SAQA 57917: FETC Wealth Management, Level 4

Purpose

The FETC: Wealth Management is a generic Qualification in the management and creation of wealth that builds the introductory knowledge, skills attitudes and values required for learners to operate ethically and responsibly as Intermediaries and Administrators, and to respond to the challenges of the economic environment and the changing nature of the highly regulated Financial Services Industry. It is designed to meet the needs of learners in a variety of positions including Trustees and Principal Officers of retirement funds and medical schemes and Trainee Financial Planners.

The FETC: Wealth Management covers structured, low risk, cash backed investment or guaranteed products for conservative portfolios including life, disability, health events (dread disease and personal accident) and funeral cover. It provides a holistic introduction to Wealth Management and Wealth Creation and is a building block for the National Certificate: Wealth Management: Level 5. It should develop individuals who have a basic understanding of economics, asset management, investment principles, financial markets, risk (personal and financial) and the need to provide for financially for retirement. It should add value to the qualifying learner in terms of enrichment of the person, status, licensing and recognition.

The Qualification is structured in such a way that it exposes learners to generic competencies required in the management and creation of wealth including Long-Term Insurance (Life, Medical Scheme Administration, and Retirement Funds), Short Term Insurance and the Collective Investments and allows for specialisation to meet the needs of different work roles. The electives make provision for different streams of specialisation. It provides a balanced learning experience and an opportunity for learners to apply academic skills in relation to the workplace.

Rationale

The National Certificate in Financial Services: Wealth Management: NQF Level 4 expires in February 2007. The qualification has been reviewed and expanded to meet the needs of learners in a variety of positions in the Financial Services Sector. The FETC: Wealth Management replaces the National Certificate in Financial Services: Wealth Management: NQF Level 4.

The FETC: Wealth Management combines Long-Term Insurance (including Retirement Funds, and Medical Schemes), Collective Investment Schemes and other aspects of investment. The Qualification is a holistic introduction to Wealth Management and Wealth Creation. It includes Unit Standards for aspiring Trainee Financial Planners, Intermediaries, Trustees and Principal Officers of Medical Schemes and Retirement Funds and some Short-Term Insurance Unit Standards for Intermediaries who advise on both long and short-term products. It is a building block for the National Certificate: Wealth Management: Level 5.

The FETC: Wealth Management is intended for:

  • Learners who require licensing in Long-Term Category A, generally intermediaries who sell assistance policies including funeral policies in terms of the current Determination of Fit and Proper Requirements for Financial Services providers
  • Learners who require licensing in Long-Term Category B, generally intermediaries selling risk policies (death, disability and health events) and guaranteed investment/savings, recurring policies and annuities other than single premium annuities and excluding products marketed as investment or savings policies in terms of the current Determination of Fit and Proper Requirements for Financial Services providers
  • Intermediaries who run their own financial planning practices and who offer advice on Short-Term Personal Lines and Business Insurance and who also advise on Long-Term Categories A and/or B in terms of the current Determination of Fit and Proper Requirements for Financial Services providers
  • Trustees and Principal Officers of Retirement Funds or Medical Schemes
  • Learners who have a School-Leaving Certificate and are entering the Insurance and investment Industry for the first time
  • Learners in administrative positions and sales in Collective Investment Scheme Managers and Medical Schemes who do not provide advice
  • Broker Consultants and learners in Call Centres who give advice on Long-Term Category A and/or B products in terms of the current Determination of Fit and Proper Requirements for Financial Services providers
  • Administrators in financial services organisations
  • Trainee Financial Planners who seek registration with the Financial Planning Institute

The Qualification will be useful for Internal Broker Consultants, Financial Services Call Centre Agents (Inbound and Outbound), Personal Benefits Agents, Corporate Benefits Agents, Intermediaries, Client Service Providers, Sales and Marketing Agents, Life Administration Agents, Administrators in Collective Investment Managers, Retirement Fund Administrators, Trainee Financial Planners, Trustees of retirement funds or medical schemes, Principal Officers of retirement funds or medical schemes, Administration staff dealing with and intermediaries, Business development consultants and Agents.

Note that:

  • Intermediaries who need a level 5 qualification for licensing in Category C under the Financial Advisory and Intermediary Services Act (FAIS) including Intermediaries who sell single premium retirement annuities, preservation fund policies and other insurance contracts (other than those mentioned in Categories A and B) and Medical Scheme Intermediaries require a Level 5 Qualification and could do the National Certificate: Wealth Management: Level 5.
Unit Standards
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Prospectus
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Further Information

A comprehensive overview of this qualification can be found on the SAQA website.