LEARNERSHIP TITLE: WEALTH MANAGEMENT-LEVEL 5

LearnershipCode:13Q130044781205

1. Information pertaining to the SETA

1.1 Name of SETA: INSETA

1.2 Name of Chamber (if applicable): N/A

1.3 Name of SETA official responsible for learnerships: Mr Aubrey Maseko

1.4 SETA’s telephone number: 011 544 2000

1.5 SETA’s fax number: 011 484 0862

1.6 SETA’s postal address: P.O.Box 32035,

Braamfontein, 2017

1.7 SETA’s e mail address: AubreyM@inseta.org.za

Annexure APage 2 of 17

2. Learnership information

2.1 Title of the Learnership Qualification: National Certificate: Financial Services: Wealth Management

Title of the Learnership: Wealth Management Level 5 (For Financial Planning, Retirement Funds, Medical Schemes, Collective Investments and Long Term Insurance).

The Qualification this learnership leads to, the National Certificate: Wealth Management: NQF Level 5, ID 57608, has relevance for learners in Retirement Funds and Medical Schemes, Intermediaries including, but not limited to, Financial Advisors, Personal Financial Planners, Financial Services Call Centre Agents, Client Service Providers, Brokers, Broker Consultants, Retirement Fund Consultants, Retirement Fund Administrators, Trust Fund Officers, Product Developers, Consultants who advise on product structure of Retirement Funds, Principal Officers, Trustees, Medical Scheme Consultants, Senior Administrators, Retail Mangers who support Advisors and have a back office function, Collective Investment Scheme Managers, Account Executives and Compliance Officers.

The National Certificate: Wealth Management: NQF Level 5 is intended for learners who: Need a level 5 qualification for licensing in Long-Term Category C under the Financial Advisory and Intermediary Services Act (FAIS). These may be intermediaries in Long-Term Insurance, Retirement Funds or Medical Schemes who do not give investment advice. Need a level 5 qualification for licensing in Category 1 (non-discretionary) under the Financial Advisory and Intermediary Services Act (FAIS). These advisors advise clients on existing collective investment scheme portfolios or financial products. It does not qualify learners to construct investments. Note that Learners requiring Category II licensing (discretionary financial service providers) require a Level 6 qualification. Wish to acquire the basic knowledge and competencies required for international recognition as a Personal Financial Planner and who intend to apply for a voluntary competency assessment to qualify for the international ISO 22222:2005 and SANS 22222:2006 Personal Financial Planning standards. Have attained a Level 4 Insurance and Investment Qualification and wish to progress to the next level. have achieved a B. Comm. Degree and require a post graduate qualification with a specialisation in Retirement Funds, Long-Term Insurance, Financial Planning, Collective Investments or Medical Schemes. 

Annexure APage 3 of 17

2.2 NQF field: NSB 03

2.3 NQF sub-field: Finance, Economics and Accounting

2.4 NQF level: 5

2.5 Number of credits to be earned: 120

A minimum of 120 credits - 1200 notional hours - are required to complete the Qualification which is made up of the following components: Fundamental: 39 credits Core: 40 credits Electives: 41 credits

In every Learnership situation within the insurance & investment sector there is an agreement signed between the learner, the training provider and the lead employer binding the learner to a specific, consistent and stable working environment for the duration of the Learnership. Employers and training providers should use their discretion and be alert to situations where learners

can be recognised for prior learning, can be fast tracked, or should be permitted additional time working on a task.

Mentored on-job training

Based on the whole qualification: National Certificate: Wealth Management NQF Level 5, registered on 16 November 2006 – ID 57608

This learnership entails 71% of the 1200 notional hours being spent in workplace experience and 29% in theoretical input via a training provider. Therefore learners are required to complete a minimum of 850 hours mentored practical work experience. The remaining 350 hours being spent on the theoretical component.

The work experience programme based on fundamental, core and selected elective unit standards should total 850 hours (71%). It should assess the application of knowledge from the structured learning components in the learner’s own work situation.

Assessment Criteria for Mentored on the Job Experience: See section 4 below. For fuller details see the qualification document for Exit Level Outcomes at qualification level, their associated assessment criteria, related unit standards and integrated assessment requirements.

