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Occupational Certificate: Financial Advisor: NQF Level 6

https://integrityacademy.co.za/index.php/qual-cour/nqf6

Purpose statement

  • The purpose of this qualification is to prepare a learner to operate as a Financial Advisor.
  • A Financial Advisor analyses the financial needs of clients and facilitates processes to implement solutions that will contribute towards the protection, growth and wealth for clients.

 A qualified learner will be able to:

  • Provide advice to clients regarding the use of Long-Term Insurance to manage risks and protect wealth.
  • Provide advice to clients regarding the implementation of Employee benefits and Retirement Funds.
  • Provide advice regarding the use of Health Care benefit programmes.
  • Provide advice to clients to grow and protect wealth through appropriate Investments and related methods.

 Rational

The qualification caters for building competence at NQF Levels 5 and 6. There are four-part qualifications enabling the development of new entrants into the occupation and then catering for the further development as the employees specialise and eventually grow to become full-fledged Financial Advisors.

The effective use of wealth creation tools to grow wealth is essential for the protection and wellbeing of citizens. This industry provides an essential service in support of the development of the country and the achievement of the National Development plan’s objectives.

The growth of the financial services industry is dependent on the training and education of staff that will be able to provide professional financial services to people across the nation. This qualification will therefore support the National Plan and will contribute towards job creation and social harmony; it provides the basis for entry into the industry.

 Target Market

  • Persons that are intended to follow a career path in a sales environment within the financial services industry.
  • Persons who have worked in the financial services industry but do not hold any relevant formal qualifications.

Relevance

The Qualification has relevance for learners in Retirement Funds, Investments, Insurance, Medical Schemes, Intermediaries including, but not limited to, Financial Advisors, Personal Financial Planners, Financial Services Call Centre Agents, Client Service Providers, Brokers, Broker Consultants, Retirement Fund Consultants, Retirement Fund Administrators, Trust Fund Officers, Product Developers, Consultants who advise on product structure of Retirement Funds, Principal Officers, Trustees, Medical Scheme Consultants, Senior Administrators, Retail Managers who support Advisors and have a back-office function, Collective Investment Scheme Managers, Account Executives and Compliance Officers.

 Full Qualification (515 credits)

For a learner to be awarded the full Financial Advisor (SAQA ID105026), they need to have completed all the occupational tasks.

 Occupational Tasks

  • Providing advice to clients regarding long-term insurance products;
  • Providing advice to clients regarding employee benefits and retirement funds;
  • Providing advice to clients regarding health care benefits plans and options;
  • Providing advice to clients regarding investments and various investment instruments available.

Otherwise, the learner can perform one of the occupational tasks and be awarded a part qualification in the respective area such as:

  • Long-term insurance;
  • Employee benefits and retirement funds;
  • Health care benefits;
  • Investment Advisor

The Qualification has four-part qualifications:

SAQA ID

Title

NQF Level

Credits

105022

Long-Term Insurance Advisor (Financial Planning)

5

180

105025

Employee Benefits and Retirement Funds Advisor

5

110

105030

Healthcare Benefits Advisor

5

102

105021

Investments Advisor

6

213

Qualification rules:

The full qualification is made up of the following compulsory Knowledge, Practical Skills and Workplace experience components. (KM-01 and KM-02 – Compulsory for all four-part qualifications)

Knowledge Modules

Code

Title

NQF

Credits

241301-001-00-00-KM-01

Overview of the Investment Advisory Industry.

5

13

241301-001-00-00-KM-02

Regulatory requirements for advising clients regarding insurance and investments.

5

17

241301-001-00-00-KM-03

Health Care benefits advisory services.

5

15

241301-001-00-00-KM-04

Principles of Providing advice to clients regarding the use of Employee and Pension Fund Benefits.

5

20

241301-001-00-00-KM-05

Fundamentals of Investments.

5

30

241301-001-00-00-KM-06

Principles of Providing advice to clients regarding Insurance, Savings and Retirement Planning.

5

16

241301-001-00-00-KM-07

Principles of Providing Advice to clients regarding Investments.

6

29

     

140

Practical Skills Modules

Code

Title

NQF

Credits

241301-001-00-00-PM-01

Analyse clients long term wealth creation/protection needs.

