Paraplanners assist Financial Planners / Advisers in the preparation of financial planning strategies, as well as the construction of Statements of Advice (SoA). ASIC states in RG146:
“RG 146.27 Where para-planners and trainee advisers are used in relation to the provision of financial product advice, we consider that the licensee must have compliance measures in place designed to ensure that a person who satisfies the training standards plays a material role in the provision of the advice, as described in RG 146.26. These measures must include an effective means of monitoring what para-planners and trainee advisers say to retail clients. Further, while para-planners and trainee advisers do not have to comply with the training standards, licensees must ensure that their para-planners and trainee advisers have the necessary competence to perform their functions: see s912A(1)(f).“
Therefore, most organisations (if not all) require Paraplanners to have, as a minimum, the FNS50615 Diploma of Financial Financial Planning. We then suggest Paraplanners undertake the FNS60415 Advanced Diploma of Financial Planning with IIT, as the last subject focuses fully on Construction of Advice, which a Paraplanner must know to undertake this role. This then allows Paraplanners to progress into the Masters of Applied Finance (Financial Planning) with the first two elective subjects through IIT and the remaining 8 (instead of 12) through CSU. IIT is the only RTO to have this articulation agreement with CSU.