Any financial Planners?

Hey everyone,

Just wondering if there are any Financial Planners in here, i am very seriously thinking about starting my diploma in Financial Planning to pursue it as a career in the future.

Has anyone done this course? Or are there any CFP that can give me a run down on employment prospects and approx wages etc?

Thanks,

Morgan
 
I've done the Diploma course.
Although I found it very interesting and learned a lot it would be no where near enough on its own to qualify someone to give financial advice.
Funily enough the government doesnt agree as the successful completion of the course makes you RG146 compliant and able to give financial advice under an AFSL holder.

Have a browse around http://www.invested.com.au/105/ for advice on the courses available.Best bet would be to get your diploma and then apply for the AMP Horizons program
Oh and there are several financial planners here on somersoft.
 
Has anyone done this course? Or are there any CFP that can give me a run down on employment prospects and approx wages etc?

I am not an FP and have not done the course but here is what I have understood:

1. the course is essentially to let you get a job under an AFSL holder (i.e. a company allowed to deal in financial services).
2. most AFSL holders make their money from selling insurance and managed fund products
3. your remuneration will most likely be based on sales commission on the insurance and managed fund products you sell.

If you are passionate about selling financial products to people, then this is definitely the path for you.

Can you provide other advice such as property etc to clients? Possibly, but:
1. the company you work for will need to have a fee for service mechanism in place
2. what you say will be limited by the conditions of the AFSL and policies put down by your employer (which may mean you can't say anything other on the "approved products" on the company's list)

Cheers,

The Y-man
 
I am not an FP and have not done the course but here is what I have understood:

1. the course is essentially to let you get a job under an AFSL holder (i.e. a company allowed to deal in financial services).
2. most AFSL holders make their money from selling insurance and managed fund products
3. your remuneration will most likely be based on sales commission on the insurance and managed fund products you sell.

If you are passionate about selling financial products to people, then this is definitely the path for you.

Can you provide other advice such as property etc to clients? Possibly, but:
1. the company you work for will need to have a fee for service mechanism in place
2. what you say will be limited by the conditions of the AFSL and policies put down by your employer (which may mean you can't say anything other on the "approved products" on the company's list)

Cheers,

The Y-man

I am only interested in becoming a fincanial advisor to help people with their investments etc not to try and sell services.

I think the government is trying to get rid of the commission based system which is good IMO.

Ideally i would like to do my diploma get 1-2 years experience, i have a few contacts at WHK so may be able to get a junior planner position there, then hopefully move into owning my own financial planning business.
 
I am only interested in becoming a fincanial advisor to help people with their investments etc not to try and sell services.
.

I know what your intentions are, as I had similar thoughts in the past too. Here were the issues I saw:

1. cost of setting up your business and getting an AFSL - think in the 7 digit range.

2. the conditions of holding the AFSL can really hobble you in terms of providing what you might consider "real help". It was meant to protect people from "bad advice", but it has meant a lot of good advice has been shut down too.

Cheers,

The Y-man
 
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