5

31

241301-001-00-00-PM-02

Evaluate available long-term wealth creation/protection options.

5

27

241301-001-00-00-PM-03

Recommend and implement the most appropriate wealth creation/protection options.

5

26

241301-001-00-00-PM-04

Analyse the client organisations needs relating to retirement funds and employee benefits. 

5

11

241301-001-00-00-PM-05

Evaluate the availability of various employee benefit and retirement fund options and structures. 

5

8

241301-001-00-00-PM-06

Advise client on the most appropriate structuring of retirement funds and employee benefits. 

6

18

241301-001-00-00-PM-07

Analyse Client needs regarding Health Care Benefits. 

6

17

241301-001-00-00-PM-08

Provide advice on the introduction of Health Care Benefit Programmes. 

6

26

241301-001-00-00-PM-09

Research, analyse and conduct due diligence of investment opportunities.

6

42

241301-001-00-00-PM-10

Advise clients regarding potential investment opportunities. 

6

41

241301-001-00-00-PM-11

Facilitate the implementation of agreed investment decisions.

6

9

     

256

Work Experience Modules

Code

Title

NQF

Credits

241301-001-00-00-WM-01

Participate in the processes of wealth creation. 

5

50

241301-001-00-00-WM-02

Support the provisioning of advice to clients on employee benefits and retirement structures for a period of three to six months.

5

23

241301-001-00-00-WM-03

Participate in the processes of providing advice regarding the implementation of Health Care Benefit Programmes.

5

14

241301-001-00-00-WM-04

Participate in the processes of advising on investment decisions over a period of six months.

5

32

     

119

Entry Requirements

Whom is the qualification designed for?

It is assumed that the learner who has registered for the qualification has the following:

  • NQF level 4 qualification with Communication.

Training Methodology

  • Methodology to be used: Online/Distance Learning or Face-to-face facilitation.
  • The programme is broken down into 6 modules to allow for effective teaching and learning. There are two compulsory generic modules and 4 specialist modules.

Each Module will have online contact sessions and during these sessions, the learners will complete their formative assessments. After this, the learners will write online summative assessments.

  • Notional hours: A 30/70 split in terms of time for theory and experiential learning will be used. For a 30-credit module, as an example will be broken as follows:
  • 90 hours of contact time and;
  • 210 hours in the workplace.
  • Theory requirements

Learning will be a combination of the following:

  • Online or face-to-face facilitated sessions
  • Self-study
  • Practical case studies and scenarios
  • Experiential learning requirements
  • Mentors and coaches
  • Workplace portfolio of evidence

Resource Requirements

Online resources – A notebook or standing model computer, with the latest technology to provide ease of access on the internet. Internet Service Provider (ISP), preferably fiber connection to help with speed of access. Ability to type and do online tasks and assessments.

Classroom Based option – a well-ventilated and well-lit classroom, a chair and a desk per learner.

Textbooks – South African Financial Planning Handbook, Unit Trusts and Collective Investment Schemes, Health Care in South Africa, Essentials of Retirement Fund Management.

Academic classroom resources – A whiteboard, flip chart, screen projector, a pen, writing pad, learner guide and notebook.

Ablution facilities – bathroom and toilet.

Dining facilities – If we are to provide lunch then we will need dining facilities.

Recognition of Prior Learning

Learners who have enough sales experience within the financial services industry, but do not have formal qualifications will be allowed access to the qualification through recognition of prior learning. Recognition of prior learning will allow for access to the External Integrated Summative Assessment (EISA).

Accredited providers and approved workplaces must apply the internal assessment criteria specified in the related curriculum document to establish and confirm prior learning. Accredited providers and workplaces must confirm prior learning by issuing a statement of results or certifying a work experience record.

RPL learners will have their own RPL Toolkit which will specify the evidence that they must gather and will be assessed based on that evidence.

Certification

Once learners meet the requirements of internal assessment by skills development providers and external assessment by INSETA, the AQP, they will be certified by the QCTO once verification is successfully completed.

NQF6 Qualification: https://integrityacademy.co.za/index.php/qual-cour/nqf6

This qualification replaces the National Certificate in Wealth Management: NQF Level 5 with SAQA ID 57608 (66611)