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Newpark paying for members to do Level 5 papers

Dealer group Newpark is encouraging its members to complete the Level Five insurance papers and it will pay for the training.

Friday, September 22nd 2017, 9:00AM 7 Comments

Managing director Darren Gannon says it’s not compulsory that members are qualified up to Level Five, but there will be increased educational requirements under the proposed changes to the Financial Advisers Act.

“It’s just a standard we want to set for our members,” Gannon says.

He expects that around 150 of the group’s members will take up this offer to complete the core health and life insurance papers required for Level Five.

Currently Newpark has around 400 members and about 80 of these would have already completed the Level Five qualification.

Gannon expects it will cost the group around $250,000 to do the training. All of it will take place within Newpark’s offices. The group will use some of its own staff for training as well as people from Strategi and IDS.

Gannon says it is the role of dealer groups to provide this sort of service to their members.

“It’s our job as a dealer prop to pay for it,” he says.

Gannon expects the advisers who embark on these Level Five papers will all be completed by February.

He says it’s not compulsory for members to upskill, but it’s something all advisers will be doing. "If they don’t put their hands up and do this then we have an issue,” he says.

Tags: Darren Gannon financial advisers Financial Advisers Act health insurance IDS Life insurance Newpark qualifications Strategi

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Comments from our readers

On 22 September 2017 at 12:01 pm Doddsy said:
Well done Darren you are setting an excellent example

On 22 September 2017 at 2:22 pm RiskAdviser said:
Darren, appreciate your leadership on this, I'll be availing myself of the offer and see it as a step in the right direction to improving the professional standard in our industry.

As a dealer group genuinely adding value to adviser business is what it's about, improving skills to maximise presented opportunities and get it right, is also what it is about.

On 22 September 2017 at 4:24 pm The Oracle said:
Awesome leading the market and becoming the envy of all the other dealer groups, Darren! Congratulations on taking this brave step!
On 22 September 2017 at 4:42 pm concerned adviser said:
Thanks Darren. Once again Newpark is leading the way and adding a real value to its advisers. And why not. After all it's what dealer groups should be doing. Thanks again.
On 27 September 2017 at 3:37 pm kickarse said:
Well Done New Park
On 28 September 2017 at 2:06 pm Wise Move said:
This is a fantastic opportunity for advisers to upskill, lean and as a bonus have it all paid and sorted by the Dealer Group. Newpark provides a huge amount of benefits to advisers already. So adding the Level 5 training as well is epic.

No one really knows what the regulations and requirements will be in 18 months. But having the Level 5 cert helps make us better advisers regardless!
On 28 September 2017 at 2:46 pm Donald said:
As an outside observer I can see why advisers I meet who are your members sing the praises of Newpark, positive support and leadership like this is what I want from my affiliated producer group. I will be in touch.

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