This qualification is for financial planners who provide a range of standard financial planning services and individuals providing specialist para-planning services.
This is a licensed occupation and core units in this qualification meet Australian Securities and Investments Commission (ASIC) requirements for Tier 1 status. Specific product units for licensing are included in the electives.
NOTE: For current advice on ASIC compliance under RG146 refer to the advice bulletin on the IBSA website or contact ASIC.
Subjects
15 units must be achieved:
9 core units
plus6 elective units
4 elective units must be selected from the elective units listed below.
The remaining 2 elective units may be selected from the elective units listed below, any endorsed Training Package or accredited course. Elective units may be selected from a Certificate IV, Diploma or Advanced Diploma qualification.
Elective units must be relevant to the work outcome, local industry requirements and the qualification level.
FNSIBK507A Review broking client service performance
FNSIBK508A Implement changes to broking clients insurance program
As well as demonstrate evidence for assessment of the knowledge and skills requirements in this unit of competence, with specific reference to the Specialist Insurance Broking Knowledge in the Evidence Guide.
To achieve Tier 1 competence in First Home Saver Accounts, participants must provide evidence for assessment of these units of competence:
FNSINC501A Conduct product research to support recommendations
FNSIAD501A Provide appropriate services, advice and products to clients
FNSCUS505A Determine client requirements and expectations
FNSCUS506A Record and implement client instructions
As well as demonstrate evidence for assessment of the knowledge and skills requirements in this unit of competence, with specific reference to the Specialist First Home Saver Accounts Knowledge in the Evidence Guide.
FNSASICQ503A Provide advice in First Home Saver Market Linked
Accounts
To achieve Tier 1 competence in Superannuation, participants must provide evidence for assessment of these units of competence.
FNSINC501A Conduct product research to support recommendations
FNSIAD501A Provide appropriate services, advice and products to clients
FNSCUS505A Determine client requirements and expectations
FNSCUS506A Record and implement client instructions
As well as demonstrate evidence for assessment of the knowledge and skills requirements in this unit of competence, with specific reference to the Specialist Superannuation Knowledge in the Evidence Guide.
To achieve Tier 1 competence in Life Insurance, participants must provide evidence for assessment of these units of competence.
FNSINC501A Conduct product research to support recommendations
FNSIAD501A Provide appropriate services, advice and products to clients
FNSCUS505A Determine client requirements and expectations
FNSCUS506A Record and implement client instructions
As well as demonstrate evidence for assessment of the knowledge and skills requirements in this unit of competence, with specific reference to the Specialist Life Insurance Knowledge in the Evidence Guide.
FNSASICM503A Provide Tier 1 personal advice in life insurance
Pathways...
Pathways for candidates entering this qualification include:
Certificate IV in Financial Practice Support
and other sector qualifications involving providing financial product and services advice at ASIC Tier 2 level.
The primary pathway from this qualification is employment as a financial para-planner providing advice to clients on financial products and services within the ASIC licensing framework for the sector.
A further learning pathway utilising qualifications such as Advanced Diploma of Financial Planning would support career progression.
Entry Requirements
Not applicable.
Licensing Information
Not applicable.
Employability Skills
The following table contains a summary of the employability skills required by industry for this qualification. The employability skills facets described here are broad industry requirements that may vary depending on qualification packaging options.
Employability Skill
Industry/enterprise requirements for this qualification include:
Communication
assisting clients to identify financial goals and priorities and assessing their current financial situation
developing and writing reports to specifications
interpreting clients’ requirements and tailoring financial plan to meet their needs
negotiating solutions with clients
questioning, listening and clarifying client’s requirements
using excellent customer service skills and maintaining an ongoing relationship with clients
Teamwork
allocating personnel for ongoing service tasks
delegating roles and responsibilities to team members
outsourcing tasks to internal and external specialists as required
Problem solving
checking the accuracy of calculations for fees and charges
conducting trend and risk analysis including product modelling
estimating, forecasting and conducting competitive comparisons
identifying and resolving inconsistencies in information
identifying OHS hazards and maintaining risk control
performing calculations and developing a risk profile for individual clients
testing strategic assumptions
using modelling tools to test assumptions against a variety of scenarios
Initiative and enterprise
developing administrative processes to implement financial plans
identifying ongoing service options for clients and confirming these with clients
identifying risk and managing it
proactively anticipating customer requirements and recommending products
researching alternative options for clients’ needs
Planning and organising
ensuring the integrity of systems, records and reporting procedures are maintained
implementing financial plans according to agreed actions, time schedule and agreed priorities
undertaking research and developing solutions such as financial plans
Self-management
planning own work schedule and monitoring and evaluating own work performance
taking responsibility as required by work role and ensuring all organisational policies and procedures are followed
understanding and acting upon compliance implications
working ethically and complying with industry professional code of practice and legislative requirements
Learning
adapting to change in technology and/or work practices
defining own work role and working within defined responsibilities
developing and maintaining personal competency
following workplace safety procedures
identifying opportunities for professional development
maintaining currency of knowledge of financial products and services
seeking expert advice as required
Technology
conducting web searches, using corporate templates and financial planning software
operating computers and using word processing, spreadsheet and database skills to produce workplace documentation
using business technology to access, organise and monitor information
using research data devices and telecommunication devices and equipment