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RG146 Course / Diploma of Financial Services Outline
(previously PS146)

As per ASIC Regulatory Guide 146 (RG146), accountants and other financial advisors are not permitted to provide financial advice to members of the public without an approved level of education in the area in which they’re providing advice.

There are various courses which provide different levels of RG146 compliance, but there is one course which has become the industry standard. This course is the Diploma of Financial Services (Financial Planning). The Diploma provides the highest level of RG146 compliance and is an excellent grounding for Financial Planners.

In addition to the educational requirement, to provide financial advice and gain commission from financial products, you must hold an Australian Financial Services licence or be an Authorised Representative.

What you get with the Diploma of Financial Services

Successful completion of the Diploma of Financial Services (Financial Planning) provides you with full RG146 compliance. This compliance authorises you to provide general and personal advice in the following major financial product areas:

• Derivatives
• General Insurance
• Generic Knowledge
• Life Insurance
• Managed Investments
• Securities
• Superannuation

With the Diploma, you gain a nationally recognised and accredited TAFE level qualification and become a qualified Financial Planner.

You receive well written, thoroughly researched, ASIC approved, learning material. This material is designed to be kept as an ongoing reference, for use as issues arise in practice. The material has been developed by highly-trained and experienced education and finance professionals.

Course structure

Students have the flexibility to begin a course at any time and any place. Pinnacle does not have semester intakes or rigid assessment timetables.
The course structure clearly develops the generic and specialist knowledge required to provide advice to clients, as well as modules focusing on the development of advisory skills and construction of advice recommendations.
Students can choose to do the entire Diploma program or select only those modules needed to meet their needs and licensing requirements.
The program covers the following ASIC requirements:

• Deposit products & non cash payments
• Generic knowledge
• Financial planning
• Risk management (life and general insurance)
• Managed investments
• Securities
• Superannuation
• Skills
• Derivatives (delivered as an optional elective)

The Diploma program consists of six modules plus one additional elective module. Please find following a module snapshot, which provides a brief outline on the modules content, the ASIC areas which are fulfilled and the specific units of competence that are fulfilled in this module.

Module Snap Shot

Pinnacle’s course structure allows students to select specific modules that are relevant to their training needs. The full Diploma program consists of six modules plus one optional elective, (DPDR) Derivatives. Details of each module are listed below.

(DPFS) Financial Services - Introduces key concepts of the financial services industry including investment markets and products, regulatory bodies, the Australian economic environment and the functions of the industry sectors. This module fulfils ASIC’s RG 146 generic knowledge requirements, deposit products and non-cash payments. It is a compulsory module for both general and personal advice. See the (DPFS) Financial Services module brochure for more detail.

• FNSICGEN301B  Communicate in the workplace
• FNSICGEN302B  Use technology in the workplace
• FNSICGEN304B  Apply health and safety practices in the workplace
• FNSICIND401B   Apply principles of professional practice to work in the financial services industry

(DPFP) Financial Planning - Outlines the financial planning advisory process and introduces core technical knowledge concerning superannuation, income streams, social security, investments, taxation and estate planning. The focus is on compliance and disclosure requirements, as well an analysis of the nine steps of financial planning. It examines the “how to” of planning, including developing rapport with the client, completing a fact finder and constructing recommendations. The module satisfies ASIC’s RG 146 requirements for Financial Planning Specialist knowledge, when combined with (DPFS) Financial Services and a skills assessment is completed, to satisfy the generic knowledge and skills requirements for personal advice. This will result in the following units of competency being awarded.

• FNSASIC503ZB  Provide advice in financial planning
• FNSFPLN501B   Comply with financial planning practice ethical and operational guidelines and regulations
• FNSFPLN502B   Conduct financial planning analysis and research
• FNSFPLN503B   Develop and prepare financial plan
• FNSFPLN504B   Implement financial plan
• FNSFPLN505B   Review financial plan and provide ongoing service
• FNSFPLN506B   Meet with client to determine client requirements and expectations
• FNSFPLN507B   Provide financial planning advice
• FNSICGEN302B  Use technology in the workplace

See the (DPFP) Financial Planning module brochure for more detail.

(DPRM) Risk Management - Defines risk and the risk-management process, and outlines the various methods of managing risk with a focus on personal risk insurance. The role of financial planning in three types of insurance is covered: life (including disability), business and general insurance. Core components covered include: calculating the sum insured, researching risk options and definitions, insurance in superannuation, the taxation of insurance and matching products to client needs. The nine steps of financial advising are considered in matching insurance needs with effective recommendations. The module satisfies ASIC’s RG 146 requirements for Life and General Insurance Specialist knowledge, when combined with (DPFS) Financial Services and a skills assessment is completed, to satisfy the generic knowledge and skills requirements for personal advice. This will result in the following units of competency being awarded.

• FNSASIC503XB  Provide advice in life insurance
• FNSASIC301B    Establish client relationship and analyse needs
• FNSASIC302B    Develop, present and negotiate solutions
• FNSICAVD301B  Provide general advice on financial products and services
• FNSICPRO502B  Conduct research to support recommendations
• FNSCOMP501B  Comply with financial services legislation, industry and professional codes of practice
• FNSICADV501B  Provide appropriate services, advice and products to clients
• FNSICCUS507B  Record and implement client instructions
• FNSICGEN302B  Use technology in the workplace

See the (DPRM) Risk Management module brochure for more detail.

