IntegraTec Traininghas launched a new adviser training service, OnTrack, an online continuing education assessment for financial planners.
Acording to IntegraTec managing director John Prowse, OnTrack is aimed at closing the gap between current continuing development programs (CPD) and the compliance requirements under Policy Statement (PS) 146.
“OnTrack has been developed because current CPD methods do not make sense in the modern world and won’t assist [advisers] in becoming PS 146 compliant,” Prowse says.
OnTrack maps out specific education requirements for advisers based on the specific areas they work in, the products they sell and the services they offer.
The first training sessions of OnTrack will be available to financial planners and risk advisers in July, with training for stockbrokers, accountants and general insurance agents available throughout the second half of the year.
IntegraTec Training has also seen an increase in interest for its Diploma of Financial Planning (DFP) course in the past 12 months, resulting in a solid six month profit for the wider IntegraTec Group and its holding company Tribeca Corporation.
Performances of IntegraTec Group’s businesses, IntegraTec Training, IntegraTec Paraplanning (formerly Paraplanning Professionals) and IntegraTec Compliance, saw Tribeca increase its revenue by 327 per cent in the six months to the end of December last year, compared to the same period the previous year.
Since acquiring the three businesses in the past 18 months, the group has seen huge demand for the Integratec training courses, stemming from the Financial Services Reform Act (FSRA) and PS 146.
According to Tribeca managing director Adam Davis, IntegraTec’s DFP and equivalent courses are enrolling more than 1000 advisers per month, up 200 per cent in the past 12 months.
“Growth has been supported by FSRA and PS 146, as well as a general increase in the size of the industry. We call it legislative demand,” Davis says.
The group’s revenue for the six months to the end of last year was up to $5.6 million, with a positive operational cash flow of $454,000 and a net profit of $109,000.
