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FNS50615 Diploma Financial Planning (RG146 Compliant)

To become a limited licence holder, there are several conditions which you have to meet, including meeting RG146 requirements, as set out by ASIC.

We have determined that for our limited licence, you must hold the qualification known as a “Diploma of Financial Planning FNS50615” and since you will be advising on Self Managed Super Funds (SMSF), you would also have to complete one extra unit in SMSF in order to give advice in this area, approved by ASIC that is RG146 compliant.

These two combined courses provide you with the ability to provide personal advice and general advice in the key areas to advice trustees (or prospective) of Self Managed Super Funds.


Who runs this course?



The course has been written by successful financial planners at International Institute of Technology (IIT) (RTO Number 21421) and Integrity Education Group Pty Ltd (RTO Number 22401), both registered with the Australian Skills Quality Authority (ASQA). IIT and Integrity are one of Australia’s leading private education providers offering specialised training in RG146 Accreditation. The course is nationally accredited by the Australian Government under the Australian Skills Quality Framework.

You can choose to enrol in either online/distance or face-to-face courses. IIT and Integrity courses are delivered by highly educated industry professionals, who have a wealth of ‘real world’ experience.

To be awarded the Diploma of Financial Planning FNS50615 with IIT or Integrity, these Specialist knowledge areas are required:

IIT Integrity

1. (FPP)- Financial Planning in Practice

  • Financial Planning (Personal Advice Skills) & Generic Knowledge (Generic Advice)

1. (PFP) Practice of Financial Planning

  • Financial Planning (Personal Advice Skills) & Generic Knowledge (Generic Advice)

2. (PIP)- Principles of Investment Planning

  • Managed Investments
  • Securities
  • Derivatives

2. (PIP) Practice of Investment Planning

  • Managed Investments
  • Securities

3. (PRS)- Principles of Retirement & Superannuation

  • Superannuation

3. (PRS) Practice of Retirement & Superannuation

  • Superannuation & Social Security

4. (PRM)- Principles of Risk Management

  • Life Insurance (including General Insurance)

4. (PRM) Practice of Risk Management

  • Life Insurance (including General Insurance)

To download IIT's brochure

  • Please click here .

To download Integrity's brochure

  • Please click here .

How are you Assessed?



The course has been carefully structured and its financial services assessments to include a variety of formats which will enhance your understanding of the topics. Each course has different competency/skill requirements, exactly what tasks you will be required to complete will depend on the subject you are studying. Your course may include one or a number of the following assessment task formats if you choose IIT:

Assessment Task Workshop Method Distance Method

True/False Questions (TF) A series of True/False Questions provided in a Hard Copy Assessment Booklet A series of True/False Questions provided in a Digital Assessment Booklet
Multiple Choice Questions (MTQ) A series of Multiple Choice Questions provided in a Hard Copy Assessment Booklet A series of Multiple Choice Questions provided in a Digital Assessment Booklet
Short Answer Questions (SAQ) A series of Short Answer Questions relating to a chapter of the course Manual provided in a Hard Copy Assessment Booklet A series of Short Answer Questions relating to a chapter of the course Manual provided in a Digital Assessment Booklet
Case Study Questions(CS) A series of Case Study Questions relating to a scenario provided in the course manual to be completed in a Hard Copy Assessment Booklet A series of Case Study Questions Questions relating to a scenario provided in the course manual to be completed in a in a Digital Assessment Booklet
Role-Play Assessment A series of Questions relating to the material provided in the course manual to be completed verbally with your facilitator during the workshop A series of Questions relating to the material provided in the course manual to be completed verbally over the phone with a member of IIT's staff at a time that best suits your schedule
Closed-Book Test A series of Questions relating to the material provided in the course manual to be completed during the workshop A series of Questions relating to the material provided in the course manual to be completed verbally over the phone during the role-play assessment task

Every student enrolled in a course will undertake the same assessments regardless of delivery method. To assist in this process Distance Education Students will have access to dedicated Distance Education Support Team by phone or email if they have any queries or need to clarify any concepts. The assessments used are designed to test your knowledge and skills and are competency based assessments.




What Units of competency are covered?


