adviser/planner being an 'open book exam'!!!




At the moment, in order to give financial advice, all you need to do is complete the Diploma of FS and have a few years industry experience. Then it's up to a firm with a 'dealers license' to deem whether or not you are ready to give advice under their license.  I completed the diploma a few years ago, and it was quite simple, each unit has an open book exam and an assignment....not a sufficient level of content/difficulty to be able to call yourself 'qualified' in my opinion.

In order to be a Certified Financial Planner, you have to complete a bachelor's degree and then complete the CFP course, which is internationally recognised - like CPA.

Since the GFC many independant advisory firms will only appoint advisers who have completed CFP - this is a big step in the right direction.  Also, a lot of independant (i.e. non-bank) practises are moving, or have already moved, to a fee for advice model (i.e. no commissions or kickbacks).  This is a big positive for the industry, the only issue I can see is that most practises who have gone to fee for advice only want high net worth clients.


----------



## Julia (22 December 2010)

Junior, in addition to fee for service advisers only being interested in high net wealth clients, do you think also that the average person will be reluctant to seek advice because of the deterrent of an up front fee?

In the past, if they were able to ignore (or were ignorant of) the trailing commissions paid to advisers, they wouldn't care about these because they would not have perceived these as actually coming out of their funds.

Doesn't have to be rational, but that's what I imagine the perception will be amongst the less than financially literate.


----------



## Junior (23 December 2010)

Well, I think the value of Financial Advice lies more in strategy and asset allocation, rather than actually selecting investments.  As we all know, most managed funds struggle to beat an index after fees, so recommending a portfolio of managed funds doesn't really provide much value to a client....they're better off going to a stockbroker for purely investment advice.

As a financial adviser, if you can show a client the value of a particular strategy  i.e. you will pay $X amount less tax over the next 3 years, or you will have $X amount more in super by implementing this strategy...then it should be easy to justify an upfront fee.  It's more difficult commercially to service an individual with a small amount of assets, but I think if commissions and volume bonuses were phased out...then the industry would find a way to service small investors profitably.

Maybe I am being too idealistic, but I have been through the GFC with a business operating on upfront commissions... and I want to be part of the new wave of advisers!


----------



## Julia (23 December 2010)

Yes, agree, Junior, about the usefulness of advisers when it comes to tax strategy, estate planning etc.  

Best wishes for a successful 2011.


----------



## Garpal Gumnut (23 December 2010)

Junior said:


> Well, I think the value of Financial Advice lies more in strategy and asset allocation, rather than actually selecting investments.  As we all know, most managed funds struggle to beat an index after fees, so recommending a portfolio of managed funds doesn't really provide much value to a client....they're better off going to a stockbroker for purely investment advice.
> 
> As a financial adviser, if you can show a client the value of a particular strategy  i.e. you will pay $X amount less tax over the next 3 years, or you will have $X amount more in super by implementing this strategy...then it should be easy to justify an upfront fee.  It's more difficult commercially to service an individual with a small amount of assets, but I think if commissions and volume bonuses were phased out...then the industry would find a way to service small investors profitably.
> 
> Maybe I am being too idealistic, but I have been through the GFC with a business operating on upfront commissions... and I want to be part of the new wave of advisers!




Agree,

But it is possible to get the same information by using Google.

gg


----------



## Junior (24 December 2010)

Garpal Gumnut said:


> Agree,
> 
> But it is possible to get the same information by using Google.
> 
> gg




Yes, google and forums such as this one are fine for the financially literate.  

Howevere the majority of the population aren't in this category, or just don't want to spend hours and hours educating themselves and completing paperwork to implement strategies.

Upfront fees don't just cover advice, they cover meetings, phone calls, modelling and SOA construction and implementation.


----------



## robusta (3 January 2011)

Junior said:


> At the moment, in order to give financial advice, all you need to do is complete the Diploma of FS and have a few years industry experience. Then it's up to a firm with a 'dealers license' to deem whether or not you are ready to give advice under their license.  I completed the diploma a few years ago, and it was quite simple, each unit has an open book exam and an assignment....not a sufficient level of content/difficulty to be able to call yourself 'qualified' in my opinion.
> 
> In order to be a Certified Financial Planner, you have to complete a bachelor's degree and then complete the CFP course, which is internationally recognised - like CPA.
> 
> Since the GFC many independant advisory firms will only appoint advisers who have completed CFP - this is a big step in the right direction.  Also, a lot of independant (i.e. non-bank) practises are moving, or have already moved, to a fee for advice model (i.e. no commissions or kickbacks).  This is a big positive for the industry, the only issue I can see is that most practises who have gone to fee for advice only want high net worth clients.