Core and Fundamental Unit Standards: For 71% of the 79 Credits, which are compulsory. Elective unit standards: For 71 % of a minimum of 41 credits from a selection of unit standards, which may be chosen for the various areas of specialisation. For Example:

Annexure APage 4 of 17

It is recommended that Learners who specialise in Collective Investments should include Unit Standards from the following cluster as electives: Title: Level: Credits: ID: Apply technical knowledge and insight into the sales and marketing of

participatory interest in collective investment schemes portfolios: Level 5: 4 Credits: 242560.

Discuss current trends in investment portfolio management: Level 6: 4 Credits: 242606.Demonstrate knowledge and understanding of the establishment and maintenance of a domestic collective investment portfolio: Level 5: 6 Credits: 242609.

Apply technical knowledge and insight into the management of collective investment portfolios: Level 5: 3 Credits: 242607.

Apply technical knowledge and skill to explain how collective investment scheme portfolios are classified: Level 5: 2 Credits: 242612.

Analyse and interpret qualitative and quantitative data from relevant reports in order to make a recommendation or inform a decision for an entity: Level 5: 5 Credits: 242559.

Apply knowledge and insight to advise on the composition of a financial portfolio: Level 6: 6 Credits: 242619.

Analyse the role of international investment in wealth management: Level 5: 6 Credits: 242563.

It is recommended that Learners who specialise in Retirement Funds should include Unit Standards from the following cluster as electives: Title: Level: Credits: ID: Analyse the financials of a retirement fund in order to ensure governance: Level

5: 2 Credits: New standard. Apply technical knowledge and skill to advise on retirement planning needs for an

individual: Level 5: 3 Credits: New standard. Develop a set of rules that meet the needs of a retirement fund client and are

compliant: Level 5: 2 Credits: 242611. Evaluate the effectiveness of the administration function of a retirement fund in

order to make an informed decision: Level 5: 5 Credits: 242596. Analyse and interpret qualitative and quantitative data from relevant reports in

order to make a recommendation or inform a decision for an entity. Level 5: 5 Credits: 242559.

Apply technical knowledge and insight to manage risks inherent in a group scheme: Level 5: 8 Credits: 119998.

It is recommended that Financial Planners and Intermediaries should include Unit Standards from the following cluster as electives: Title: Level: Credits: ID: Analyse the dynamics of different interactive styles in client relationships: Level 5:

3 Credits: 242585. Apply technical knowledge and skill to advise an individual on planning for

retirement: Level 5: 3 Credits: 242613. Apply knowledge of estate planning to propose a financial solution for a specific

client: Level 5: 8 Credits: 242603. Apply knowledge of estate planning to propose a financial solution to a high net

worth individual: Level 6: 8 Credits: 242592. Apply knowledge of the unique estate planning needs of farm owners to provide a

financial plan for a farm owner: Level 6: 4 Credits: 242591.

Annexure APage 5 of 17

Analyse and interpret qualitative and quantitative data from relevant reports in order to make a recommendation or inform a decision for an entity: Level 5: 5 Credits: 242559.

Manage the relationship between an intermediary/representative and a Long-Term insurer: Level 5: 5 Credits: 242558.

Adapt and verbally communicate financial information to a range of audiences: Level 5: 3 Credits: 242614.

Demonstrate knowledge and understanding of the Financial Advisory and Intermediary Services Act 2002 (FAIS) (Act 37 of 2002) as it impacts on a specific financial services sub-sector: Level 4: 2 Credits: 242584.

Explain South African money laundering legislation and the implications for accountable institutions in transacting with clients: Level 4: 3 Credits: 242593.

Apply the regulations for disclosure that are required as part of the financial sales process: Level 4: 2 Credits: 117129.

Apply knowledge and skill to explain the application of structured long term insurance portfolios: Level 5: 6 Credits: 242590.

Analyse the role of international investment in wealth management: Level 5: 6 Credits: 242563.

Apply knowledge and insight to advise on the composition of a financial portfolio: Level 6: 6 Credits: 242619.

Develop a potential wealth preservation solution for an entity: Level 6: 8 Credits: 242555.

