The purpose of the Qualification is to build the knowledge and skills required by employees in Wealth Management who have achieved a Qualification equivalent to NQF Level 4 in a Financial Services related field and are ready to study at Level 5. It is intended to empower learners to acquire knowledge, skills, attitudes and values required to operate ethically and responsibly as financial advisors, planners or intermediaries and to respond to the challenges of the economic environment and changing nature of the Financial Services industry. It should add value to the qualifying learner in terms of enrichment of the person, status, licensing and recognition.
As a Qualification in Wealth Management, it provides a framework for learners to develop competencies related to the Long Term Insurance Sub-Sector, which includes Life Benefits, Healthcare Benefits Administration and Employee Benefits, as well as the Investment and Unit Trust Sub-Sector. It provides a balanced learning experience that allows flexible access to life long learning, and to productive employment in Wealth Management, Unit Trust Investment and Long Term Insurance. It provides an opportunity for learners to learn and apply academic skills in relation to the workplace and will allow for multi-skilling. The Qualification is structured in such a way that it exposes learners to different kinds of investments with a view to enabling them to make an informed recommendation involving Financial Investments, Wealth Creation and Wealth Management. It is anticipated that this Qualification will promote the notion of life long learning.
Rationale for the qualification:
The National Certificate in Financial Services: Wealth Management: NQF Level 5 is designed to meet the needs of learners in a variety of positions in the Financial Services industry. It aims to develop informed and skilled learners in Wealth Management, which combines long term insurance, unit trust investment and other aspects of investment and wealth creation and takes a holistic view of Wealth Management. It is intended for learners who:
Have attained the National Certificate in Long Term Insurance at NQF Level 4 and wish to continue on a path of life-long learning specialising in Wealth Management.
Have attained the National Certificate In Insurance: Long Term: NQF Level 4: Risk Assessment and wish to continue on a path of life-long learning specialising in Wealth Management.
Have attained the National Certificate in Unit Trust Investment at NQF Level 4 and wish to continue on a path of life-long learning specialising in Wealth Management.
Have worked in one of the sub-sectors of the Financial Services industry for many years, but have no formal Qualifications in their area of specialisation.
Wish to extend their range of skills and knowledge of the industry so that they can become knowledgeable workers in the industry.
Are in a learnership agreement with the Inseta.
Have recently taken up a position in Wealth Management.
Require a Level 5 Qualification for licensing purposes with the Financial Services Board (FSB)
The National Certificate in Financial Services: Wealth Management: NQF Level 5, allows the individual to work towards a nationally recognised Qualification. It is flexible enough to accommodate both learners in formal education and learners already employed in the Financial Services Industry. The Qualification at this Level is the continuation of a career path that may have started in various sectors of the Financial Services industry. It is generic enough to allow maximum mobility within the industry. Skills, knowledge, values and attitudes reflected in the Qualification are building blocks that will be developed further at Level 6. The intention is:
To promote the development of knowledge and skills that are required in Wealth Management and specifically for giving financial advice.
To release the potential of people.
To provide opportunities for people to move up the value chain.
To provide opportunities for lifelong learning for people who work in Wealth Management where there was previously a variety of short courses but no nationally registered Qualifications.
Learners already employed in Wealth Management at this Level do work that requires wide ranging, specialised and technical skills and a broad knowledge base of the applicable legislation, economic principles and the Financial Services industry in general. As these employees in the Wealth Management sector are required to give financial advice, they require an informed understanding of the important terms, rules, concepts, principles and theories of Wealth Management. They operate in a variety of routine and non-routine contexts and have to select from a wide choice of standard and non-standard procedures.
