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Self-evaluation tool for advisers launched

ETITO has launched a self-evaluation tool for financial advisers to help them identify any knowledge or skill gaps they may have.

Tuesday, January 12th 2010, 5:56AM

by Jenha White

People who want to become authorised financial advisers must meet the proposed minimum standards by passing assessments which begin on May 31.

The self-evaluation tool helps financial advisers to evaluate their levels of competence against the unit standards contained within the National Certificate in Financial Services – Financial Advice Level 5 which is the minimum level of competence.

ETITO manager of strategy and corporate relations Michael Frampton says experts from right across the financial services industry have contributed to the development of the self-evaluation tool.

“The purpose of the tool is to provide guidance to advisers about what they should be doing between now and the end of May to prepare for assessment.”

After completing the self-evaluation, advisers receive a profile report which helps them determine:

  • Whether there are unit standards for which the adviser may need to undertake formal training prior to undertaking assessment
  • Whether there are unit standards for which the adviser may consider undertaking self directed study, reviewing their practice and / or speaking with a mentor prior to undertaking assessment; or
  • Whether the advisers’ knowledge and skills place them in a good position to prepare for assessment, where they will be required to produce evidence of their competence against each of the performance outcomes contained within each off the unit standards.

Assessment of financial advisers against unit standards can only be conducted by an NZQA-registered and accredited training provider or through ETITO’s centrally administered assessment system.

The Open Polytechnic of New Zealand recently became an accredited provider. Adviserlink and Stategi are already accredited private training providers and Massey University and Waikato University are offer training at diploma and degree levels.

ETITO says there are a number of other institutions are also actively working towards gaining accreditation.

Code Committee chairman Ross Butler says he is keen to see a training market that helps advisers get up to the minimum competence standards so that they can be authorised before the implementation of the new regime.

“This market is also crucial for getting new advisers into the system in the future – we need a lot more advisers.”

Jenha is a TPL staff reporter. jenha@tarawera.co.nz

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