It is recommended that Medical Scheme Brokers should include Unit Standards from the following cluster as electives: Title: Level: Credits: ID: Analyse the dynamics of different interactive styles in client relationships: Level:

5: 3 Credits: 242585. Conduct an in depth investigation into the current healthcare sector in South

Africa using published data: Level: 5: 8 Credits: 242575. Objectively evaluate the criteria that materially affect the performance of a

medical scheme and its administration: Level: 5: 10 Credits: 242616. Investigate industry initiatives to quality control medical providers: Level: 5: 6

Credits: 242570. Apply knowledge of health economics to make an informed decision: Level: 6: 3

Credits: 242557. Analyse the product design of different medical schemes to evaluate the benefits

set of each scheme: Level: 5: 5 Credits: 242567. Analyse and interpret qualitative and quantitative data from relevant reports in

order to make a recommendation or inform a decision for an entity: Level: 5: 5 Credits: 242559.

It is recommended that Learners who specialise in Medical Schemes Administration should include Unit Standards from the following cluster as electives: Title: Level: Credits: ID: Manage costs in a specific case with due regard for quality: Level: 5: 2 Credits:

242565. Objectively evaluate the criteria that materially affect the performance of a

medical scheme and its administration: Level: 5: 10 Credits: 242616. Conduct an in depth investigation into the current healthcare sector in South

Africa using published data: Level: 5: 8 Credits: 242575. Investigate industry initiatives to quality control medical providers: Level: 5: 6

Credits: 242570.

Annexure APage 6 of 17

Apply knowledge of health economics to make an informed decision: Level: 6: 3 Credits: 242557.

Analyse the product design of different medical schemes to evaluate the benefits set of each scheme: Level: 5: 5 Credits: 242567.

Analyse and interpret qualitative and quantitative data from relevant reports in order to make a recommendation or inform a decision for an entity: Level: 5: 5 Credits: 242559

. Electives should be relevant to both the learner and the organisation so the choice of the unit standards for this particular Learnership may be made on the basis of:

The learner’s own interest and selected career path The needs of the organisation as identified in the Workplace Skills Plan A need identified as part of a performance appraisal by a line manager A need identified as part of an organisation’s strategy towards an identified goal.

Practical formative, continuous assessment should be against the assessment criteria of the chosen elective unit standards. Assessment should use a variety of methods such as observation, taped evidence, examination of work or product etc. Assessment should follow the relevant ETQA’s Assessment Policy and guidelines.

2.6 Date of registration of the qualification on the NQF (if registered) and code and number of the qualification: 16 November 2006- Code: 57608

2.7 Date of application to SAQA for registration of the qualification (if not registered):

2.8 Name of ETQA responsible for quality assuring the qualification:

INSQA-Insurance Sector Assurer

Annexure APage 7 of 17

3 Qualification and Unit Standard

Title CodeNQF Level

Credit value

Percentage of assessment at:

Workplace Training Provider Provider

Details of Qualification

National Certificate: Wealth

Management

57608 5 120 71% 29%

Details of unit standards

Fundamental Learning

39

Present an informed argument on a current issue in a business sector

230070 5 5 71% 29%

Demonstrate knowledge and insight into the changing nature of the financial services industry and its consumers

230075 5 6 71% 29%

Describe the financial life cycle of an individual and how this influences financial decisions

230077 5 8 71% 29%

Apply basic economic principles to the financial services sector

230071 5 5 71% 29%

Demonstrate insight into current affairs in the

Financial Services sector

120075 5 10 71% 29%

Demonstrate knowledge and understanding of risk in a Financial Services environment

119997 5 5 71% 29%

Core Learning 40

Apply the principles of ethics to a business environment

230078 6 10 71% 29%

Determine the needs and wants of an entity in order to propose an appropriate financial solution

242573 5 4 71% 29%

Research information in order to assist in conducting a financial risk assessment

242554 5 7 71% 29%

Annexure APage 8 of 17

Present a proposal to optimise the tax aspects of the wealth management of an entity

242574 5 4 71% 29%

Apply scenario planning to explain potential risk in a specified financial services context

242580 5 6 71% 29%

Apply knowledge of the different asset classes in order to give financial advice

242594 5 4 71% 29%

Apply a researched trend to individual financial risk

242601 5 5 71% 29%

Elective learningSelect unit standards

relevant to a career path for a minimum of 41. (It is

also suggested that additional unit standards be chosen to ensure all

relevant aspects of knowledge and skills are

addressed).

