The Real Estate Institute of Australia has partnered with the Institute of Public Accountants to launch a new training course for real estate agents who want to provide financial advice about property investment.
The course can be done online, and is expected to take approximately 20 hours to complete.
REIA president Malcolm Gunning said the course - titled RG146 Advice in Real Estate - has been designed by IPA and will be provided through Mentor Education.
The course will cover the general drivers and considerations of property investment, and is targeted at property investment advisers, mortgage brokers, accountants, real estate agents and property developers.
“Offering this course to agents is part of a broader strategy to professionalise the industry and to provide clients the level of advice they desire from agents providing a comprehensive service," said Gunning.
Completing the course will fulfill ASIC’s RG146 requirements, and will allow agents to "provide factual advice on what the products are and what they do,” said Gunning.
'Factual' advice is defined by ASIC as 'objectively ascertainable information whose truth or accuracy cannot be reasonably questioned'. This compares to 'general' advice which ASIC defines as 'advice prepared without taking into account the client's objectives, financial situations or needs'.
Completing the course will allow agents to conduct seminars, presentations, office and sales meetings, and to discuss in general terms such as Self Managed Superannuation Funds. However, agents will need to undertake further training, such as obtaining an Australian Financial Services license, to provide advice, said Gunning.
Discussions about a course targeted at real estate agents was sparked by the Supreme Court of NSW's decision in 2015 against Park Trent Properties Group about real estate agents giving financial advice, particularly in relation to SMSFs.
To see an outline of the course and enrolment details, visit the IPA website.
Members of REIs within the REIA will receive a 10 per cent discount.
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