Work roles related to Wealth Management include but are not limited to:
Internal Broker Consultants
Financial Services Call Centre Agents
Personal Benefits Agents
Corporate Benefits Agents
Intermediaries
Client Service Providers
Service Agents
Product Developers
Sales and Marketing Agents
Life Administration Agents
Managers in the Unit Trust Sub-Sector
Retirement Fund Administrators
Financial Planners
Retirement Fund Administrators
Financial Planners
Brokers
Financial Advisors
Trust Fund Officers
Account Executives
Senior Managers
Back-up Brokers
Wealth Managers
Unit Trust Pricers
Compliance officers
Portfolio Managers
Liaison Fund Managers
Financial Consultants
Tax Planners
Attorneys
Financial Managers
Actuaries |
|
ID |
UNIT STANDARD TITLE |
PRE-2009 NQF LEVEL |
NQF LEVEL |
CREDITS |
Core |
12164 |
Demonstrate knowledge and insight of the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002) |
Level 4 |
NQF Level 04 |
2 |
Core |
14506 |
Explain the Finance Intelligence Centre Act, Act 38 of 2001 and its implications for client relations |
Level 4 |
NQF Level 04 |
3 |
Core |
14522 |
Analyse and explain the impact of one`s personal interactive style on one`s relationship with a client |
Level 5 |
Level TBA: Pre-2009 was L5 |
6 |
Core |
14509 |
Apply a researched trend to individual financial risk |
Level 5 |
Level TBA: Pre-2009 was L5 |
5 |
Core |
14530 |
Apply scenario planning to explain potential risk in a specified financial services context |
Level 5 |
Level TBA: Pre-2009 was L5 |
6 |
Core |
14511 |
Apply technical knowledge and insight into the management of collective investment portfolios |
Level 5 |
Level TBA: Pre-2009 was L5 |
3 |
Core |
14531 |
Apply technical knowledge and insight to explain the application of structured long term insurance portfolios |
Level 5 |
Level TBA: Pre-2009 was L5 |
3 |
Core |
14533 |
Apply technical knowledge and skill to explain how collective investment portfolios are classified and the implications of the classification for an investor |
Level 5 |
Level TBA: Pre-2009 was L5 |
2 |
Core |
14519 |
Determine the needs and wants of an entity at risk in order to propose an appropriate financial solution |
Level 5 |
Level TBA: Pre-2009 was L5 |
4 |
Core |
14535 |
Differentiate between the different asset classes and indicate how they can be used to meet customer needs |
Level 5 |
Level TBA: Pre-2009 was L5 |
4 |
Core |
14520 |
Explain how offshore legislation differs from South African legislation and the implications this has for South African investments |
Level 5 |
Level TBA: Pre-2009 was L5 |
6 |
Core |
14521 |
Present a proposal to optimise the tax aspects of the wealth management of an entity |
Level 5 |
Level TBA: Pre-2009 was L5 |
4 |
Core |
14526 |
Research information in order to assist in conducting a financial risk assessment |
Level 5 |
Level TBA: Pre-2009 was L5 |
7 |
Core |
14527 |
Research the incidence, quantity and severity of an occurrence in order to uncover a trend and anticipate a financial risk |
Level 5 |
Level TBA: Pre-2009 was L5 |
7 |
Fundamental |
14517 |
Apply basic economic principles to the financial services sector |
Level 5 |
Level TBA: Pre-2009 was L5 |
5 |
Fundamental |
14529 |
Demonstrate knowledge and insight into current affairs in the financial services sector |
Level 5 |
Level TBA: Pre-2009 was L5 |
5 |
Fundamental |
14518 |
Demonstrate knowledge and insight into the changing nature of the financial services industry and its consumers |
Level 5 |
Level TBA: Pre-2009 was L5 |
6 |
Fundamental |
12185 |
Demonstrate knowledge and understanding of risk in a financial services environment |
Level 5 |
Level TBA: Pre-2009 was L5 |
5 |
Fundamental |
14523 |
Describe the financial life cycle of an individual |
Level 5 |
Level TBA: Pre-2009 was L5 |
10 |
Fundamental |
14525 |
Present an informed argument on a current issue in a business sector |
Level 5 |
Level TBA: Pre-2009 was L5 |
5 |
Elective |
10391 |
Demonstrate knowledge and insight into legislation relating to marriage, divorce and maintenance as it applies to employee retirement and insurance benefits |
Level 4 |
NQF Level 04 |
2 |
Elective |
12167 |
Demonstrate knowledge and insight into the Capital Gains Tax Legislation as it applies to insurance and investment |
Level 4 |
NQF Level 04 |
2 |
Elective |
12166 |
Demonstrate knowledge and insight into the Collective Investment Schemes Act, 45 of 2003 (CICSA) |
Level 4 |
NQF Level 04 |
2 |
Elective |
14315 |
Demonstrate knowledge and insight into the Income Tax Act (58 of 1962 and the accompanying regulations) as amended as it applies to insurance and investment products |
Level 4 |
NQF Level 04 |
2 |
Elective |
14316 |
Demonstrate knowledge and insight into the Long Term Insurance Act (1998) |
Level 4 |
NQF Level 04 |
2 |
Elective |
12335 |
Demonstrate knowledge and insight into the Medical Schemes Act (131 of 1998) and the accompanying regulations |
Level 4 |
NQF Level 04 |
3 |
Elective |
14514 |
Adapt and communicate a potential financial solution to a range of audiences |
Level 5 |
Level TBA: Pre-2009 was L5 |
3 |
Elective |
14528 |
Apply technical knowledge and insight into the sales and marketing of participatory interest in collective investment schemes |
Level 5 |
Level TBA: Pre-2009 was L5 |
4 |
Elective |
14524 |
Demonstrate and apply knowledge and insight into property as an investment |
Level 5 |
Level TBA: Pre-2009 was L5 |
3 |
Elective |
14516 |
Describe the life cycle of a unit trust |
Level 5 |
Level TBA: Pre-2009 was L5 |
6 |
Elective |
14532 |
Discuss and apply knowledge and understanding of current trends in portfolio management in response to the changing nature of the financial services environment and the needs of investors |
Level 5 |
Level TBA: Pre-2009 was L5 |
4 |