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RG146 Training Courses

Taking an RG146 Course is a financial services industry requirement. Anyone wanting to work as a financial planner requires RG146 training to cover the provision of general and personal advice. This enables you to provide retail financial advice (often called tier 1 advice) in a personal context under a specific licence called an Australian Financial Services Licence (AFSL).

Monarch’s Diploma of Financial Planning is the minimum qualification an aspiring financial adviser must complete to acquire RG 146 certification in the key areas of investments, superannuation and insurance. Of course many job roles other than financial advisers also require RG146 accreditation. Monarch’s RG146 courses are nationally recognised and accredited on the ASIC training register.

The full RG146 Diploma of Financial Planning or choose RG146 subset modules

RG146 Compliant Course Options

We have broken up the Diploma of Financial Planning to allow you to complete an individual RG146 compliant course in either Investments, Superannuation (including SMSF), or Insurance. These are the core education building blocks making up the RG146 Diploma of Financial Planning qualification. Because many job roles in financial services are not financial planning roles, they require RG146 compliance in only one or two specific areas. For example a job role at a superannuation company encompassing the provision of information to members about their superannuation accounts, might only require you to complete the RG146 Superannuation course. Or if you wanted to seek a job at an insurance company, you might only need RG146 Life insurance accreditation. If you worked for a Margin Lending provider, you might need to complete the RG146 Margin Lending course. Many students choose to complete the full Diploma of Financial Planning because it encompasses all the key RG146 areas required to give advice. It is also better value to enrol in the full Diploma qualification, compared to enrolling on a module by module basis. We even offer Xplan software training.

Study Online or workshop

Monarch Institute’s courses can be completed via Online or workshop. When studying Online with Monarch,  you are allocated your own financial planning distance trainer who you can contact at any time between 9am and 5.30pm Monday-Friday. Your distance trainer will help you over the phone, via email or Skype – whichever is more convenient. Online students get fantastic support, and are never alone…we consistently receive great feedback about that!

Why is RG146 training required to get certain jobs in financial services?

For those wishing to work in the Australian financial services industry, RG146 training and certification is required because it is such a heavily regulated space. Because the financial services industry turns over billions of dollars each year, the Australian Government has a vested interest in ensuring it is conducted in an orderly, professional and transparent manner at all times, and of course with consumer protection at its core. This is why the Australian Government via ASIC released a regulatory guide (called RG 146) specifying what training and education people are required to do, in order to work in various roles within the financial services industry. And the financial services industry is massive. It covers banks, insurance companies, super funds, fund managers, stock brokers, financial planning firms, dealer groups, insurance brokers (….the list goes on). It employs a lot of Australians.

ASIC’s intention  is to ensure all providers of product advice are suitably qualified. It is important to appreciate that it is unlawful to provide advice to Australian retail clients in any area or on any financial product where you do not meet the education standards in accordance with ASIC RG146 guidelines, and be authorised by an Australian Financial Services Licensee (AFSL). That is often your employer, however self employed people can also obtain their own AFSL.

Choosing an RG 146 Training provider

Did you know, you could have a Masters Degree in Economics and still be required to complete RG146 training if you wanted to work in many jobs within the financial services industry? Ultimately it depends on the job role as to what RG 146 training (if any) you must complete.

Monarch Institute works directly with a number of large financial services employers as an RG146 training provider ensuring existing staff are adequately trained, accredited and compliant for their specific job role. And that’s the issue – if you work in insurance, you only need to be RG146 compliant in insurance, not necessarily covering investments. Or vice versa. And then there is the issue of whether you have any interaction with consumers in your job role, and whether that interaction is considered ‘general’ advice or ‘personal’ advice. You might only need RG 146 course training to cover you providing general advice to consumers if you work for a superannuation company and are required to provide account balance information, or other general information about their super fund investment. On the other hand, if your job role required you to provide consumers with advice about which type of fund is best suited to their specific needs, or how much additional super contributions they should make, you would then be required to complete RG 146 training that covers both general AND personal advice .

The good news is that Monarch’s Diploma of Financial Planning is an accredited RG 146 training provider for managed investments, superannuation and insurance. You can also continue on to complete the Advanced Diploma of Financial Planning with Monarch. Importantly Monarch’s RG146 training covers both general and personal advice meaning you are completely prepared for either your existing job role in financial services, or future job roles.

Call us today on 1300 738 955 so we can advise you about your RG 146 training certification requirements and our many training options in this regard.