Wealth Partners` approach to continuing education is that of professional development – encouraging and empowering all employees and representatives to participate in activities that systematically contribute to improving their knowledge, skills, competencies and general life characteristics in order to achieve their professional and organizational goals. For other circumstances where CPD requirements do not apply, please refer to MAS Notice FAA-N13 Para 33. It is specifically designed for employees who provide information or advice on financial products directly to clients, such as: For existing consultant representatives (subject to transitional provisions for educational standards until 1 January 2024), the relevant formal training required to meet the FASEA DQC standard may be included in the requirements of the CPD plan, subject to the maximum duration of 30 hours. FASEA-approved formal education is set out in the FASEA DQC standard, but is generally described as a degree (AQF7) or equivalent degree (AQF8 graduate diploma or AQF9 Master`s degree) in the following fields of study: Gain an understanding of general advice and what it takes to communicate clearly with clients. The following minimum CPD requirements must be included in the CPD regime for all agents: Category 1 advice is divided into several categories that focus on a specific segment of the financial market, for example: managed investments (see collective investment scheme), securities, derivatives, life insurance and pension funds. A consultant can study them individually or one after the other as part of the Diploma in Financial Services (Financial Planning). Whatever the consultant does, he must ensure that he is RG146 compliant for the area of knowledge in which he specializes. In general (there are some exceptions to this rule), a Level 2 advisor is able to sell large amounts of a financial product to Level 1 advisors. Level 1 advisors then sell the product in smaller quantities to their clients, who they believe could benefit the most from that particular product. For this reason, investment banks typically focus on having a financial retail team made up entirely of Level 2 advisors. In this way, they reduce the number of transactions (because each transaction has a higher value) and sell their product much faster downstream. The following requirements may also apply and may be included in the representatives` CPD plan: • Tax (financial) advisors must complete at least 60 hours of professional development (CPE) during a standard 3-year registration period, with at least 7 CPE hours completed each year and professional reading limited to 25% of the completed CPE. • CFP professionals are expected to score 120 points and professionals who do not do so at the PNP are expected to score 90 points over a three-year period, with a minimum of 35 points per year for CFP professionals and 25 points per year for®® professionals who do not.
Non-accredited CPD activities and professional reading are limited, limited to 60 points per quarter for CFP members and 45 points per quarter for non-CFP®® members. At least 3 points per triennial must be achieved specifically for ethics. Regulatory Guide 146 (RG 146) on Training of Financial Product Advisers, formerly known as Policy Statement 146 (PS 146), is an Australian financial regulation published by the Australian Securities and Investments Commission (ASIC) that refers to the minimum education of people who sell financial products. [1] In the context of describing a person, this means that such a person has undergone appropriate training and passed an examination recognized as criterion RG 146 and is subsequently able to offer advice on financial products to the public in Australia. If they have passed the audit and are authorized by an AFS licensee to provide personalized advice to retail investors on relevant financial products, they may call themselves a “preliminary relevant provider”. The CPD plan specifies the eligible CPD activities that each representative must complete for the CPD year. For a CPD activity to be considered an eligible CPD activity, it must meet all of the following requirements: • the activity is located in one of the following CPD zones (subject to minimum hourly requirements); o technical competence (minimum 5 hours); o Customer and practical support (minimum 5 hours); o Compliance with legal provisions and consumer protection (at least 5 hours); o Profession and ethics (at least 9 hours); or O General (no minimum). • the activity has sufficient intellectual or practical content; • the activity focuses on issues related to the provision of financial product advice, financial advisory services and financial advisory firms; • the activity is directed or carried out by one or more persons who are suitable and who have sufficient reputation, expertise, academic qualifications and/or practical experience; and • The activity aims to improve the knowledge and skills of relevant providers in areas relevant to the provision of financial product advice and financial advisory services.