Diploma of Financial Services (RG146/PS146)

[Garpal Gumnut]

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]

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 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.



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.


That's just a perfectly silly and irrelevant remark.

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]

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]

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]

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]

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]

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]

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

 

[Kowabunga]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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...

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]

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

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