351

Min 41

Adapt and verbally communicate financial information to a range of audiences

242614 5 2 71% 29%

Demonstrate knowledge and understanding of the Financial Advisory and

Intermediary Services Act 2002 (FAIS) (Act 37 of

2002) as it impacts on a specific financial services

sub-sector

242584 5 2 71% 29%

Apply technical knowledge and skill to explain how collective investment scheme portfolios are classified

242612 5 2 71% 29%

Apply knowledge and skill to explain the application of structured long term insurance portfolios

242590 5 6 71% 29%

Demonstrate knowledge and insight into offshore legislation in the South African investment environment

242556 6 3 71% 29%

Apply technical knowledge and insight into the management of collective investment portfolios

242607 5 3 71% 29%

Annexure APage 9 of 17

Demonstrate knowledge and understanding of the establishment and ongoing maintenance of a domestic collective investment portfolio

242609 5 6 71% 29%

Discuss current trends in investment portfolio management

242606 6 4 71% 29%

Apply technical knowledge and insight into the sales and marketing of participatory interest in collective investment scheme portfolios

242560 5 4 71% 29%

Apply technical knowledge and insight into property as an investment

242576 5 3 71% 29%

Explain South African money laundering legislation and the implications for accountable institutions in transacting with clients

242593 4 3 71% 29%

Demonstrate knowledge and insight into the valuation of retirement funds

242600 6 5 71% 29%

Analyse the implications of current and/or proposed reform for the Retirement Fund/Medical Scheme sub-sector in order to formulate a possible response

242579 6 3 71% 29%

Apply technical knowledge and insight into how the legislative and regulatory environment impacts on retirement fund benefits for employees

242586 5 6 71% 29%

Apply knowledge and insight to structure and implement a retirement fund for an organisation

242564 6 8 71% 29%

Apply technical knowledge and skill to advise business entities on insurance and group retirement benefits

242597 6 5 71% 29%

Annexure APage 10 of 17

Evaluate the effectiveness of the administration function of a retirement fund in order to make an informed decision

242596 5 5 71% 29%

Apply technical knowledge and skill to advise an individual on planning for retirement

242613 5 5 71% 29%

Develop a set of rules that meets the needs of a retirement fund client and are compliant

242611 5 3 71% 29%

Analyse reports and documents of a retirement fund to ensure governance and manage risk

242617 5 2 71% 29%

Apply knowledge and insight of the role of alternative investments in wealth management

242595 6 8 71% 29%

Evaluate the relevant performance of a Fund/Portfolio Manager

242572 6 5 71% 29%

Apply knowledge and insight of the medical scheme environment to evaluate risk in a selected medical scheme

242568 6 4 71% 29%

Analyse the implications of the South African Government's National Health Policy and the potential impact on medical schemes

242582 6 10 71% 29%

Objectively evaluate the criteria that materially affect the performance of a medical scheme and its administration

242616 5 10 71% 29%

Investigate industry initiatives to quality control medical providers

242570 5 6 71% 29%

Manage costs in a specific case with due regard for quality

242565 5 2 71% 29%

Annexure APage 11 of 17

Conduct an in depth investigation into the current healthcare sector in South Africa using published data

242575 5 8 71% 29%

Analyse the product design/structure of different medical schemes to evaluate the benefits of each scheme

242567 5 5 71% 29%

Manage the relationship between an intermediary and a Long-Term insurer

242558 5 5 71% 29%

Apply knowledge and insight to advise on the composition of a financial portfolio

242619 6 6 71% 29%

Apply knowledge of health economics to make an informed decision

242571 6 3 71% 29%

Analyse the dynamics of different interactive styles in client relationships

242585 5 3 71% 29%

Explain the basic principles of enterprise wide risk management

242618 5 12 71% 29%

Apply technical knowledge to explain business risk and possible strategies to finance risk

242608 5 10 71% 29%

Demonstrate knowledge and understanding of the fundamental principles of risk finance in order to propose an insurance solution

