Name: Diploma of Financial Planning
Duration: 12 Months
Fee Options: Fee for Service OR Skills First Funding Program
Government Funded Available: Yes (Victoria)
The FNS50615 Diploma of Financial Planning is a nationally recognised qualification under the Australian Qualifications Framework (AQF). The Diploma offers the skills and knowledge required to provide advice on financial products and services as set out in Regulatory Guideline 146 (RG146) and issued by the Australian Securities and Investments Commission (ASIC).
The Diploma enables anyone seeking to become a Financial Adviser in 2018 to be registered through an Australian Financial Services Licence (AFSL) holder.
From January 2019, all new Financial Advisers will be required to hold an approved degree. The Diploma of Financial Planning offers One Year Credit towards an approved three-year Degree, meaning the Diploma can save you time, money and hassles as you look to commence your career as a Financial Adviser.
- Practice of Financial Planning
- Practice of Risk Management
- Practice of Superannuation and Retirement Planning
- Practice of Investment Planning
Before you enrol
There are many factors to consider prior to enrolling into any course and we recommend you call one of our Course Advisers on 1300 400 346 to discuss your training needs to ensure you choose the most appropriate course for your career aspirations. For pre-enrolment information please click here.
There are no educational entry requirements for this course.
Language, Literacy & Numeracy Requirements
This course requires you to read comprehensive learner guides, complete a variety of written tasks, conduct independent research activities and at times engage in online forums and discussions. All learners will undertake a language, literacy and numeracy skills assessment prior to the course commencement. This assessment will highlight if you require any additional support in these areas.
To successfully complete this course, learners will require basic computing skills. This may include:
- saving and editing Microsoft Office documents
- researching, accessing and searching the internet
- downloading and saving documents from websites
- uploading documents through websites
- recording videos using a smart phone, computer or tablet
- participating in online discussion boards
Integrity Education uses Canvas as its e-learning platform for both blended and fully online deliveries. The following are the minimum technology requirements for access to Canvas:
|Mobile Operating System||
|Computer speed and processor||
|Supported browsers||Canvas support the current and first previous major releases of the following browsers:
Delivery & Support
How does online delivery work?
Your student portal, myIntegrity, contains all your course materials, learning activities and assessments.
Integrity use Canvas as our e-learning platform. There will be a short induction video to help familiarise yourself with your student portal, which you will be using throughout your online student journey. This induction video will include navigation tips as well as how to set up the APP on your phone.
Studying online offers complete flexibility – you can study ANYWHERE at ANY time. Whether that’s on the train, your sofa, at the beach… totally up to you. There are no requirements to attend any classes as an online student, however you do have unlimited access and support through our trainers and student services team.
What support will I get from my trainers?
Integrity Educations Trainers and Assessors are working within their field of expertise and they keep up to date with any changes through continuous professional development to ensure a quality training experience for our students. Our trainers will:
- Be available Monday to Friday via email or telephone to answer queries and questions about your learning and assessment from 9:00am to 5:30 pm.
- Respond to all queries within one business working day – 24 hours or on the following business day following a weekend or public holiday.
- Mark and provide feedback on all Assessments within our standard 5 to 10 working days.
What support will I get from Student Services?
Our dedicated team of Student Services Officers offer will provide unparalleled support through each step of your learning journey. At Integrity our Student Services Officers will:
- Be available Monday to Friday via email or telephone to answer queries and questions from 9:00am to 5:30 pm
- Respond to all queries within one business working day – 24 hours or on the following business day following a weekend or public holiday.
Are there Face to Face options available?
Yes. We provide training to several large corporate clients and can provide training onsite Australia wide for a group of 6 or more individuals. Alternatively, training can be held at our Melbourne Head Office at L4, 84 William Street, Melbourne, VIC 3000.
Please call one of our Course Advisers to discuss your options on 03-85835 3170.
The FNS50615 Diploma of Financial Planning provides various employment opportunities such as:
- Financial Adviser / Financial Planner (2018)
- Customer Services Officer (SCO)
- Associate Planner
- Advice Review Support
- Compliance Officer
- Business Development Manager
Financial Adviser Standards and Ethics Authority (FASEA)
FASEA is the Statutory Body responsible for setting the education, training and ethical standards of licensed financial advisers in Australia. FASEA undertook Industry and Stakeholder consultations in 2018 in preparations for the FASEA regime being implemented from January 2019.