IIT Covers following modules and units

Core Competency Units

FNSASICZ503 – Provide advice in Financial Planning
FNSINC401 – Apply principles of professional practice to work in the financial services industry
FNSFPL501 – Comply with financial planning practice ethical and operational guidelines and regulations
FNSFPL502 – Conduct financial planning analysis and research
FNSFPL506 – Determine client financial requirements and expectations

Elective Units

FNSIAD301 – Provide general advice on financial products and services
FNSASIC301 – Establish client relationship and analyse needs
FNSASIC302 – Develop, present and negotiate client solutions

Core Competency Units

FNSFPL503 – Develop and prepare financial plan

Pre-Requisite Units

FNSFMK502 – Analyse financial market products for client
FNSFMK503 – Advise clients on financial risk

Elective Units

FNSFPL508 – Conduct complex financial planning research
FNSASICT503 – Provide advice in Managed Investments
FNSASICW503 – Provide advice in Securities
FNSASICV503 – Provide advice in Derivatives

Core Competency Units

BSBITU402 – Develop and use complex spreadsheets

Pre-Requisite Units

FNSINC501 – Conduct product research to support recommendations
FNSIAD501 – Provide appropriate services, advice and products to clients
FNSCUS505 – Determine client requirements and expectations
FNSCUS506 – Record and implement client instructions

Elective Units

FNSASICU503 – Provide advice in Superannuation

Core Competency Units

FNSFPL504 – Implement financial plan
FNSFPL505 – Review financial plans and provide ongoing service

Elective Units

FNSASICX503 – Provide advice in Life Insurance


FNSSMS501 – Invest self-managed superannuation funds assets
FNSSMS505 – Support trustee in the selection and performance monitoring of outsourced services
FNSSMS601 – Provide advice in self-managed superannuation funds
FNSSMS602 – Apply taxation requirements when advising in self-managed superannuation funds
FNSSMS603 – Apply legislative and operational requirements to advising in self-managed superannuation funds

This activity has been accredited for Continuing Professional Development (CPD) points by the SMSF Professionals’ Association of Australia Limited.

This activity has also been accredited for continuing professional development points by the Financial Planning Association of Australia Accreditation number 006725 for 25.75 CPD points


Integrity Covers following modules and units


BSBITU402 – Develop and use complex spreadsheets
FNSINC401 – Apply principles of professional practice to work in the financial services industry
FNSASICZ503 – Provide advice in financial planning
FNSFPL501 – Comply with financial planning practice ethical and operational guidelines and regulations
FNSFPL502 – Conduct financial planning analysis and research
FNSFPL503 – Develop and prepare financial plan
FNSFPL506 – Determine client requirements and expectations
FNSCUS505 – Determine client requirements and expectations
FNSINC501 – Conduct product research to support recommendations


FNSASICX503 – Provide advice in Life Insurance
FNSFPL504 – Implement financial plan
FNSFPL505 – Review financial plans and provide ongoing service
FNSCUS506 – Record and implement client instructions
FNSIAD501 – Provide appropriate services, advice and products


FNSASICT503 – Provide Advice in Managed Investments
FNSASICW503 – Provide Advice in Securities
FNSFMK502 – Analyse financial market products for client
FNSFMK503 – Advise clients on financial risk


FNSASICU503 – Provide advice in Superannuation


FNSSMS501 – Invest self-managed superannuation funds assets
FNSSMS505 – Support trustee in the selection and performance monitoring of outsourced services
FNSSMS601 – Provide advice in self-managed superannuation funds
FNSSMS602 – Apply taxation requirements when advising in self-managed superannuation funds
FNSSMS603 – Apply legislative and operational requirements to advising in self-managed superannuation funds


Cost & how long will this course take to complete?


Face-to-face workshops - $642.50 per Module

Workshops are conducted in a classroom environment facilitated by expert industry qualified trainers enabling you to learn efficiently within a structured and engaging format. The sessions allow students to bounce ideas around with other participants – not to mention the networking opportunities or achievement of corporate team goals. Facilitators are industry professionals with real world experience and take the time to tell their war stories, which help explain the concepts in an exciting way.

For each module, two day workshops are run in major city centres in Australia, please go to workshop schedule on our website to see the dates when these sessions are being run in your location.

IMPORTANT: Workshops are a fantastic way to learn, HOWEVER, pre-reading is essential and some students are not able to finish all assessments within the workshop timeframe. The nominated workshop days ARE NOT a true reflection of how long it takes to successfully complete the assessments and hence the complete course. The factors that determine how long it takes to successfully complete the Diploma of Financial Planning are based on three things:

1. How many hours you put in studying
2. Your background knowledge about the topic
3. Your ability to comprehend the material presented

As there is no pre-requisite qualification required to complete the course, it is envisaged that most practicing accountants who have university degrees should generally have no trouble in coping with this course.


Online Self-Paced learning - $362.50 per Module

Distance learning is cheaper and allows you to start a course when and where it is convenient for you to study. Distance learning is particularly popular with stay-at-home parents, full time employees, or anyone seeking maximum flexibility.