242562 5 5 71% 29%

Apply technical knowledge and insight to manage the risks inherent in a group scheme

119998 5 8 71% 29%

Analyse the strategic impact of a successful wellness programme

114206 5 5 71% 29%

Design a funding model to make provision for financial consequences of losses in an entity

242583 5 10 71% 29%

Devise a marketing strategy for a selected target market

242604 6 5 71% 29%

Annexure APage 12 of 17

Apply the regulations for disclosure that are required as part of the financial sales process

117129 4 2 71% 29%

Explain how the life cycle of a business entity affects investment and insurance decisions

230073 6 6 71% 29%

Demonstrate insight into how the South African Constitution impacts on the financial services industry

230074 6 6 71% 29%

Demonstrate knowledge and understanding of the responsibilities of directors in terms of corporate governance

242598 5 10 71% 29%

Apply knowledge and understanding of captives as a method of alternative risk transfer

242599 5 5 71% 29%

Demonstrate knowledge and understanding of the financial consequences of a large claim to a client

242615 5 3 71% 29%

Examine the assets and liabilities from an organisation's financial statements in order to identify risk financing opportunities

242588 5 3 71% 29%

Apply the risk management process to investigate alternatives for risk transfer

242602 5 5 71% 29%

Evaluate the current and future financial position of an entity

242561 6 8 71% 29%

Develop a potential wealth preservation solution for an entity

242555 6 8 71% 29%

Apply knowledge of the unique estate planning needs of farm owners to provide a financial plan for a farm owner

242591 6 4 71% 29%

Apply knowledge of estate planning to propose a financial solution for a high net worth client

242592 6 8 71% 29%

Annexure APage 13 of 17

Apply knowledge of business insurance to propose a Long-Term financial solution for a business entity

242589 6 10 71% 29%

Apply knowledge of estate planning to propose a financial solution for a specific client

242603 5 8 71% 29%

Apply financial knowledge and skill to manage a Trust Fund

242605 5 3 71% 29%

Advise Retirement Fund Trustees and Corporates on the structure of a Fund's investments

242578 6 6 71% 29%

Apply knowledge of investment to hedge funds

242577 6 3 71% 29%

Analyse the role of international investment in wealth management

242563 5 6 71% 29%

Apply knowledge of macro economic trends and indices to evaluate the potential effect on a selected portfolio

242587 6 5 71% 29%

Research the influence of culture and diversity on attitudes to creating and managing wealth

242566 5 3 71% 29%

Research theories of behavioural economics and behavioural finance to explain the influence of emotion on financial decisions

242557 6 4 71% 29%

Analyse and interpret qualitative and quantitative data from relevant reports in order to make a recommendation or inform a decision for an entity

242559 5 5 71% 29%

Investigate issues of governance that impact on the different role players in a selected sub-sector

242610 6 10 71% 29%

Annexure APage 14 of 17

Apply insight into the implications of changing financial priorities and attitudes on the value proposition in a financial relationship

242569 5 3 71% 29%

Research the incidence, quantity and severity of an occurrence in order to uncover a trend and anticipate a financial risk

242581 5 7 71% 29%

Elective unit standards at level 5 from insurance and financial services related fields may be included in order to

ensure relevance. The qualification

requirements must be met before additional unit standards from

other relevant qualifications are

chosen.

The qualification requires an integrated summative

assessment based on 850 hours of practical mentored on the job

experience in an organisation. This is assessed against the selected Elective unit standards and the exit

outcomes and assessment criteria of the whole qualification.

Refer to Motivation Points 2.5 and 4

4. The Practical Component

Please note: The practical component in this Learnership will be assessed as continuous, formative assessment on the job by the line manager/mentor.

Annexure APage 15 of 17

Where appropriate practical application will be included in structured learning but is not counted as part of the credit split to allow for maximum flexibility in the selection of work appropriate electives.

Nature of work experience/practice work required for the Learnership. The following assessment criteria will be used to assess the workplace component.

Practical Time in the Workplace: Total 850 hours

Assessment Criteria based on all unit standards: For Qualification Exit Level Outcomes: 560 Hours (71% of 79 Credits. 39 Fundamental and 40 Core)

1. Gathering, analysing, synthesising and evaluating information, manipulating and interpreting data and identifying trends, communicating information coherently in writing and verbally, and showing insight into current affairs in the Financial Services sector.

