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Which training facility for me?

Discussion in 'Financial Planning Study Group' started by Shady, 18th Feb, 2009.

  1. Shady

    Shady Well-Known Member

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    I though I'd start a new thread for this one as I've pretty much decided to give the FP thing a crack.
    I've been researching various registered training facilities and wanted to ask a few questions form people that have done it.
    The different facilities DFS (FP) course goes from anywhere between a couple of weeks to 12 months. I understand that at the end of the course the piece of paper is the same no matter where you go so that leads me to head for the facilities that you can complete the course quicker. Some advertise the '9 day diploma course' but in reality its more like 5-6 weeks with 2-3 weeks of prior independent study then 5 days of workshop then another week of for independent study and finally 4 days of workshop.
    The particular facility I'm referring to is PS146 training or now they' have renamed themselves RG146 training (I wonder why :D).
    Has anyone studied with these guys?
    From what I'm told there are no formal exams or assignments, it's all competency based assessment done throughout the workshops. So once the final workshop has been completed you have your Diploma qualification.

    I looked at a facility called IBI - Investment Banking Institute who seemed dodgier than a politicians promise. Another that seemed to be reasonable was AIFA
    although there course didn't start until then end of March and was a full 7 weeks, similar to RG146. Full time with Kaplan seems to be quite a bit longer once exams and assignments have been completed and marked.

    I suppose I'm looking for any reason not to go with RG146. I justify it to myslef thinking that its only a basic qualification and I'll learn much more on the job and through the AdvDFS.
    Just as long as I pass everything through RG146, I'd hate to turn up and realise that its more for industry professionals who have been doing it for 5 years.

    Any thoughts?
     
  2. AsxBroker

    AsxBroker Well-Known Member

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    Hi Darren,

    The piece of paper is the same anywhere you go. Saying that, a business degree from Uni NSW is better regarded than a business degree from UWS or Southern Cross Uni.

    I've heard of RG146 training, they sponsor a few FPA functions. I used to laugh that anyone would call a training company that PS146, as before that it was IPS146 and now RG146. I can guarantee that in the future they will rename Regulatory Guides again from Policy Statements and Interim Policy Statements. It took them two and a half years to rename the company...It still cracks me up...

    You will learn huge amounts of information on the job, RG146 is the bare minimum...

    Let us know how RG146 training is as I am interested to hear about other training companies go.

    Cheers,

    Dan
     
  3. Shady

    Shady Well-Known Member

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    Right'e'o then, in the absence of any negative comments about this training facility, I'll be the guinea pig and fork out the dosh for their course.
    If you've got anything bad to say about these guys after midday today, probably best to keep it too yourself as it will be too late:p Anything constructive more than welcome;)

    Cheers
    Darren
     
  4. Shady

    Shady Well-Known Member

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    All signed up, I've got 2 1/2 weeks to study up before workshop starts on the 9th March. I report back as to how its all going.
     
  5. Chris C

    Chris C Well-Known Member

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    Please do, I'm very interested to hear what you think, because I'm planning on doing something similar when I graduate from my economics degree at the end of this semester.
     
  6. Shady

    Shady Well-Known Member

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    Just a quick update,
    I've had the material for a few weeks now and have read through the all the work books and I'm really looking forward to Monday the first day of the workshop.
    After reading through the very first 'chapter' of the first subject DFS-1 Financial Advice I thought I better skip to the next subject because it was high school stuff, how wrong could I have been. It very quickly from describing the difference between macro and micro economics and what GDP is to retirement income systems/regulatory environment and the Corporations Act. Definitely a change from what I've studied in the past.

    I've learned so much in the last couple of weeks and hope to be able to fill in a few gaps during the next few weeks in the workshop classes.

    The manuals turned up with 2 days and are professionally prepared. They are easy to read and understand. I have had several emails from RG146 Training Australia over the last 2 weeks confirming my workshop details, they changed the venue for one day only (about 3 blocks away) and I had an email advising me and a follow up phone call to confirm.

    So far they've been nothing but top notch. But as they say, 'the proof is in the pudding' so lets hope the workshops are as well organised. and fingers crossed I pass everything
     
  7. AsxBroker

    AsxBroker Well-Known Member

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    Hi Shady,

    Sounds like everything is going well :)
    Keep on revising through the chapters.

    Cheers and good luck,

    Dan
     
  8. Shady

    Shady Well-Known Member

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    Another update,

    I've knocked over the first 2 modules during 'workshop' sessions in the city last week. The two being DFS 1 Financial Advice and DFS 2 Insurance.
    The room we were in was more then adequate, It was a rented board room within a serviced offices business but from what I'm told they're in the process of fitting out their own premesis.

    The lecturer/facilitator/teacher was very good. A semi retired financial planner who holds his own AFSL and a lifetime spent in the financial services industry. It really helped having real life examples of what/why things are done the way they are. He was very well spoken and as all salesmen, had a 'hearty' personality.

