Which RTO to Gain Diploma of Financial Planning (RG146) & New standards in 2019?

Lplop123 on 04/02/2019 - 18:31

Hello Guys,

I recently graduated with a Bachelor of Economics/Finance,

Im currently looking at institutions to complete my Diploma of Finanical Planning as I do plan on becoming a Financial Advisor in the future, some RTO thats im currently looking at are Kaplan, Mentor and Monarch Institute.

From what ive heard and seen Kaplan is more well known and accepted, is this correct?

Aswell, Im not too sure what the new legislation beginning in 2019 means for future Financial Advisors, FASEA saying Financial Advisors will need a bachelor’s degree???

Does that mean i shouldn't complete the Diploma in Financial Planning but instead do another 3 years at uni to get a Bachelors?

Cheers

Financial

Comments

  • serpserpserp on 04/02/2019 - 20:08

    What did the legislation actually say? If you want an interpretation on that from OZB you should provide a link.

    What I think it might mean is that you can't just come out of high school, do a dip. of financial planning, then set up shop as a financial planner.

  • akyeeeahdude on 04/02/2019 - 20:11

    I'm pretty sure the education requirements are changing so you can still only do a DFP and then rely on your Bachelors to meet the requirements. I'm pretty sure the Bachelor just has to in a related discipline.

  • Pandabargain on 13/02/2019 - 21:19

    That’s only for existing advisers pre 1jan 2019. Op needs to do a graduate diploma of fp now instead

  • Sofie519 on 15/02/2019 - 12:03

    I would recommend Kaplan. Quality, uptodate materials. I know a few major financial institutions also use it for their in-house CPD points and qualifications that's why it's so widely recognized within the industry, and they are very on point with their materials. Online/distance education is also well supported etc

    You said you recently graduated from Bachelor of Finance/Economics, then you already satisfy the incoming criteries (as it stands today, since we seem to continue to hear changes all the time). But you will need your RG146 for many licensees to appoint you as an authorized representative in the field, depending on how far you want to go, Advance/Graduate Diploma is a really good upgrade afterwards. As it stands now, The requirement for a bachelors degree, is to have a bachelors degree in finance related courses. E.g if you had a bachelors degree in arts, that wont count. Once you are appointed within the industry, your Licensee (Dealer) will normally have inhouse programs to transition you into compliance if you are not already.

    Edit: I just noted the reply above. As I am pre Jan 2019 … you might want to check it with any potential dealer/institue you intend to join. As far as the most recent PD days I've attended, what I said above was correct, but perhaps that's also because its a room full of pre 2019 planners.

    • plop123 on 16/02/2019 - 00:59

      Thanks for the recommendation,

      As someone who want to get some experience within the financial planning and wealth management space eg a Client Services Officer then make my way up, should I just do Diploma of Financial Planning FNS50615 for now and then do the Graduate Diploma later on, or would doing that just be wasting time and money?

      Aswell Im presuming it will be much less time consuming for RG146 than compared to a Graduate Diploma. I know it's an online course but I dont really want to do anything extensive just for an entry level position

  • mrtin on 15/02/2019 - 23:09

    Just be vigilant when talking to education providers too as they can be quite pushy and want you to go down a certain path eg a masters of financial planning

  • Pandabargain on 19/02/2019 - 08:13

    hi all,

    Industry expert here.

    Existing advisers (registered on the Moneysmart Financial Advice Register before 1 Jan 2019) have a different set of education requirements to new entrants. Existing adviser requirements depend upon their experience and qualifications (i.e. CPD, degree in a relevant field, etc).

    For new advisers, you must take a prescribed course listed on FASEA's website. There is no other way to be licensed.

    In regards to studying a Diploma of Financial Planning. This can certainly give you some ground level knowledge, but you would be better off commencing a prescribed course on FASEA's website as they will end up covering the same content.

    • bemybubble on 04/09/2020 - 08:09

      +++ This

      Did you end up doing the FASEA exam and bridging course for ethics Pandabargain? Or did you have to do more…?

  • stadlec101 on 03/09/2020 - 16:40

    Hey guys,
    Has anyone done the Grad dip of financial planning with Kaplan?? if you have. Hit me up. I have a few questions to ask

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