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Investment Education

Discussion in 'General Investing Discussion' started by Triu, 5th Dec, 2007.

  1. Triu

    Triu Well-Known Member

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    Does anyone know what to study for investment!

    I would like to learn more about Managed Funds and how they work! Anyone have a good course to study?
     
  2. AsxBroker

    AsxBroker Well-Known Member

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  3. Triu

    Triu Well-Known Member

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    Hi i have an interest in Financial planning and mortgage broking as a new career.

    Can anyone tell me what is required to become a financial planner and how do you find the jobs and do they pay well.

    Also what about Mortgage Broking - How do you start out and how much money do you need behind you before leaving your full time job?

    Anyone please advise. Currently working in the Govt as Project Manager doing residential housing and am interested in Commercial Building but need to go and do further study. Looking at career change or do i just stay in my job and invest for the future then live off passive income?
     
  4. AsxBroker

    AsxBroker Well-Known Member

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    Hi Triu,

    I can certainly tell you that you won't be working part-time so you won't need any money behind as you'll initially start with a base + bonuses.

    For Financial Planning you need a minimum training from Regulatory Guide 146 (RG146) issued by ASIC, many recruitment agencies still advertise for PS146 which is the same thing but it used to be called Policy Statements. The recruitment agencies haven't quite caught on yet (though it's been about a year...) but they don't care they are only there to get you a job and get a cut from it...They are your best friend when they think they can make a buck from you but totally disappear when the going gets tough.

    Anyway, back to the topic, the minimum requirements are to complete a Diploma in Financial Services (Financial Planning) such as .: Finsia :. | Diploma of Financial Services (Financial Planning) or Diploma of Financial Services
    which are seen as the most recognised places to complete the course at.

    The subjects which you must complete are an Entry Level Competency (ELC), Rick Management (Insurance), Investment Planning 1 (IP1) and Superannuation & Retirement Planning (SRP).

    These 4 subjects make up the Dip FS (FP) which are the minimum requirement to give advise and charge for it. You can also complete the Advanced Diploma which is another 4 subjects, Taxation Planning, Estate Planning, Investment Planning 2 and Financial Planning Construction & Review.

    Not sure about Mortgage Broking, though someone should know.

    Cheers,

    Dan
     
  5. Triu

    Triu Well-Known Member

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    Thanks for the info Dan what about employment and remuneration prospects, are they good? Would you work for a company or open your own consultantcy?
     
  6. DaveA

    DaveA Well-Known Member

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    Dan, Thanks for the details.

    Must say ive looked and the Managing SMSF course looks pretty good. Was considering of doing it but you have to become RG146 compliant. I would imagine though my uni degree would exempt me for 2 or 3 out of the 4 subjects however you still have to pay $265 per subject to get assessed. But i guess they cant hand out degrees for free.

    Another market i would love to see is how do be a trustee (even a book would be nice to read).

    I must say $2500 for a course if you were doing it for enjoyment is probably a bit of a waste of money. A CA degree is only 5000, id imagine alot more work and a lot better recognised...
     
  7. Triu

    Triu Well-Known Member

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    anyone here a financial planner? What is the job like are you self employed is it a good career to get into?

    I am quite interested in a career change but not sure which way to go?

    any advice Financial Planners.
     
  8. AsxBroker

    AsxBroker Well-Known Member

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    Hi Triu,

    Employment prospects are high, go to SEEK - Australia's no. 1 jobs, employment, career and recruitment site and type in financial planner or 146 in your location (city/town) and I'll be amazed if you don't get any hits.

    Remuneration prospects are also high, nowadays as a planner assistant (no experience and no qualifications) you can get $45k plus super, a paraplanner can pull anywhere between $50k for minimal experience and RG146 to $100k for 3 years experience plus super (Yes, I have seen these roles!!!). For a planner roles start from about $60k plus super plus bonus/commissions, so if your good you'll do very well.


    Hi DaveA,

    SMSF courses would build on the RG146 minimum education, personally at this stage in my career I have chosen to not do SMSFs, possibly down the track. Technically you don't have to get assessed, if your course is listed on http://www.asic.gov.au/eTraining/eTrain.nsf you are RG146 in that knowledge category. The assessment cost is if you want the Dip FS certficate to put on your wall because they still want to make money from it :p

    If you set up your own SMSF you will be a trustee.


