Consistent, uniform standards for adviser education must be developed as soon as possible, according to an industry learning and development organisation.
Larry Gould, CEO of Australia-wide Business Training, believes that while the financial services industry has taken great leaps forward in training and educating financial advisers and their office support staff, there is an urgent need to apply a set of standards to the myriad of courses and programs on offer.
dealer groups and life companies … must break down their silos and develop uniform and consistent industry standards
Mr Gould says that in order to fulfill the career and personal growth ambitions of the adviser of tomorrow, dealer groups and life companies need to maintain a steadfast commitment to learning and development: “… but to do so successfully, they must break down their silos and develop uniform and consistent industry standards,” he said.
Mr Gould points in particular to Gen X and Gen Y:
“With Gen X and GenY’s entering the financial services industry, especially the advice sector - there has been a fundamental shift in expectations and demand from participants undertaking L & D programs - and high on their list of expectations are formal, recognised qualifications,” said Mr Gould, adding:
“… with the number of dealer groups and life companies now providing business focused internal academies and business schools for their advisers, they are missing an incredible opportunity by not taking this L & D further by providing a formal qualification for the participants.”
“The sad fact is, it really isn’t all that hard to do as most of the programs often contain the foundation of units required to qualify the participants for a business Diploma of Management or Leadership,” said Mr Gould.
“The benefits of these academies / business schools are immense, however these benefits can be magnified by competency mapping the content within the context of a formal qualification thereby satisfying the individual’s personal and professional growth aspirations.”