    As I mentioned in another post there was no assignments, everything was tested as we moved through the module work books. I was told that we were the last class that was going through this curriculum, the next class has assignments to do as well as the multiple choice after every chapter.

    We were given plenty of chances to 're-asses' our answers if we got more than one wrong and this was done with the consultation from the teacher.
    That's not to say that you didn't have to come up with the answer yourself, because it was expected that you could explain your answer if needed.

    So now I've got a week off to study for the last two modules, DFS 3 Superannuation and DFS 4 Investment Planning....I started a new job today at AMP so I might need to burn the midnight oil so to speak.
     
  9. Chris C

    Chris C Well-Known Member

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    Bugger...

    :mad:
     
  10. Shady

    Shady Well-Known Member

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    Well, its all done and dusted.

    I've finished the final 2 subjects, DFS 3 Superannuation & DFS 4 Investment Planning which were very interesting.

    I thought the whole course was very well put together and easy to follow.
    The last 2 modules were presented from their new premesis (Bligh St Sydney) which was only 3 doors down from where we were but we did get coffee, biscuits and muffins for a snack:D which wasn't offered at the other venue.

    There was a wide spectrum of people attending the course, of the dozen or so doing each module I'd say 2-3 were not in the financial services industry at all, 4-5 from insurance companies and probably 5-6 from banking/mortgage services companies. The odd person was a BDM from an AFSL holder or an options spruiker at investment seminars but the vast majority were already in the industry. Because of this I made some very good contacts that should be helpful if I decide to make the transition.

    I've also scored myself a job with AMP:) .....Just nothing to do with Financial Services though:rolleyes: it's with AMPCI in their property division, so when the time comes (or if it comes) I'm hoping it will be an easy hop over to AMPFP.


    Good Points about RG146 Training Australia
    -Knowledgeable lecturers with real world experience
    -Very well organised admin in lead up to and during the course
    -An intensive program that offers to get the DFS reasonably quickly
    -Ongoing assessment as you progress through the course.
    -Easy to follow course manuals.


    Bad Points about RG146 Training Australia
    -Not as well known as Kaplan (I'm not sure if this is a problem yet but having several students coming from the likes of Westpac & AMP cant be a bad thing)
    -I thought it could have gone into more depth with a few topics but then again I'd had previous knowledge of investment/super/tax environment.
    -The price....@ $4360, it aint cheap. I'm sure I could get a discount going through AMP.


    So there you have it, I could recommend them to anyone wishing to get a DFS (FP) through a workshop. From what I understand the distance course uses the same material which is easy to understand. The people that I spoke to at head office in Melbourne before the course started were all very helpful so I can only assume that anyone doing the course by distance would receive the same help over the phone.


    Cheers
     
  11. AsxBroker

    AsxBroker Well-Known Member

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    Hi Shady,

    Well done for completing the first four subjects, take a little bit of time off and then attack the Advanced Diploma.

    Also well done for getting a job at AMP Capital Investors, the funds management will give you a good solid understanding before getting into the advise channel.

    Cheers,

    Dan
     
  12. TROM

    TROM Active Member

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    Is the Diploma of Financial Planning better than the Degree of Financial PLanning at Curtin University or any University better than Kaplan.

    Also with Financial PLanning what Incomes do they earn?

    If mature age student was starting out what would he expect to earn?

    I am in the building Industry Project Management so the Income is quite reasonable. so was just considering a change maybe :D
     
  13. AsxBroker

    AsxBroker Well-Known Member

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    Hi Trom,

    The Diploma in Financial Planning isn't available anymore, this course was only offered by the Financial Planning Association of Australia. Kaplan offer a Diploma in Financial Services (Financial Planning) Kaplan Professional | DFSFP .

    You can look up specific advice training organisations and courses on ASICs website http://www.asic.gov.au/eTraining/eTrain.nsf

    Incomes generally start from $50k pa plus bonuses/commissions, obviously every employer has different remuneration structures.

    Cheers,

    Dan
     
  14. Julieanne

    Julieanne Member

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    Job Hunt - Did you non kaplan course serve you well?

    Hi Shady,

    Firstly ~ Good on you for taking a chance on a provider that doesn't have the rock solid reputation of Kaplan.

    I am also considering studying with another provider - Pinnacle - and i was wondering if now that you've finished your course and i assume begun looking for work - has the fact that you did not study with Kaplan been an issue at all?

    Would you in hindsight still choose to study where you studied?

    Thanks

    Julieanne =)
     
  15. Autosport1

    Autosport1 Member

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    Hey Shady and Trom,

    if you're looking to make the transition, check out the AMP Horizons Financial Planning Academy which might be an options for you guys.

    AMP Horizons Program - AMP