Sitting pretty on education: Securities Institute
TheSecurities Institutehas seized the opportunity to swoop on yesterday’s deficit announcement by theFinancial Planning Association(FPA) by revealing it attracted 1,639 new members, graduated a record 2,475 students and delivered a financial surplus of $1.9 million in 2003.
The institute says revenue from compliance training and professional development grew by 70 per cent in absolute terms and accounted for 25 per cent of total revenue over the period.
With reserves of $12.4 million, the institute’s national president Ian Neal says the organisation will continue to reinvest in developing and delivering relevant education offerings in order to meet the needs of the changing and increasingly complex financial services sector.
Other areas which contributed to the education provider’s performance was the Master of Applied Finance and Investment course, which attracted 193 new students in the inaugural year for its restructured 12 unit program.
The delivery of tailored in-house training programs to public and private sector organisations also played a large part, with revenues having now doubled from the $3 million received in 2001 to now surpassing $6.5 million in 2003.
Neal says the tense but effective combination of regulatory intervention with industry self-governance prevailed in 2003 and the institute is committed to maintaining that balance.
“Our ongoing challenge is to ensure that transparent and effective practices that put the interests of customers first don’t become bogged down in ineffective and costly legal and bureaucratic compliance.”
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