(DPSC) Securities - Examines the different types of direct securities, including equities and fixed interest. It outlines core advising considerations including the operation of markets, factors influencing returns, technical and fundamental analysis, trading strategies and research. The nine steps of financial advising is used to match investor needs and risk profiles, and to construct and manage a client's securities portfolio. The module fulfils ASIC’s RG 146 requirements for Securities Specialist knowledge, when combined with (DPFS) Financial Services and a skills assessment is completed, to satisfy the generic knowledge and skills requirements for personal advice. This will result in the following units of competency being awarded.

• FNSASIC503WB  Provide advice in Securities
• FNSICCUS506B   Determine client requirements and expectations
• FNSICCUS507B   Record and implement client instructions
• FNSFMKT502B   Analyse financial market products for client
• FNSFMKT503B   Advise clients on financial risk
• FNSICGEN302B   Use technology in the workplace

See the (DPSC) Securities module brochure for more detail.

DPMI) Managed Investments - Introduces the types of managed investment and their roles in a client portfolio. It also examines structures such as managed funds, wrap accounts, mezzanine funds and managed accounts. The role of research houses and types of research, risk profiling methods, and the selection and monitoring of a portfolio of managed fund are covered. The nine steps of financial advising are used to construct a portfolio of managed funds appropriate to investor needs and risk profiles. The module fulfils ASIC’s RG 146 requirements for Managed Investments Specialist Knowledge, when combined with (DPFS) Financial Services and a skills assessment is completed, to satisfy the generic knowledge and skills requirements for personal advice. This will result in the following units of competency being awarded.

• FNSASIC503TB  Provide advice in Managed Investments
• FNSICPRO502B Conduct product research to support recommendations
• FNSICADV502B  Provide appropriate and timely information and advice to clients
• FNSICCUS506B  Determine client requirements and expectations
• FNSICCUS507B  Record and implement client instructions
• FNSICGEN302B  Use technology in the workplace

See the (DPMI) Managed Investments module brochure for more detail.

(DPSR) Superannuation, Retirement Planning and Social Security - Explains the current superannuation and retirement income stream rules, highlighting salary sacrifice, transition to retirement and contributions strategies. The concessional tax treatment of superannuation is explored along with detailed explanations of the tax rules applying within funds and upon withdrawal. The module explains how to compare and select superannuation funds and income streams and the rules concerning social security. It follows the nine steps of financial advising to match individual needs to appropriate retirement planning strategies. The module fulfils ASIC’s RG 146 requirements for Superannuation Specialist, when combined with (DPFS) Financial Services and a skills assessment is completed, to satisfy the generic knowledge and skills requirements for personal advice. This will result in the following units of competency being awarded.

• FNSASIC503UB   Provide advice in Superannuation
• FNSICPRO502B  Conduct product research to support recommendations
• FNSICADV502B   Provide appropriate and timely information and advice to clients
• FNSICCUS506B   Determine client requirements and expectations
• FNSICCUS507B   Record and implement client instructions
• FNSICGEN302B   Use technology in the workplace

See the (DPSR) Superannuation, Retirement Planning and Social Security module for more detail.
(DPDR) Derivatives - Explains the range of derivatives products including futures, warrants, options, forward rate agreements and contracts for difference and outlines how investment risk may be mitigated through the use of hedging strategies. It examines the inherent risks of speculative strategies and includes guidelines for the appropriate inclusion of derivatives-based products in investors' portfolios. It looks at constructing recommendations to incorporate the use of appropriate derivatives strategies which match investor needs and attitudes to investment risk. The module fulfils ASIC’s RG 146 requirements for Derivatives Specialist knowledge, when combined with (DPFS) Financial Services and a skills assessment is completed, to satisfy the generic knowledge and skills requirements for personal advice. This will result in the following units of competency being awarded.

• FNSASIC503VB  Provide advice in Derivatives
• FNSICCUS506B  Determine client requirements and expectations
• FNSICCUS507B  Record and implement client instructions
• FNSFMKT502B  Analyse financial market products for client
• FNSFMKT503B  Advise clients on financial risk
• FNSICGEN302B Use technology in the workplace

See the (DPDR) Derivatives module brochure for more detail. Note that the Derivatives module is an optional elective module. If this RG 146 specialist area is required, then it should be completed as an elective within the Diploma.

Assessments

The Diploma has three components of assessment:

• Online, open-book multiple choice exam
• Module assignments (“projects”)
• Skills assessment—is required for those wishing to be authorised for personal advice and before a Diploma can be awarded. The skills assessment will be an oral test which is conducted after all specialist modules.

The general requirements for assessments are identical for both distance only study and face-to-face tutorial support.

Each module has a minimum four-month enrolment duration (see section 10 for further explanation)

Students must receive at least 75% across all subject areas to pass. Examinations are completed online.

Course fees cover a total of three examination attempts. Re-sits must be completed before the completion date unless an extension has been granted.
Note: Students who are unsuccessful with a project may attempt it a second time. The resubmission attracts a $60 fee. (Note that assignments are referred to as “projects” at Pinnacle).

Course Provider

Pinnacle is an innovative, Australian-owned education company. We offer flexible and progressive study programs designed to help students build dynamic careers in the financial services industry.

Pinnacle gained status as a registered training organisation (RTO number 91217) in March 2006, providing accredited training services in the financial services sector. Under its scope of registration, Pinnacle offers the (FNS50804) Diploma of Financial Services (Financial Planning) and the (FNS60404) Advanced Diploma of Financial Services (Financial Planning). Pinnacle’s courses are nationally recognised and meet the rigorous standards set out in the Australian Quality Training Framework (AQTF).

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