ColonialFirstState has launched an online adviser training module to address the Simpler Super legislative changes that came into effect on July 1.
In what is claimed as the first technical e-learning tool covering the new super regulations, the interactive module describes the implications of the new regulations for retail investors and outlines relevant investment strategies that can be employed.
Completion of the approximately three-hour long module is compulsory for all Commonwealth financial planners and is also available at no cost for all independent financial advisers using the Colonial First State’s First Net Adviser.
Sam Wall, Colonial First State head of technical services, expects over 1,000 of Colonial’s tied distribution advisers to complete the training by the end of October 2007, with the training also available to a further 4,000 independent financial advisers until the end of the year.
He said Colonial’s technical department saw a need for the training after recognising a trend in the types of enquiries it was receiving from advisers, fielding some 2,500 calls per month in the wake of the superannuation changes.
“We felt there was a big need for some sort of consolidated training. Learning can be fairly sporadic … this is 11 or 12 chapters all in one spot, all written by one team,” Wall said.
He explained the lack of interactivity in much of the available training material means “it becomes more like reading comprehension”.
Colonial’s e-learning module includes technical notes and case studies, culminating in an examination that provides the successful candidate with seven continuing professional development points accredited by the Financial Planning Association.
According to Tim Gunning, general manager Commonwealth Financial Planning, the training system was developed to address the complexities of the new legislation.
“The changes are extensive and can be quite complex. We want to make sure that information is consolidated for advisers and supports their knowledge to avoid them having to wade through complex information,” he said.
