Subsidised training uncertainty
Financial planners believe there will be no reduction in company training budgets for financial planners or back-office staff in the industry in 2009, even though human resource managers and trainers are unsure whether they will subsidise further training for staff, according to a financial planning education survey released by Kaplan Professional.
The survey revealed that 60 per cent of all financial planners who responded to the survey said their company would subsidise more training among financial services staff in 2009. However, training managers were unsure whether they would continue to subsidise staff training. Only 50 per cent of large companies said they would subsidise study for RG 416 compliance and short courses.
Of the companies that said they would subsidise further study, 59 per cent said they would subsidise study for a Diploma of Financial Services, 55 per cent for an Advanced Diploma of Financial Services, and 45 per cent for the Certified Financial Planner (CFP) program.
The respondents also indicated that the Advanced Diploma or a CFP qualification was the minimum requirement for education in small companies, along with one to five years experience writing Statements of Advice (SOAs).
Larger companies indicated that a Diploma or Advanced Diploma was sufficient for education, with only one to two years experience writing SOAs.
Financial planners may have to re-think how they fund future study, with paying the money themselves being the only option available, the study said.
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