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What does AAMC stand for?
Australasian Academy of Mentoring and Coaching.
Is AAMC Training Group a Registered Training Organisation?
Yes, our registered training organization number is 51428 and verification of this is obtainable via the National Training Web Site.
How do I Enrol?
Please follow the instructions on the 'How To...' forms on the Student Resources.
What is the difference between Online & Correspondence?
Both of these methods allow you flexibility to complete your studies at times to suit you. If you chose ‘Online’, you would access the Internet and view the course content via the Online Learning Centre whereas doing the course via ‘Correspondence’, you are sent a hard copy bound manual that you work through with just assessments to complete online.
What times are the face to face courses run?
9am – 5pm unless otherwise advised prior to the commencement of your course.
Do you run courses Australia Wide?
We offer all of our courses in every state around Australia and are also expanding globally.
Are your courses ASIC Approved?
All of our Financial Planning qualification courses are approved by ASIC.
Are your courses nationally recognised or recognised by MFAA or FBAA?
All of our qualification courses are both nationally recognized as well as recognized by the FBAA and MFAA.
What is RPL?
Recognition of prior learning (RPL) is the term given to the process of formally recognising the current competency of an individual.
What are CPD Hours?
Continual Professional Development (CPD) provides each individual with a framework within which they must take responsibility for their own learning. A number of associations have CPD programs in place and the CPD has become a legal requirement in many sectors of the finance industry. Hours are awarded for each activity and these hours are set by the relevant associations or the regulatory bodies pertaining to the relevant profession.
How to get set up as a broker?
The steps are as follows:
- Broker study and training - The first requirement to become a mortgage broker is to complete a Certificate IV Finance and Mortgage Broking [FNS40815]. However, this is just to act as a credit representative for your brokerage and aggregator. You should invest as much as you can in your professional development so you can better serve your customers.
- Complete a credit history check - The aggregator and the industry association you join will ask for this as proof that you’re of good character. If you have a bad credit history, some lenders will not accredit you and your aggregator and industry body may reject your membership application.
- Complete a police history check - Under ASIC’s financial services licensing requirements, you’re required to get a ‘Class 25 Federal Police Check’. This is a specific requirement for obtaining your Australian Credit Licence (ACL) or to become an Australian Credit Representative (ACR).
- Apply for EDR membership - You need this before applying for membership with an industry association. If you’re operating directly through an aggregator or you’re a self-employed contractor, you’re required to join an External Dispute Resolution (EDR) Scheme. This falls under the requirements set out in Regulatory Guide 165 (RG 165) ‘Licensing: Internal and external dispute resolution’.
- Apply for Professional Indemnity Insurance (PI Insurance) - You cannot join an industry body without sufficient PI cover in place. If you’re a PAYG broker, you can simply be added to your employer’s policy. PI will protect you and your business against claims for any financial loss your clients incur as a result of your services. ASIC requires you have a minimum of $2 million in aggregate and $1 million per claim of PI cover.
- Join an industry association -Once you’ve been approved for an EDR scheme and PI insurance, you need to become a member of a professional industry body. This will either be the MFAA or the FBAA depending on the brokerage you join. Both are excellent organisations and add a lot of value to the mortgage broking industry.
- You need to provide proof of your identity - Once you have your certificate and professional body membership, you’re ready to join a brokerage. To sign up to a brokerage and their aggregator, you have to provide 100 points of identification:
Birth certificate.
Citizenship certificate.
Current passport.
Drivers licence.
ID card.
- Set up your Australian Business Number (ABN) - Note: If you’re an employee, you do not need an ABN to become a mortgage broker. You should speak with your accountant before setting up as a self-employed contractor or if you’re working as a sole trader directly through the aggregator.
- Sign the origination or sub-origination agreement - The aggregator or sub-originator contract is the agreement you have in place with the aggregator, or your employer, depending whether you’re a PAYG employee or self employed. It sets out the terms and conditions of upfront and trail commission rates and membership fees.
