Tutorial 1 - Week 1 What is financial planning Financial...

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Week 1 What is financial planning? - Financial planning is a holistic process whereby a client’s total position, both financial and non-financial, is examined and, - A set of actions or a plan is put in place which, once implemented, will assist in meeting the client’s ultimate goals and objectives The financial planning environment - There are three main groups The regulator (government) Clients Financial advisor Regulators - The regulators ASIC – enforce company and financial services laws to protect consumers, investors and creditors APRA – prudential regulator that oversee banks & other financial institutions Others – ATO (oversee SMSF), ACCC, ACA - ASIC licensing and training requirements Other information Only licensees or their authorised representatives may legally offer advice on financial products Regulatory Guidelines 146 Tier 1 accreditation is the minimum education requirement in order to offer financial advice professionally ASIC RG 146 Licensing: Training of financial product advisors Knowledge requirements General knowledge 1
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