Associated Assessment Criteria Current events and developments that could impact on the Financial Services Sector in

general, and on Wealth Management and Wealth Creation in particular, are analysed and discussed and an informed personal opinion is expressed and substantiated in the discussion indicating ability to anticipate or predict future trends and the potential impact on the industry.

Knowledge learnt in various Unit Standards and current events as they occur are integrated with an informed understanding of the Wealth Management environment so that knowledge of the industry is applied in authentic situations.

Information is gathered, analysed, interpreted, summarised and evaluated from a range of sources and presented coherently, reliably and accurately both verbally and in writing using technological skills.

Evidence is evaluated and used to substantiate an argument and to interpret changing trends in the macro and microenvironments that impact on wealth management.

Financial and other data is manipulated and interpreted to identify trends. The Wealth Management operating environment is explained as a system within the

Financial Services Sector and an indication is given of current issues and changes in the sector.

Associated Unit Standards Present an informed argument on a current issue in a business environment. Demonstrate knowledge and insight into current affairs in the Financial Services Sector. Demonstrate knowledge and understanding of risk in a financial services environment. Demonstrate knowledge and insight into the changing nature of the financial services

industry and its consumers. Describe the financial lifecycle of an individual and how this influences financial decisions. Determine the needs and wants of an entity in order to propose an appropriate financial

solution. Research information in order to assist in conducting a financial risk assessment. Apply a researched trend to individual financial risk. Apply scenario planning to explain potential risk in a specified financial services context. Apply knowledge of the different asset classes in order to give financial advice.

Annexure APage 16 of 17

2. Apply knowledge of economics, investment practices, tax and other financial information to match the needs of clients to financial products.

Associated Assessment Criteria The needs, wants and risk profile of a selected client are analysed and specialised

technical knowledge is applied to propose a financial solution based on a needs analysis. Knowledge of the different asset classes and the client’s needs are applied to select an

appropriate financial product. Essential methods, procedures and techniques of the Financial Services industry are

applied within the legislated environment in order to make a financial recommendation.

Associated Unit Standards Apply basic economic principles to the financial services sector. Demonstrate knowledge and insight into the changing nature of the financial services

industry and its consumers in South Africa. Describe the financial lifecycle of an individual and how this influences financial decisions. Demonstrate knowledge and understanding of risk in a financial services environment. Apply a researched trend to individual financial risk. Determine the needs and wants of an entity in order to propose an appropriate financial

solution. Present a proposal to optimise the tax aspects of the wealth management of an entity. Apply scenario planning to explain potential risk in a specified financial services context. Apply knowledge of the different asset classes in order to give financial advice.

3. Applying knowledge of legislation, ethics, and compliance in the context of the financial services sector in South Africa

Associated Assessment Criteria Methods, procedures and techniques for creating and managing wealth are applied with

reference to specific company policy, legislative requirements and competitive industry practices.

Decisions are substantiated based on available information with due regard for compliance and within own authority limits, license or mandate, relevant service agreements and an organisation’s customer service policy.

The concept of ethics is explained with reference to an organisations code of conduct, and an individual’s personal and property rights.

Associated Unit Standards Apply basic principles of ethics and professionalism in a business environment.

Electives: Practical application 290 Hours (71% of 41 Credits)

Assessment according to a checklist provided by the trainer and customised for the organisation against the assessment criteria in the appropriate selected unit standard

5. Learnership Discretionary Grant in favour of the Employer

For details on INSETA Discretionary Grants. Please access:

Website www.inseta.org.za

Annexure APage 17 of 17

Click on Learnerships

Click on Learnership Funding Policy

6. Minimum Learner Allowances

Learner allowances for learners who were not employed by the employer when the agreement was concluded, as provided for in section 18(2) of the Act.

Credits earned 0 - 120 121 - 240 241 - 360 361 - 480

Learner Allowance per Learner per year

@ R 519.60 per month

R 6 235.20

Learner Allowance per Learner per year

@ R 1 125.80 per month

R 13 509.60

.