    I enjoy my job very much.

    Personally I prefer to work for large licensees, my previous employer was through a franchise model and I was the only employee apart from my boss who was the owner, though the licensee had approximately 280 planners in Australia. Now I am working for the fifth largest bank in Australia and loving the change. The reason I prefer larger licensees is that if something does happen the client has the peace of mind of having a licensee with deep pockets behind the advice. With smaller licensees you here about the **** hitting the fan and the licensee declares bankruptcy as its a small company which can't afford to pay compensation once their professional indemnity insurance refuses to pay out (ask Count about this experience, now they self-insure).

    The work is hard but very enjoyable, some people enjoy working for themselves and some don't, a bit like other jobs.

    If your serious about getting into financial planning do your first 4 subjects and keep an eye out for roles on seek, you can set it up to email you every day!

    Cheers and good luck,

    Dan
     
  9. Rebecca V1.0

    Rebecca V1.0 New Member

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    Sydney
    Hi Triu

    I'm also a public servant looking for a career change. I'm 26 and in an admin role in a legal area. I have a degree in maths which doesn't help me at all and I can't stand all the lawyers I'm surrounded by!

    I decided earlier this year that Financial planning would be a great career for me. I'm currently doing the first unit of the Diploma of Financial Services (Financial planning) through Kaplan, out of my own pocket.
    I'm hoping that with the DFP and my admin experience will get me in as an entry level paraplanner at an equivalent salary as I get now ($50k).

    If you need a study buddy just message me :D
     
  10. Tropo

    Tropo Well-Known Member

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    Good on you Rebeeca V1.0 :D:D

    I believe that a degree in maths may help you to become a very good financial planner.
    Let me know when you become one.:cool:
     
  11. Bantam Roosta

    Bantam Roosta Well-Known Member

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    Canberra, ACT
    Hi all,

    This question is directed to ASXBroker and/or anyone else that may be familiar with FINSIA courses or the financial planning environment.

    I completed a 'Diploma of Financial Markets' (no longer available) in 2006 through FINSIA, and have PS146 compliance for 'managed investments' and 'securities'. Can anyone tell me what this means and is it any use to me? Would I have to do the Diploma of Financial Planning to be able to work in the industry?

    Regards,

    BR
     
  12. AsxBroker

    AsxBroker Well-Known Member

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    Hi Bantam,

    Your probably referring to the the subject Stock Market Products (E405), I'm surprised the newer Dip Fin Mkts subject Securities, Derivatives and Managed Investments (DFM3) isn't listed on the ASIC register.

    Being the minimum education requirement of RG146 by ASIC means you can give advice to client's on those subjects. Being able to advise client's on Securities and Managed Investments is a start. You've also got to do generic financial planning (Entry Level Competency), insurance (Risk Management) and superannuation (Superannuation and Retirement Planning) to be able to get a job advising in most places. These four subjects are what recruitment companies are looking for when they (incorrectly) quote PS146

    The Dip Fin Svcs (Fin Plan) is what you'd need to complete, get an exemption for E405 and then hammer out ELC, RM and SRP as quickly as you can. Kaplan have opened ended semesters, if you were super keen you could complete it in 4 or 5 months for all three subjects and be working a few days after that!

    The banks are super keen to pick advisers/financial planners up, with no experience you'd have a low limit to start but experience will help you grow.

    You'll also learn a MASSIVE amount when your actually work, it's a bit like uni graduates when they finish after their course, they are very green behind the ears and learn the ropes when they are actually in a job (also it softens their cockyness when they realise they don't know everything).

    I hope this helps with your education, before you enrol in Kaplan make sure they give you an exemption so you don't have to do IP1 (No that's not Investment Property!). They do charge a little bit for assessing the exemption because otherwise they would have every monkey applying for it. If your not keen on Kaplan you can have a look at plenty of other education providers http://www.asic.gov.au/etraining/etrain.nsf/ByProvider?openview&key=ByProvider

    Good Luck,

    Dan