Please note, to be issued statements of attainment for units of competency in modules 2, 3 and 4 it is a prerequisite that module 1 is completed first.


Studying online – What is it like

Most students will find the online course convenient to study as they can choose when, where and how best suits their lifestyle requirements. Studying at night, weekend or a few hours here and there is simply not a problem when enrolled in our online distance course. And there is no cut off date for intakes for the online/distance course, so you can start any time.

IIT and Integrity are obliged to you for delivery of your training, the quality of the training and assessment in compliance with AQF standards and issuance of certificate documentation.


What student support will I receive when studying online/distance with IIT or Integrity?

All students must have appropriate computer and internet access to the IIT or Integrity website to access the study material and are allocated to a trainer. In addition to having a trainer to answer your queries, you are also well supported throughout your course by a dedicated online education support team, available both over the phone and online.

As your online/distance trainer, IIT or Integrity are always happy to talk to you about the practical “must know” strategies they use to remain successful and deliver true value. You can contact your trainer via email, phone as often as you like.


Workshop Schedule



Course Name Region Location Day 1 Day 2

Legend:    


Is this course Accredited?


FNS50615 Diploma of Financial Planning is Government accredited. It has National recognition under the Australian Qualifications Framework (AQF) meaning it can be used as a pathway to a university qualification, nationwide. The course is ASIC compliant, having been approved by ASIC authorised assessors in meeting ASIC Policy Statement 146 (known as RG146) and is listed on the ASIC Training Register.


Acceptance of RG 146 by our Dealer groups

Any accountant who provides certain exempted advice from 1st July 2016 must have a limited licence and authorised either directly by ASIC on your own licence or be authorised by a licence holder to give this advice. To be authorised by most dealer groups, as a minimum, you should have completed FNS50615 Diploma of Financial planning.

Completing the FNS50615 Diploma of Financial Planning automatically means you are RG146 compliant in the key areas of financial planning, managed investments, securities, derivatives (IIT only), life insurance and superannuation, including self managed super funds.


Recognition of Prior Learning


If you have completed previous studies in the financial services area, you may be eligible for some credits towards your course by way of course exemptions. This may be through formal or informal training and can result in credits towards your qualification. Each application is assessed case by case basis. If you think you are eligible, please tick the appropriate box in your application form or please contact our office.


Unique Student Identifier (USI)


From 1st January 2015 all Australian students will be required to have a Unique Student Identifier number. It takes only a couple of minutes to apply for one on the Government website, for more information on USI visit their website by clicking here. The steps for getting a USI number are simple and to if want to create a USI for your yourself, click here. You will not be able to enrol on our course without a USI number.


Our Agreement with IIT and Integrity


We have an agreement with IIT and Integrity where we market their course on behalf of IIT/Integrity, collect fees at a discounted rate. We manage your enrolment with IIT/Integrity but as learners, you adhere to their Student information Guide, Privacy Policy and terms and conditions of their website www.iit.edu.au and www.integrity.edu.au, which you must follow before you enrol into the course.

Please refer to IIT's/Integrity's student information guide for refund and cancellation policy

If IIT and/or Integrity is not able to deliver the course for any reason, your right to obtain a refund for the course is from IIT and/or Integrity and not from us. If there are any changes to the agreed services IIT and/or Integrity will inform you directly.





Document Manager – Free


Document Manager is a free program for accountants who have chosen to become limited licence holders via our dealer group. To issue statement of advice (SOA’s) for each fund they look after, they have to log in to this online portal and issue SOA’s. In addition to being a tool to issue statements of advice, it offers many other benefits to accountants, trustees and auditors. This is a free service.


What is Document Manager?


Every year, accountants have to collect documents from trustees, so that they can prepare financial statements. The same documents then have to be sent to the SMSF auditor who needs to complete their audit of the fund before the accountant can lodge the income tax return of the fund.

Document manager is unique and is Australia’s first online data base program where trustees can log in and upload their super fund documents in an SSL secured environment. Once the documents are uploaded, they can be viewed/ downloaded by the accountant and the auditor of the fund with their own log in credentials. It is one single platform, where an audit can be completed by the auditor on an online audit program and reports issued online for the accountant and the trustee of the fund.

Document manager is hosted on a dedicated server and the online security used is as good as a bank online security system. Think of it as an online disc space where all your clients documents are locked securely and correctly filed in sections for each fund, such as each year’s audit evidence (like bank or dividend statements / permanent documents (trust deed or pension documents etc.) / Audit Documents (Audit reports or management letter etc) all separately for 100 and 1000’s of funds for each accounting firm.

