Colonial First State (CFS) has completed its plan for its new Institute of Advice, the design and implementation of which will be rolled out in phases in the first half of 2011.
The institute will become the centre of knowledge for the group and will deliver new and enhanced professional development and recruitment services to all CFS licensees, including Commonwealth Financial Planning, BW Financial Advice, Financial Wisdom, Whittaker Macnaught and Advice Essentials.
The head of the CFS Institute of Advice, John Carnevale, said some initiatives would be implemented in the meantime, but the overall vision for the institute would be realised by July 2011.
Carnevale said the main drivers of the new institute were retaining skilled and competent advisers and attracting experienced as well as inexperienced advisers that had the best fit with the group. He added that in the first year of recruitment there was usually a 15 to 20 per cent attrition rate, but there was a greater chance of success and improving productivity if CFS ensured the best fit for advisers and provided the support they needed.
Carnevale said the institute would differ from other industry programs, such as the AMP Horizons Academy, in that its focus was not mainly on recruitment and distribution.
“The focus will be on building knowledge from induction through to ongoing professional development, skills assessment and developing specialist pathways,” he said. “A lot of our advisers want to be seen as specialists, and that’s what we hope to provide.”
He said when it came to continuing development, there would be more of a focus on individual assessments and tailored personal development plans, as well as coaching and mentoring to improve service delivery.
Carnevale said the institute’s development programs would be built using the group’s own resources as well as strategic alliances with training and education providers, universities and recruitment agencies. He added that an important part of the new programs would be an adviser competency framework, which would give the group a better idea of what success looked like.
CFS stated that the new institute represented a significant investment in growing the business and its adviser network, and ensuring that all its advisers were prepared for the expected Future of Financial Advice reforms.
