Is
it really that Easy to become an RGIB’ Authorised Representative?
Nothing is easy they say, but on the scale of ‘easy –v- hard’ we would have to say that becoming an RGIB’ Authorised Representative is on the easier side.
Being an authorised representative is a recognized qualification
thus, depending whether or not you choose to become an
approved autorised representative or simply just a Referrer
of business, you will have to undergo some training both
at home, and at our Sydney head office for on the job
training of about 2 weeks.
Authorised Representative
Before you can become an authorised representative you will have to successfully complete:
- General Insurance Code of Practice including Privacy training etc;
- ASIC PS 146 Tier 1 accreditation – RGIB will assist with this aspect;
- Advice & Non Advice training depending on level of requirements;
- RGIB product and services training.
Referrer
There is provision under the relevant legislation for you
to become a 'Referrer' which is not exactly the same as
being an authorised representative. However, you will still
be able to source new business and refer it to RGIB and
you will still receive the same level of commission and,
some of the training requirements will be less, for instance;
- General Insurance Code of Practice including Privacy
training etc;
- ASIC PS 146 Tier 2 accreditation – RGIB will
assist with this aspect;
- Advice & Non Advice training depending on level of
requirements;
- RGIB product and services training.
The costs associated with ASIC PS 146 Tier 1 accreditation
is generally less than $2,000 which is provided by an accredited
organization. For Referrers requiring ASIC PS 146 Tier
2 accreditation the cost is generally less than $500.
As for on the job training at our Sydney head office there
are no charges by our firm however, the costs of attending
the office on a daily basis, including your travels and
time are costs for you.
Once you gain your RGIB Authorised Representative accreditation or your RGIB
Referrer accreditation, you can set out to build your new business.
