| The financial planning industry is growing strongly | | | | relate these back to a client's information so an |
| and quickly. An initial major driving influence was | | | | appropriate decision can be made about where a |
| the mandatory superannuation decision by the | | | | client should invest. The financial bail out of the |
| government which drove investment savings up | | | | USA's Wall Street market for instance will have |
| incredibly. Financial planners are often sought in | | | | flow on affects for clients which should be |
| gaining advice on how to invest in preparation for | | | | considered by financial advisers. |
| retirement given the need for finance is now | | | | Professions that have an emphasis of technical |
| mainly independent from government | | | | examination have one of the skill sets required of |
| contributions. When people do retire they also | | | | financial planners. Careers such as engineers, |
| often need the expertise of financial advisers. | | | | accountants and scientists would find the technical |
| Many individuals who have initially chosen different | | | | aspects of RG146 /PS146 training very managble. |
| professions have considered becoming financial | | | | There is a mathematical element in the nationally |
| planning because of the opptiunities both in finding | | | | recognised Diploma of Financial Services (Financial |
| a job and also the opportunity for a large | | | | Planning) which typically contains most of the |
| remuneration once they get a job. PS146 / | | | | elements of ASIC compliance but definitely the |
| RG146 training would be necessary for people | | | | elements of PS146/RG146 needed to become a |
| making a change of careers. These courses would | | | | financial planner without the specialities such as |
| general come in the form of a Diploma of Financial | | | | managed investments, securities and insurance |
| Services (Financial Planning). The main players in | | | | broking. The mathematics is not difficult in the |
| this industry are Kaplan, the International Institute | | | | course however; it examines such relationships as |
| of Technology (IIT), Finsea and PS 146. | | | | returns and investments or the amount of tax |
| The skills sets needed to be a financial planner | | | | that may need to be paid. Engineers, many |
| includes an ability to relate to people. People are | | | | scientists and some academics use what might be |
| often making a big descion with their money and | | | | describes as difficult mathematics which does not |
| they will need to feel that they can trust a | | | | apply to financial planning qualifications. |
| financial planner. ASIC compliant courses (PS146 | | | | Professional that have the skill set of dealing with |
| RG14) include skills training and testing for this | | | | people well also have a great head start into the |
| reason. The finical planners also need to be able to | | | | financial planning industry. Careers such as nurses, |
| understand financial relationships such as a | | | | teachers, bank tellers and public relations officers |
| between technical data and a client's information. | | | | would be able to apply their skill sets in a very |
| PS146/RG146 requires students to understand | | | | effective way in the financial services industry. |
| technical information such as corporation law | | | | These skills would be helpful in fulfilling the RG146 |
| requirements and apply them to clients' | | | | PS146 courses which require a skill assessment |
| circumstances. A financial planner also needs to | | | | which can take the form of conducting an |
| process current market occurrences so as to | | | | interview or a role play. |