Under the FASEA framework, new to industry Financial Advisers must complete an approved Degree and the Diploma of Financial Planning can provide up to 8 CREDITS towards the 24 Unit Degree meaning the Diploma can save you time, money and hassles as you look to commence your career as a Financial Adviser.
The Diploma is also an entry requirement to the FNS60415 Advanced Diploma of Financial Planning which explores more complex financial advice and strategies required by clients.
Graduates of the Diploma and/or Advanced Diploma qualifications may be entitled to between 8 to 14 CREDITS towards an approved FASEA Degree offered by leading Australian Universities. Please contact one of our Course Advisers to discuss the opportunities available on 03-8535 3170.
What is a Paraplanner?
A Paraplanner is a person within the Financial Services industry that prepares Statement of Advice documents, financial modelling and other financial planning documents.
There are some core financial planning skills that all paraplanners perform to a lesser or greater extent and would form the basis of any Paraplanning role. These are:
- Excellent report writing skills
- Ability to analyse statistics
- Ability to conduct research for appropriate providers and investments
- Good understanding of compliance issues
- Good time management skills
- Excellent interpersonal and IT skills
What qualifications are needed to become a paraplanner?
Under the Australian Corporations Act, individuals looking to provide financial product advice to retail clients are required to meet initial and ongoing educational requirements as outlined in ASIC Regulatory Guideline 146 (RG146).
These RG146 guidelines are also used by employers looking to hire paraplanners with relevant financial planning knowledge.
Entry-level Paraplanners require the Diploma of Financial Planning, with many employers requiring completion of the Advanced Diploma of Financial Planning for more senior Paraplanners.
What salary does a paraplanner earn?
Entry-level Paraplanners can earn a GROSS SALARY of between $50,000-65,000, with Senior Paraplanners earning $120,000 +
Why do Financial Advisers need Paraplanners?
Financial Advisers often start their careers in a paraplanner role, so many Financial Advisers can be technically able to complete Statement of Advice documents and utilise financial modelling software.
The main benefit of using a Paraplanner is that it allows Advisers to focus on seeing more clients leading to more sales.
What is the career progression for a paraplanner?
The most common career progression for a paraplanner is:
- Administration Assistant (entry-level salary $40,000pa +)
- Junior Paraplanner (entry-level salary $50,000pa +)
- Paraplanner (entry-level salary $60,000pa +)
- Senior Paraplanner (salary $80,000pa +)
- Financial Adviser (salary $100,000pa)
- Practice Owner or Senior Financial Adviser (salary $120,000pa+)
What are some of the tasks that a paraplanner performs?
Each paraplanning role has a slightly different focus and can have more focus on areas such as client meetings, research, financial modelling or administration.
Some common tasks include:
- Prepare Statement of Advice documents and update Statement of Advice templates
- Prepare Record of Advice documents
- Prepare financial planning file notes
- Perform financial modelling
- Compare different financial planning modelling scenarios for clients
- Enter client data into financial planning software (popular software programs are COIN, Xplan & Midwinter)
- Prepare client review documents related to investment strategy and portfolio re-weighting
- Prepare letters to clients
- Complete client application forms, rollover forms & redemption requests
- Print and bind Statement of Advice (previously known as Financial Plan) documents
- Make client phone calls to follow-up information
- Complete ongoing training
- Keep up-to-date with technical knowledge, PD schedules & appropriate strategies
Enrolment into the Diploma of Financial Planning is $1,499. Payment options include electronic funds transfer (EFT), credit card (MasterCard or Visa), cheque or cash.
Integrity Education delivers training with Victorian and Commonwealth Government funding, under the Skills First program. The funding only applies for eligible Victorian students. The funding is not a loan; unlike other government funding, like HELP loans, you won’t have to pay it back.
If you live in Victoria and meet the eligibility requirements your fees are subsidised and tuition fees applicable for this course are outlined in our Statement of Fees.
