Demand for training drives Tribeca profits higher
Increased demand forIntegratectraining courses made a significant contribution to Tribeca Corporation’s year-end financial results, which have exceeded profit forecasts, it was announced today.
The result was attributed to the FSR competency deadline, set for July 1, 2002, which prompted practitioners to enrol in Integratec financial planning courses in a bid to comply with minimum competency standards.
Under the terms of the FSRA, advisers were required to demonstrate compliance with minimum competency standards by either participating in accredited training courses or undergoing assessment. As a result, Integratec saw a significant rise in demand for its Diploma of Financial Planning course and its competency assessment service - an examination designed especially with FRS compliance in mind.
“In assisting advisers to meet the competency deadline, we have proved that Integratec has the ability to leverage opportunities provided by the legislation,” says Tribeca managing director Adam Davis.
Integratec will continue to leverage FSR competency regulations in a bid to grow its business, says Davis.
“Many viewed July 1 as a finish date, but it is really the start date of the FSR because advisers are required to participate in continuing education programs, and we are well positioned to capitalize on this,” he says.
Davis would not say the extent to which the group exceeded its profit forecast, but results will be published in mid-September.
Tribeca is in the process of growing its business, and recently acquiredResnik Communicationsin a deal worth $3.5 million. Resnik, a provider of financial seminars, will continue to operate as a standalone business alongside the Integratec subsidiary.
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