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AAMC offers you solutions based training and consulting options. Many Banks, Finance Brokers, Financial Planners, Dealer Groups, Accountants, Real Estate Agents and Insurance Brokers entrust AAMC to train their people with courses available for the whole of the financial services industry. Our consulting services are also popular for those wanting advice on how to improve their business and meet the ever changing regulatory environment. Contact AAMC Training Group today to discuss your current and future needs.

ASIC Commences Nationwide surveillance activity,are you ready?

By: admin|

Australian corporate regulator for credit has begun its first nationwide surveillance activity to detect unregistered businesses and people. Whilst there has been around 14,000 registrations with ASIC there are still some operating in the industry that have not registered and or still do not understand the requirements to have done so.

There is also a lot of confusion in the market given the associations are requiring all writers to hold their Certificate IV in financial Services Finance Mortgage Broking , ASIC has given the wide window of opportunity to allow that qualification to be completed by 30/6/2014. Unforunatley there are many operating in the finance industry or associated services that still do not understand the value of having qualifications now, given the opportunities that a qualified person can generate when the have the confidence and understanding to make things happen. Education in Australia is not that respected and valued as much as we find in many other countries and hence it also contributes to Australia’s overall poor level of productivity compared to many other competitor countries.

Lets now look at a situation that would now more than likely be a common issue in many small to medium-sized businesses operating in the credit industry in Australia as follows;

The Finance Broker/s runs an office and is very busy trying to gain and retain clients and uses a personnel assistant to assist him is contacting clients, dealing with Banks, completing paperwork and all this is being undertaken by potentially unqualified personal assistant. Thats okay according to many as ASIC has stated they do not need qualifications or to classed as authorised representatives as they can run under the supervision and control of the licence as they are employees.

That journey is full of danger on many fronts and let me explain this bold statement, as soon as something goes wrong standby for issues to be faced by your professional indemnity Insurer and also ASIC will want to see what education and training the personal assistant has received and have they stepped outside what is considered general or personal advice areas.

Personal Assistant for a Financial Planner cannot give any advice at all as they can only do general duties for planner. A para planner who is undertaking studies or has completed studies can hold open discussions with client. In my view everyone must  be educated to provide a higher level of professional service, identify further sales issues and to ensure the licencee is protected and allow the personnel assistant to display professionalism and confidence. There is also funding in some states to cover costs of training. How many brokers use their PA to do a lot of the leg work, plenty I would say and hence stand by for issues to arise as  many personnel assistants are not skilled or qualified.

Remember its the licencee and the responsible manager who at the end of the day must stand up and be counted for all breaches, other compliance issues and training and monitoring the employees and authorised credit representatives that operate under their licence, that cannot be outsourced, totally.

An educated person is a knowledgeable person, returns greater productivity, closes more sales, is a person that acts with confidence and above all gives clients greater confidence when dealing with them. Remember all your professional referral partners have educated staff and themselves hold qualifications and they expect that as a minimum from you and your team.

Just because the regulator is saying 30/6/2014 to have your minimum of education requirements, why wait to then, how much business and income will you miss out on waiting for the boat to come in, you must swim out and meet it now.


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