Diploma of Financial Planning
The Chartered Accountant (CA) pathway has been specifically developed for CAs and recognises elements of prior study completed under the Chartered Accountants Program and the CA SMSF Specialisation. The CA pathway comprises four subjects:
1. Financial Planning
2. Insurance and Risk Protection
3. Superannuation and SMSFs
4. Securities and Managed Investments
CAs can choose to complete only the Financial Planning and Superannuation and SMSFs subjects as standalones, to be authorised to provide advice in financial planning, superannuation and SMSFs only. Alternatively, through completion of the first three subjects, CAs will be awarded the Diploma of Financial Planning (FNS50615) and hold the RG146 accreditation to provide advice in financial planning, life insurance, superannuation and SMSFs. The fourth subject provides the RG146 accreditation to provide advice in securities and managed investments. The Financial Planning subject must be completed as a pre-requisite prior to any of the other 3 subjects.
Completing the Kaplan Professional financial planning qualification will provide CAs with knowledge, skills and confidence to provide financial advice to their clients.
VIEW THE AGENDA TAB FOR DETAILED SUBJECT OUTLINES
On successful completion of the Superannuation and SMSFs subject, accountants will be able to:
- Demonstrate an understanding of the superannuation industry in Australia in relation to retirement planning
- List the advantages and disadvantages of self managed superannuation funds
- Explain the importance of a trust deed and determine the most appropriate trustee structures for a fund
- Identify the trustees' responsibilities
- Understand the implications of contribution in a self managed superannuation fund
- Explain the investment restrictions imposed on the trustees of self-managed superannuation funds
- Describe the taxation issues specific to self-managed superannuation funds
- Outline the estate planning issues and requirements of self-managed superannuation funds
- Explain the paying of pensions from self-managed superannuation funds
- Demonstrate an understanding of a Statement of Advice (SOA) and prepare a compliant SOA for clients
- Identify various strategy and financial planning opportunities that are available to trustees of self-managed superannuation funds.
On successful completion of the Financial Planning subject, students should be able to:
- Demonstrate their knowledge of the Australian financial services industry and the relevant legislation that applies to the provision of financial product advice/li>
- Demonstrate their knowledge of the Australian economy and financial markets and their effect on investment issues and risk management/li>
- Identify risks, and the appropriate action required to protect clients against those risks
- Apply basic tax and social security concepts
- Demonstrate how best to use financial products as a basis for providing financial advice to meet customer needs
- Develop the foundations of a holistic financial plan, based on integrity and compliance with legal standards
On successful completion of the Insurance and Risk Protection subject, students should be able to:
- Explain the importance of life insurance, including benefits, purpose and tax implications of life insurance products
- Describe the regulatory control on financial services industry within Australia, including the main features of the Corporations Act as it relates to providers of financial services and financial product advice
- Identify the role of the underwriter in financial planning and describe common strategies employed to provide solutions for risk insurance assessment issues
- Identify roles and responsibilities in working with clients to meet their risk and insurance requirements
- Design a risk protection strategy to meet clients' needs and objectives.
On successful completion of the Securities and Managed Investments subject, students should be able to:
- Outline the characteristics and risks associated with securities and managed investments
- Demonstrate their knowledge of the regulation governing the product(s) and the taxation treatment of each
- Analyse, evaluate and recommend products in relation to different client scenarios
- Demonstrate technical and skills compliance with RG146 in securities and managed investments.
Sub-Topic: Financial Planning & Advisory
CPD: 360 hours