- Do I need an Australian Credit Licence? - Since 1 July 2010, anyone wishing to work as a mortgage broker is required to obtain an ACL or become an authorised credit representative (ACR) of a licence holder.
- Choosing an aggregator - An aggregator, otherwise known as a franchisor or dealer group, is effectively the middle man between a bank and a mortgage broker. Choosing the right aggregator for your business model is essential.
- Setting up lender accreditations - In order to access the home loan products available from the aggregator’s panel of lenders, you have to get accreditation.
- Mentoring - Both the MFAA and the FBAA require all new brokers to be mentored for the first two years of practice. It may be a requirements but it’s a great opportunity as well!
I want to be a financial planner, I want my RGS 146, and do I just have to do The Diploma of Financial Planning to be able to be a planner?
This depends on what sort of planning you want to be able to provide. The Diploma of Financial Planning will give you a RG146 but ONLY allow you to give general advice.
To give specific, personal advice on any particular financial products you would need to complete the relevant ‘Advice in…’ module.
How do I apply for a Financial Service License (AFSL)?
AFS licensees.
You must have an Australian financial services (AFS) licence to conduct a financial services business.
If you carry on a business of providing financial services, you must hold an AFS licence (unless you are exempt or are authorised to provide those services as a representative of another person who holds an AFS licence).
AFS Licence Application Process
In summary, the basic steps you need to follow when obtaining an AFSL are:
1. Determine which authorisations you need - It is important that you obtain the appropriate authorisations to operate your new financial services business. As a starting point, the following aspects must be considered:
- What financial products will your business be working with?
- Will you be dealing or providing advice in these financial products?
- Will this service be provided to retail or wholesale clients, or both?
- Will you be making a market in a financial product?
- Will you be operating a registered scheme?
- Will you be providing a custodial or depository service?
2. Choose your Responsible Managers - you must ensure that the Responsible Managers (RM) nominated have appropriate skill and experience to provide the authorisations that your business is seeking.
3. Draft your Documents for ASIC - The documents submitted to ASIC for your AFSL application are known as ‘Proof Documents’. There are two types of proof documents, ‘Core Proofs’ and ‘Additional Proofs’. Core Proofs are the initial set of documents which go to ASIC.
4. Additional Proof Documentation - Depending on the authorisations for which your business is seeking to get an AFSL, ASIC will require the submission of additional proof documentation.
5. Prepare your Ongoing Compliance Program - The ongoing compliance obligations of your new or varied AFSL will require procedure documents.
If I complete my studies, can I sell Financial Services Products?
By completing your studies, this does not mean you can sell financial products until you are accredited to sell under an AFSL holder.
You will become either an Authorised Representative of theirs or your company can apply to become a Corporate Authorised Representative and you will be noted as an authorised representative of your company under the AFSL licence holder that allows this to happen.
Can I seek an extension if I am unable to complete my assessments within the specified 12 month period?
The system will remind you when your course is about to expire and when it does, you will have a Renew button in your Member Area that you can click and select to extend your course up to a further 6 months.
Are all AAMC trainers industry experienced?
Yes, all trainers at AAMC Training must hold the necessary training qualification being either the TAE40110 Certificate IV Training and Assessment or its successor. They must also have attained the qualification of the course they are training.
Can our company arrange exclusive / tailored classes to meet our specific needs?
Yes, we can tailor courses to suit our corporate clients and an exclusive course may be offered if you have 5 or more students.
How and when will I receive my results and certificate?
For Qualification courses, AAMC Training will forward your results and certificate to you by mail within two weeks of completion of the course and submission of your assessments.
What happens if I don’t pass?
AAMC trainers and assessors will endeavour to assist you through the process of your assignments. If you do not pass on your first attempt, you will be invited to re-submit another assignment and/or resit the final open book exam at no cost. We want to help you achieve success whenever possible.