by Niko Kloeten
AFAs are currently required to complete 20 hours of continuing professional development (CPD) each year, including at least 10 hours of structured training.
But this year’s changes to the code of conduct will increase the amount of structured training required to 30 hours over a two-year period, while doing away with specific requirements for unstructured hours.
But AFAs need to do more than just appear at a bunch of training events to satisfy their CPD requirements, adviser education specialist Ange Lambert told a Professional Advisers Association meeting in Auckland yesterday.
Lambert said courses and seminars had to be relevant to advisers’ businesses and consistent with their CPD plan to be counted as CPD.
“If you just decide to go to a stock-broking course one day and it has no relevance to your business, that doesn’t count as structured credits.”
CPD planning should take account of things such as the needs of the business and its clients, gaps in the adviser’s knowledge and changes in legislation, Lambert said.
“It’s not all about ‘I’m a risk adviser so I need 30 credits about giving risk advice’. There are other skills you might need to work on,” she said.
“For example, you might notice clients are starting to complain about something and you might decide to go on a disputes resolution course.”
Lambert said advisers have a variety of options for getting structured CPD, including roadshows, meetings and even online options. “I’m not advocating just rushing off and doing lots of courses.”
She also suggested getting CPD planning done early and avoiding a last-minute rush.
“Don’t leave it until the last minute and try and cram it in. You need ongoing education so if you don’t do anything for 18 months and try to cram it into six months, it doesn’t really demonstrate ongoing education.”
Niko Kloeten can be contacted at niko@goodreturns.co.nz
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