Diploma of Financial Services (RG146/PS146)

[glendaw101]

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]

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]

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]

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]

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]

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]

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,

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]

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,

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'.

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]

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]

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]

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]

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]

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]

auditz, book keepingz n shizit.

ya kno

 

[goponcho]

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]

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]

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]

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]

This may be of interest

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

 

[SIGI]

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?