What is RG146?
RG146 stands for Regulatory Guide 146, and is a mandatory licensing regulation required for anyone who sells financial product advice to clients in Australia. This can include advising clients on anything from superannuation, life insurance and securities through to margin lending and managed investments.
RG146 was created by the Australian Securities and Investments Commission (ASIC) and consists of a set of skills and knowledge which act as a benchmark for advise and is referred to by ASIC as Tier 1 and Tier 2 level products.
Tier 1 Vs Tier 2
The main difference between Tier 1 and Tier 2 products lies in the complexity of the advice provided. For example, Tier 1 involves providing advice that takes into account the specific financial situation of each client, whereas Tier 2 is far more general advice and doesn’t relate to any particular person.
The Benefits of RG146 Courses
By ensuring that Australia’s financial planners meet minimum skill and knowledge standards, ASIC aims to achieve several important goals to protect clients, including the following;
- Preventing Australians from receiving financial advice from those ill-equipped to offer it
- Assist Australian Financial Services (AFS) license holders in complying with their legal obligations by ensuring that they and their representatives can capably provide the services restricted by their license
Financial Services in Australia
Australia’s financial services sector is one of the country’s most vital industries, as not only does it employ over 700,000 people but it contributes more than $140 billion towards the national economy each year. It also includes approximately 50,000 financial planners –most of whom are based in New South Wales (39%), Victoria (25%), and Queensland (19%)– whose average salary is approximately $87,724 per year.
RG146 Courses in Australia
Getting your RG146 certification is easy thanks to the wide range of quality programs designed to suit both Tier 1 and Tier 2 level RG146 compliance around the country. No matter what level of qualification or delivery mode you’re after, there’s an option to suit anyone’s needs and prior commitments.
A Certificate Financial Planning course is ideal for those interested in entry-level roles, as not only does it offer a fast and easy way to become RG146 compliant at the Tier 2 level; but it can also provide a solid foundation from which to advance your career.
Diploma programs delve deeper into the art of financial planning by covering everything from identifying client objectives and preparing financial plans, through to the art of developing complex financial strategies. Best of all, these popular programs meet ASIC requirements for both Tier 1 and Tier 2 level compliance meaning you will have sufficient enough knowledge to advise clients on even the most complex financial issues.
Those looking to sharpen their skills and advance their career prospects even further will be well served by an Advanced Diploma in RG146. These nationally-recognised programs can be completed in 12-24 months and meet RG146 standards at both Tier 1 and Tier 2 levels. Due to their high-level status, they can open the doors to higher roles in the financial services sector and are highly regarded by prospective employers.
Regardless of the course you take, when you study at TAFE, you can count on getting a quality education and will receive all the support you need to reach whatever goals you have in mind.
Career Prospects for RG146 Certified Professionals
According to the latest industry data, as many as 63,300 financial planners are expected to be working nation-wide, which means that there’ll be no shortage of opportunities for skilled and knowledgeable professionals armed with an RG146 qualification.
Better yet, your RG146 training can lead to far more than just a financial planning career; in fact, jobs for those who are RG146 certified can include any of the following:
- Financial Planner
- Client Services Consultant
- Financial Adviser
- Compliance Officer
- Product Manager
Is a Career in Financial Services Right for You?
To thrive in the financial services industry, you need to be a special kind of person; after all, advising people on how to grow and protect their wealth comes with serious responsibilities. Professionals in this field often possess above-average maths skills, clear communication and a keen interest in the world’s financial markets is essential.
The following skills and talents will also certainly help:
- An eye for detail
- An analytical mind
- High-level organisational skills
Think you can handle a career in financial planning? If so, compare the many quality courses advertised, find the one that suits your style and schedule, and get ready for an interesting, challenging and rewarding career like no other.