NowInfinity Specialist SMSF Adviser Course. and applying for a limited AFS licence

Transcription

1 NowInfinity Specialist SMSF Adviser Course and applying for a limited AFS licence 1

2 The Partnership Training: Grant Abbott Grant Abbott, Principal of NowInfinity, has been presenting and training on SMSFs since the start of the industry in In June 2000 he launched Australia s first specialist SMSF adviser training course designed to familiarise financial planners, accountants and lawyers Regularly updates, reviews and manages continuous improvement to the course content in line with industry and regulatory changes. Accreditation: terra cordis pty limited Regulated by the Australian Skills Quality Authority (ASQA) Has provided RTO Partnership support to this course since 2004 and is the accrediting organisation in this partnership manages training and assessment quality, as well as all Learner records. 2

3 The change is here INFORMATION SHEET 179 Applying for a limited AFS licence What is a 'limited' AFS licence? As part of the Future of Financial Advice (FOFA) reforms, the existing exemption under reg A of the Corporations Regulations 2001 (Corporations Regulations) which allows recognised accountants to give advice about self-managed superannuation funds (SMSFs) without holding an AFS licence will be repealed on 1 July This means that accountants who wish to continue giving advice to their clients about SMSFs will need to obtain an AFS licence. REGULATORY GUIDE 105 Licensing: Organisational competence October 2007 REGULATORY GUIDE 146 Licensing: Training of financial product advisers July

4 What do I need to do? 98% of our waking time is spent on doing activities which we unconsciously do very well - without too much hesitation. Harvard Business Review (2000) 4

5 REGULATORY GUIDE 146 RG The training standards are sets of knowledge and (in some cases) skill requirements that must be satisfied, at either the Tier 1 or Tier 2 education level, by advisers before they give advice. The Tier 1 education level is broadly equivalent to the Diploma level under the Australian Qualifications Framework. 5

6 RG What must an adviser do to meet the training standards? Adviser provides advice on Tier 1 products You must complete courses on the ASIC Training Register that meet the relevant training standards, i.e. they are at the Tier 1 level and cover: General advice the generic knowledge relevant to the products you advise on and the markets in which you operate, and the specialist knowledge about the specific products you advise on and the markets in which you operate Personal advice the generic knowledge relevant to the products you advise on and the markets in which you operate, the specialist knowledge about the specific products you advise on and the markets in which you operate, and the relevant skills requirements OR You must be individually assessed by an authorised assessor against the relevant training standards 6

7 REGULATORY GUIDE 105 Class of product' advice? Applicants for a limited AFS licence can choose to be authorised to give class of product advice about the following financial products: superannuation securities general insurance life risk insurance basic deposit products, and simple managed investment schemes. 7

8 REGULATORY GUIDE 105 Responsible managers must have appropriate knowledge and skills for all of your financial services and products. Option Option 2 (RG RG ) Option 4 (RG RG ) Knowledge component (qualifications, training etc) Be individually assessed by an authorised assessor as having relevant knowledge equivalent to a diploma Hold a relevant industry- or product-specific qualification equivalent to a diploma or higher Skills component (experience) 5 years relevant experience over past 8 years 3 years relevant experience over past 5 years 8

9 Designed to: support understanding and applying Superannuation Laws to a SMSF provide the legal knowledge and compliance platform for an SMSF adviser the highest standards of SMSF education in Australia and meet the ASIC and industry guidelines for providing advice on SMSFs at specialist adviser training standard meet the RG146 Tier 1 level standards for providing class of product advice in superannuation, self managed superannuation funds, life insurance, securities and managed investments, as required by ASIC for a limited AFS licence 9

10 Module topics 1. Introduction to SMSFs 8. SMSF Reserves 2. SMSF Strategies in Practice 9. Investment Strategies, In-House Assets and Lending by SMSFs 3. Corporations Act and SMSFs 10. Contribution Rules 4. The Trust Deed - the Heart of the Fund 11. The Preservation Rules 5. SMSFs and Australian Super Funds 12. Taxation in the Fund 6. Sole Purpose Test and Acquiring 13. Superannuation Benefits 7. SMSF Borrowing 14. SMSF Estate Planning Course Structure Offered online only; self-study basis; support and full resourcing. Assessment Multiple-choice questions for each module Recognition of workplace experience 10

11 The RG146 Accreditation Process To achieve accreditation that meets the knowledge and skills requirements of RG105 and RG146 through this course candidates must: 1. Enrol with terra cordis 2. Complete all modules in NowInfinity Specialist SMSF Adviser Course AND successfully complete all module assessments 3. Provide documentation for verification of workplace soft skills and prior experience 11

12 Course Outcomes: On successful completion participants are nationally recognised for: 1. RG146 Superannuation competency standards FNSASICU503 Provide advice in superannuation FNSCUS505 Determine client requirements and expectations FNSIAD502 Provide appropriate and timely information and advice to clients FNSINC501 Conduct product research to support recommendations FNSCUS506 Record and implement client instructions 2. RG146 SMSF competency standards FNSSMS601 Provide advice in SMSFs FNSSMS501 Invest SMSFs assets FNSSMS505 Support trustee in the selection and performance monitoring of outsourced services FNSSMS602 Consider taxation requirements when advising in self-managed superannuation funds FNSSMS603 Apply legislative & operational requirements to advising in SMSFs 3. RG146 (other) class of product specialist knowledge areas FNSASICT503 Provide advice in managed investments FNSASICW503 Provide advice in securities FNSASICX503 Provide advice in life insurance FNSASIC301 Establish client relationship and analyse needs FNSASIC302 Develop, present and negotiate client solutions 4. Continuing Professional Development The course is endorsed by the: Self Managed Superannuation Funds Professional Association (SPAA) - 51 CPD points Financial Planning Association (FPA) - 28 CPD points 12

13 Thank You Questions? 13