To see how the document manager works, below are various credentials

Accountant:
User Name: accountant@a.com.au
Password: accountant
Trustee:
User Name: trustee@t.com.au
Password: trustee
Auditor
User Name: auditor@a.com.au
Password: auditor


Benefits for Accountant


Instead of collecting data every year from clients via email or via paper or via drop box, we have invested three years with four IT programmers to build a robust system where the trustees, accountants and auditors can come online on one platform and finish off their obligation, all online and all paperless. Once the accounts are prepared, trustees can come online and sign off the accounts and auditors intimated to commence their audit.

Trustees can visit your website and upload documents, once you integrate your website with ours. This is a free service for accountants. Once the audit report is issued online by the auditor, you are able to lodge the SMSF income tax return using your own tax return software.

There is an online job flow system, for multiple years where accountants can trace the lodgement of each fund from Job not in, Job not started, Job WIP, wait to sign by Trustees, Job under audit, wait to lodge and fund lodged. Accountants are able to appoint staff members as “associates” who will do the accounting work (which can be overseas – linked to their IP address) in the office.

Accountants are able to order SMSF trust deeds with corporate trustee for $675 including GST and ASIC fees) and order Actuarial certificates for only $82.50. To see, first-hand how this service will be beneficial to accountants, use the below credentials

User Name: accountant@a.com.au
Password: accountant

According to APES 110 issued by accounting professional bodies, it is possible to a 3 – 4 partner accounting firm to appoint one of the partners of the accounting firm as an auditor for their accounting SMSF client, provided there are safeguards implemented for independence threat. Using this online software by a separate dedicated staff ensures that the independence threat is identified and evaluated.

To see first-hand how this service will be beneficial to staff of an auditor, use the below credentials

User Name: staff@s.com.au
Password: staff


Benefits for Trustees


When an accountant adds a fund on the Document manager, he can also include a user name (trustees email address) and a password for the trustee to log on to the document manager. Once the accountant hands over the log in details to trustees, they can log into their account and upload their super fund documents and download their financial statements and audit reports.

Once source documents are uploaded, accountants or their associates can prepare financial statements of the fund and upload these financial statements, general ledger etc of the fund and offer the SMSF auditor to log in and complete their audit on the same platform.

Instead of trustees visiting our website to upload document, we can integrate the log in page with the accountant’s website at a very small cost. This means that the trustees can visit the accountant’s website to upload and access their super fund documents. Trustees can access these documents for the next 15 years from anywhere at any time.

Trustees will also be able to download all types of declarations, audit engagement letters, investment strategy and all their permanent documents, annual audit evidence and all their audit reports. This is a structured method of transferring data to the accountant and storing their super fund documents online in a secured online environment.

To see, first-hand how this service will be beneficial to trustees, use the below credentials

User Name: trustee@t.com.au
Password: trustee


Benefits for Auditor


Document Manager is integrated with www.onlinesmsfaudit.com.au. The cost to audit a fund on this platform is as low as $7 per fund.

This is a service for SMSF auditors where they can audit a SMSF online. It will give professional SMSF Auditors the capacity to double the size of SMSF client base as the online software cuts audit time by about 50%, eliminates errors and helps auditors to substantially grow their business bottom line.

Auditors are provided with 610 item checklist (audit program) which can be tailored to each SMSF they audit, to ensure the fund complies to current legislative requirements. The online audit system generates all reports automatically and delivers them to accountants and trustees and stores them for future retrieval.

Online SMSF audit is a clever concept, and gives auditors the power to harness the benefits of working on the cloud, backed up by SMSF support team so that auditors can complete high quality audits with automated ease. Auditors can now get organised, work smarter and improve their results.

Time is MONEY and this program saves auditors both. It doubles efficiencies, does financial audit automatically and complies to SIS Act and Regulations and GS 009 and all relevant auditing standards. Using this online audit software makes you a better auditor. It meets and exceeds professional body and SIS Act and Regulations requirements.

To see first-hand how this service will be beneficial to auditors, use the below credentials

User Name: auditor@a.com.au
Password: auditor

According to APES 110 issued by accounting professional bodies, it is possible for a 3 – 4 partner accounting firm to appoint one of the partners of the accounting firm as an auditor for their accounting SMSF client, provided there are safeguards implemented for independence threat. Using this online software by a separate dedicated staff ensures that independence threat is identified and evaluated.

To see first-hand how this service will be beneficial to staff of an auditor, use the below credentials

User Name: staff@s.com.au
Password: staff


To be advised