Is it possible to be an independant financial advisor? This interests me as a career change but I think I would have trouble with the whole dealer licence idea of selling high fee managed funds.


----------



## IB12 (3 January 2011)

If someone wants to be a financial adviser and is asking for advice on compliance and qualifications (RG146), then let them be. I would stay on topic and just focus on the qualifications, rather than going off topic about the virtues of financial planners and whether or not it's the right career choice. 

It's like if someone came up to you and said they were getting married and they were gay. Or a black and white couple came up to you for advice about a getting married. And then you go on about the virtues of getting married to a black person, or being gay, imposing your conservative religious value system on them.
Just give them marriage advice and show them the right places to get the wedding dress.


----------



## prawn_86 (3 January 2011)

robusta said:


> Is it possible to be an independant financial advisor? This interests me as a career change but I think I would have trouble with the whole dealer licence idea of selling high fee managed funds.




They do exist Robusta, mainly as boutique firms, but there are many out there. Generally they charge an hourly fee and have no affiliations with any particular products etc.

More and more of them emerging too as people begin to realise how trailling commissions work


----------



## robusta (3 January 2011)

prawn_86 said:


> They do exist Robusta, mainly as boutique firms, but there are many out there. Generally they charge an hourly fee and have no affiliations with any particular products etc.
> 
> More and more of them emerging too as people begin to realise how trailling commissions work




Thankyou prawn this interests me as a career change. Do you think it would be possible to set up like this on your own. 
I think it would give a individual advisor an competitive advantage to be able to say they are totally independant.


----------



## prawn_86 (3 January 2011)

robusta said:


> Do you think it would be possible to set up like this on your own.




Anything is possible. However aside from being RG146 compliant, you also need to operate under an AFSL (Aus Financial Services License), as others have mentioned. This means you would need to obtain a new licence (expensive and time consuming) or pay to be 'loaned' one. Im not too sure of the exact details.

This means you need to have complaince procedures et al in place when operating under an AFSL so doing it alone would be no easy task.

And from a marketing perspective you would need to provide solid (probably audited) proof to your potential clients to prove they should trust you over any other planner.

So yes, you could do it, but it wouldn't be easy


----------



## Julia (3 January 2011)

IB12 said:


> If someone wants to be a financial adviser and is asking for advice on compliance and qualifications (RG146), then let them be. I would stay on topic and just focus on the qualifications, rather than going off topic about the virtues of financial planners and whether or not it's the right career choice.



I disagree.  Robusta's enquiry is imo well within the scope of the topic and is a realistic question, given the growing public distrust of financial advisers who are linked to a commission based product.

Robusta, if you were to acquire the qualifications necessary plus the appropriate licence, what would be your aim in having your own business?


----------



## robusta (3 January 2011)

Julia said:


> I disagree.  Robusta's enquiry is imo well within the scope of the topic and is a realistic question, given the growing public distrust of financial advisers who are linked to a commission based product.
> 
> Robusta, if you were to acquire the qualifications necessary plus the appropriate licence, what would be your aim in having your own business?




To help people (myself included) to achieve financial independance. Many people bury their heads in the sand when it comes to money if I can help them with ; debt reduction, tax, investing, estate planning, super... all subjects that interest me and be paid for it!! Well that would be my dream job.

I like the idea joining these guys http://www.superguide.com.au/the-so...y-independent-financial-advisers-in-australia.

The other problem I have is I do not have a undergraduate degree (but would be prepared to get one) so becoming a CFP would take a while as I would have to study part time while supporting my family.


----------



## loserboy (5 June 2014)

has any one completed their rg146 thru stockbrkers.org.au? if so, is it any good?


----------



## Junior (5 June 2014)

I just read my post made in 2010 about the industry moving in the right direction.

It's moved ever so slightly in the right direction, but I fear that may have stalled for now.

Pros:  
* Upfront commissions on investment products are a thing of the past, which is a positive step.  
* The emergence of ETFs and competitively priced platforms/retail super funds are also a positive.

