TAL reflects on the success of its PY programs
TAL’s three Professional Year (PY) initiatives successfully invested in and encouraged new entrants into the financial advice industry throughout 2023.
The Australian life insurer’s programs include:
- PY Manager – a solution for candidates, supervisors and licensees to manage PY administrative requirements.
- TAL Risk Academy – providing education pathways and structured PY training.
- PY Community – offering monthly events to connect candidates with industry experts and advisers.
TAL’s PY Manager initiative has grown to support 207 candidates and 602 total users during 2023. Within these figures, 16 candidates completed their PY through the program.
More than 100 Australian financial services licensees (AFSLs) also use the platform currently.
“TAL is committed to growing the advice profession by providing the right education and support required to meet dynamic professional standards and regulatory requirements. Ultimately, this will mean more Australians will have access to the high-quality financial advice they want and need,” said Beau Riley, TAL general manager for retail sales and new business.
The firm remains focused on investing in the industry by partnering with licensees and advisers to help grow the sector.
Riley added: “Supporting candidates to meet their structured training requirements with assessments, and licensees with the PY criteria, is one of the ways we show our dedication to advisers’ ongoing professional development.
“It is incredibly rewarding to see candidates from over 100 AFSLs using the PY Manager platform to complete their Professional Year.”
The TAL Risk Academy recorded over 1,160 course enrolments by PY candidates in 2023 – a growth of 168 per cent over the past two years.
The initiative is designed as a cornerstone to fulfilling ongoing adviser education needs and smooths the path for more people seeking a career in the profession.
In April this year, the program announced an ethics training module focused on the Financial Planners and Advisers Code of Ethics.
“We have collaborated with industry experts to deliver a comprehensive program that can be responsive to the evolving needs of the professional advice industry, including our tailored PY program,” Riley said.
The TAL Risk Academy also donates a portion of its course fees to its charity partner Australian Business and Community Network (ABCN). The not-for-profit connects businesses and schools to address education disadvantages. The program has donated more than $830,000 to the ABCN over the past nine years.
AUTHOR
Jasmine Siljic
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