Integrity Education has carefully structured its assessments to include a variety of styles to cater for the learning needs of a broad range of students. Assessment methods may include:
- Multiple choice
- Written assessment tasks
- Project / Report / Discussion
- Role plays / Workplace simulations
- Case Studies
Units of Competency
Integrity Education Group offer 20 units of competency in the FNS50615 Diploma of Financial Planning. The units selected have been selected based on feedback from Industry and the mandatory requirements of the qualification. Students who complete 15 units of competency, including all core units, and do not want to finish the remaining units offered will be issued with their Diploma of Financial Planning.
|FNSINC401||Apply principles of professional practice to work in the financial services industry|
|BSBITU402||Develop and use complex spreadsheets|
|FNSASICZ503||Provide advice in Financial Planning|
|FNSFPL501||Comply with financial planning practice ethical and operational guidelines & regulations|
|FNSFPL502||Conduct financial planning analysis and research|
|FNSFPL503||Develop and prepare financial plan|
|FNSFPL504||Implement financial plan|
|FNSFPL505||Review financial plans and provide ongoing service|
|FNSFPL506||Determine client financial requirements and expectations|
|FNSCUS505||Determine client requirements and expectations|
|FNSINC501||Conduct product research to support recommendations|
|FNSIAD501||Provide appropriate services, advice and products to clients|
|FNSCUS506||Record and implement client instructions|
|FNSASICU503||Provide advice in Superannuation|
|FNSASICT503||Provide Advice in Managed Investments|
|FNSASICW503||Provide Advice in Securities|
|FNSFMK502||Analyse financial market products for client|
|FNSFMK503||Advise clients on financial risk|
|FNSASICX503||Provide advice in Life Insurance|
|FNSFPL508||Conduct complex financial planning research|
Recognition of Prior Learning & Credit Transfers
If you have previously worked in the financial services industry or completed any previous studies in this area you may be eligible for either credit transfers or recognition of prior learning.
Credit Transfer (CT)
Integrity Education recognises all previously attained current qualifications and/or statements of attainment issued by another RTO or University. If you have previously studied and successfully obtained a unit of competency that is contained in one of Integrity Educations courses you will be awarded with a credit transfer.
How do I apply?
To apply for Credit transfer please email a certified copy of your transcript/s to firstname.lastname@example.org. All applications for credit transfer are processed within 5 working days. Integrity Education does not charge any fee for credit transfers.
Recognition of Prior Learning (RPL)
Through the RPL process, Integrity will recognise the skills and knowledge of learners that have been gained through relevant work experience and past study. With learners’ diverse backgrounds, sufficient experience and expertise attained in the industry, this may exempt learners from completing the standard course requirements.
Applicants for RPL must provide evidence that demonstrates current industry knowledge and skills gained through work experience, current and past study against each unit of competency embedded in the qualification.
How do I apply?
Integrity have developed a seamless approach to the RPL process, this process puts the learner at the forefront of the process and you will be provided with direction and support throughout.
To apply for RPL, complete the Self-Assessment tool for your chosen qualification provided to your via email from one of our Course Advisors. Once you have completed this, scan and email to us at email@example.com.
An informal conversation is held between you and an Integrity Assessor, this conversation will help determine if you are a suitable candidate for RPL and will briefly outline the process. Once completed, the next step is to enrol via the website and continue with the RPL process.
Once you have enrolled, The RPL Assessment Kit for your chosen qualification will be made available to you. Read through the RPL Kit and make notes for discussion with your allocated Integrity Assessor. Your Assessor will discuss the RPL process, evidence requirements, set timelines for the Competency Conversation and answer any questions you may have.
At this step you will be gathering your paper/online based evidence and complete the relevant sections of the Kit. Once completed, the Kit and required evidence can be uploaded into your student portal.
Your Assessor will then contact you to conduct a telephone / skype interview – also known as a Competency Conversation, to discuss your evidence and to ask questions that will be used to fill any identified gaps. This conversation will take place at a time that is agreeable to you and the Assessor.
The assessment decision is made, with the following possible outcomes.
- RPL – Competent – will be recorded for each unit you successfully achieve through the RPL process, if you meet all the units in the qualification then your Certificate and unit transcript will be issued within 10 working days to your nominated address.
- RPL – Not Yet Competent – GAP Training or Assessment Only Pathways will be offered to help you fill the identified gaps in your skills and knowledge, depending on availability of places, this can be achieved by workshop attendance for Victorian residents or online.