Cons:
* Still 80% controlled by big banks, still flogging their own products.  Primary focus is still on selling products rather than selling advice/strategy.
* Minimum educational requirements haven't improved.


----------



## kahuna1 (7 June 2014)

loserboy said:


> has any one completed their rg146 thru stockbrkers.org.au? if so, is it any good?




Well its a kaplan run thing if its the one I once looked at. so its not bad, and quick and online on the main. It depends how far your want to go, the top end of the heap is a serious financial planning one which will cover it all.

Its basic the Kapaln one and then one can do a whole load of others to upgrade from a derivatives type one up to various other levels way above it.

It depends on what you want or need it for. Having an RG 146 is the basic standard of the industry and someone with not much knowledge could take 9 months to do it part time, someone with a lot of experience can do it in 2 months and it will take them longer to MARK the exams than it takes you to do it. 

That ASIC requires it is one thing, but its who or whom you work for or are you going for an AFS license or whatever. If you work for some group despite working in the ministry for 30 years and being RG 146 compliant at one bank you go to another and they can force you to do some course that is silly all over again. Even the cost of getting prior knowledge recognized actually works out to MORE than the course cost itself ... so its quicker and easier just to bloody do it.

Eventually you become a member of the Stockbrokers of Australia if that's the one your looking at ? On top of that maybe a graduate diploma in stockbroking depending on how many courses you do above the basics. I think the financial planners one is better but since neither of them really interested me I ended up just jumping the hoops placed in front of me and getting the professional diploma in stockbroking and RG 146 compliant along with derivatives 2 or 3 the highest one, margin lending and a few other goodies I just sat the test not bothering to buy the paperwork. 

Despite having post grad masters in banking and in finance and in economic and in accounting, NONE were recognized by Kaplin when I had to sit it, neither were licenses as the ASX  !! Ones that were valid and operating since 1990 over 20 years, were not recognized and as such I do understand the need to have people trained and compliant, when I needed them, my organization for a very brief time insisted I get them and then did not recognize anything. Even had a believe it or not one from the AMFA the Australasian Financial markets association which was many levels above RG 146 ... but like the rest not counted. Oh I forgot I did the ASX ones themselves for grads back in the 1980's ... nope none of that counted towards anything either via Kaplin or my very brief association with a stockbroker.

So you could teach the course and NOT be recognized as being qualified via previous experience, not knowing what you want it for or who or whom is requiring you to do it, makes a difference.

If anything a MBA is time better spent, but you will find out as I sadly did they include a 3 rd rate uni as being counted but one from say Columbia Business School in new York does not count. 

Weirdest thing of all< ASIC itself had me on its register since 1984 as being compliant in several things up to RG 146 and well above, yet had to get more prices of paper. Not by ASIC, they were quite happy with my background and training, it was via the pencil pushers ...

Hope some of it helps.

Do the MBA short answer, see which ones are accepted in credit to RG 146, Likely Macquarie and Sydney and Monash. Go heavy on the electives of where your heading and go from there. Will take the same time if your going to be serious about it, 2 years.

On top of this ongoing education is a thing for any RG 146 one must be able to prove your up to date with issues. Post the recent changes they have GONE insane with paperwork and  what is GENERAL advice and what is specific advice. Ona  chat site, not being paid I can go this share is great BUY it. If  a stockbroker does not know his clients fiances down to the last minute, his goals and even then if he knows it giving specific advice to buy or sell the laws have become such a mess that unless your a professional investor where the rule do NOT apply as your savy enough NOT to need them, the poor bugger whom you try and steer the right way can actually come back of the stock goes down and make the broker life interesting claiming they were not told this or that.

Its gone a bit mad, some if not most need help, but giving even well meaning advice is now a  thing that brokers asked by someone with $50,000 where to invest more than likely if they had a brain would RUN away from for the mere $200- they earn if they are lucky in brokerage, the fact is that the way the laws are going you may have 2,3,4 come back and try and cry because they bought a share and it went down !! Even if the whole market crashed. 


Meanwhile in GFC central in the USA no one went to jail or was seriously hit for what were some of the most out of control recommendations ever seen or given leading up to the GFC. same happened here and hence the tightening but still some people put into funds, leveraged ones where the broker got 2-5% commission for selling the rubbish to you, about 12 months latter in the GFC they crashed wiping 99% of the value never to come back, still like the USA none of the people who set these things up even here got touched or looked at. It was legal.

Such is life


----------

