Which industry courses did advisers seek out most in 2022?
Changes to income protection and potential reforms arising from the Quality of Advice (QOA) review were among the most commonly-sought areas of help for advisers in the past year, based on enrolment numbers at the TAL Risk Academy.
The life insurer said it had recorded its strongest enrolments this year and over 12,500 CPD hours were issued across more than 11,000 course enrolments in 2022.
According to Niall McConville, general manager of retail distribution at TAL, the significant changes within the industry in recent years had left advisers keen to upskill and learn.
“For the financial advice industry the past year has been largely characterised by the changes to income protection products, alongside a spotlight on potential reform of the industry through Treasury’s Quality of Advice Review, and this was reflected in adviser enrolments at the TAL Risk Academy,” he observed.
“Industry-aligned courses on topics ranging from the fundamentals of income protection, through to more in-depth case study analysis of emerging advice strategies, have enabled advisers to extend their knowledge and skill base while continuing to deliver value for their clients.”
The courses with the highest attendance included understanding fee structures, learning about the new individual disability income insurance (IDII) landscape, and changes in advice process and documentation.
McConville added: “In 2023 the Quality of Advice Review could lead to further change for the industry. We encourage advisers to take the opportunity to catch up on CPD learning during the first few weeks of the year and consider undertaking courses required for the Professional Year.”
Additionally, over $50,000 in course fees was donated to the Australian Business Community Network (ABCN) charity in 2022. In the past seven years, TAL has donated more than $800,000 to ABCN to support the education of Australia’s future generations.
AUTHOR
Rhea Nath
Recommended for you
Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.
