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ETITO offers financial incentive to advisers

ETITO says it will pay advisers a subsidy of $500 each for people that predominately enter the Level 4 national qualification before the end of 2010, and successfully complete their full qualification during 2011.

Sunday, November 21st 2010, 1:25PM 6 Comments

It says it will pay out up to $500,000 in funding and training support to help with the upskilling of New Zealanders in the financial services industry.

The subsidy will only be payable upon the successful completion of a full qualification.

Michael Frampton, ETITO Manager - Corporate Relations and Strategy, says the training subsidies are designed to provide additional support to the industry, particularly as it heads into an era requiring heightened attention to professional development.

"Our investment is a significant one that we believe will provide added impetus to professional development across the broader financial services industry," Frampton says.

"There is a strong training and assessment infrastructure in place for financial advisers that need authorisation under the new financial services regime but we, and the industry, recognise that there is a need to support those in other finance sector roles to get involved in the professionalisation of the industry."

The National Certificate in Financial Services [Level 4] is designed for financial services professionals engaged in a customer advice, product advice or technical or support roles, such as customer service representatives working with a qualified financial adviser.

To gain the qualification, candidates must demonstrate competence in both generic and professional skills which are covered by compulsory and elective standards. The compulsory skills and knowledge include principles of professional practice in a financial services organisation.

Details of any funding support for trainees that enrol after the end of 2010 will be announced early in 2011.

 

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Comments from our readers

On 22 November 2010 at 10:14 am John said:
This is laughable. So now we have the ETITO offering a $500 incentive for advisers to undertake training courses? Come on! This is a pretty clear cut indication of the value advisers themselves place on the Level 4 national certificate as a qualification. Zero.

Clearly the uptake to date by advisers (mortgage and insurance) has fallen WELL short of what ETITO were expecting so now that they are not going to be making all that pile of money off advisers that they thought they were they are out dangling a carrot in the hope that they will attract a few more followers to their cause. Good luck! Remember people ETITO have a massive stake invested in seeing as many advisers go through training as possible at an estimated cost of $6,000+ per adviser. With something like 5,000+ advisers around the country you do the math!

As I’ve said before don’t be a sheep and pay good money out of your business simply to fund another bureaucracy.Focus on your client’s needs instead!
On 22 November 2010 at 1:56 pm Mike King said:
Huh? Level 4 qualification, for our PAs and others? is this the next thing, that even the people we have answering the phone and running off insurance quotes will now need to be 'qualified professionals'? Will this later become a requirement? Sheesh...is there no end to it?
On 22 November 2010 at 3:42 pm John said:
Yeah Mike looks like our friends at the ETITO are indeed encouraging our PAs etc to become "qualified experts" at answering our phones now. Is this really about improving standards in the industry or just an attempt to take as much cash off advisers as possible given the lack of interest for enrolment in Standard set B & C courses nationally?
On 22 November 2010 at 7:52 pm John Milner said:
What is it about education and professionalism that threatens you plebs so much. Here is an opportunity to upskill your staff at a discount. Perhaps running your insurance and lawn mowing business' is all too much at the moment?

Why don't you give Amway or Tupperware a go. I don't think there are any professional standards required there.
On 23 November 2010 at 9:20 am w k said:
If I'm not wrong, all these regulations / compliance came about as a result of many investors losing their life savings through dodgy / badly managed finance companies recommended by "financial advisors".

My personal view is this, if investors lost money because of:
1. Dodgy advisors, than no amount of education and compliance can change that, or
2. Poor advice, than a level 4 is not going to be enough. A higher educational level PLUS experience is required.

I do not believe one bit that by auditing just 3 client files is sufficient to determine if an advisor is fit for the job.
On 23 November 2010 at 10:53 am John said:
Well said w k! I agree with you 100% All of us obtaining AFA status will NOT change bad habits in the industry. You could be most educated adviser in the country and still operate unethically when dealing with your clients. Paying thousands of dollars for training courses will not address the industry’s problems. It will just add another layer of bureaucrats. Regulation held great promise initially for the industry but then it was hi-jacked by organisations with their own agenda like the ETITO instead of getting at the core issue of adviser accountability.
Banks, insurance companies and investment providers in New Zealand all need to do a much better job of screening the advisers whom they allow to sell their products and if necessary take action to exit the adviser in question from the industry.
Commenting is closed

 

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