Fierce competition to educate advisers
There are now six education providers offering training and assessment of the National Certificate in Financial Services (Financial Advice) (Level 5) (NCFS-5) which is providing fierce competition in the industry.
Tuesday, July 20th 2010, 5:03AM
by Jenha White
Manager of Assessment Networks Leonie Wallwork says the Southern Institute of Technology, UNITEC and Waikato Institute of Technology are the latest approved education providers, joining the Open Polytechnic, Strategi and Adviserlink.
There are also more than 20 Delegated Assessment Organisations (DAO's) in the process for registration with six fully operational (AMP, ANZIIF, AXA, IBANZ, PIS and Strategi).
Code Committee chairman Ross Butler believes having more training providers is great because it gives competition around price which people are sensitive about as it is an expensive regime for advisers sitting all the standard sets.
"Training providers are also getting very competitive particularly in the group area where organisation's will ask for a good arrangement to put their employees through."
Butler says polytechnics, universities and commercial education providers are also exploring how they can provide further education pathways using NCFS-5 as a starting point.
The Code Committee says NCFS-5 is the minimum level for competence, knowledge and skills which it wants to be part of an ongoing pathway so advisers consider going through to diplomas or degrees.
"It is recognised by the Minister of Tertiary Education Steven Joyce and other education providers that there are too many individual registered qualifications and there needs to be consistency across the board," says Butler.
"Australia for example, has financial planning and advice level four and five certificates, diplomas, degrees and Masters."
He says it will be up to advisers as to whether they go further with their education, with some companies, dealer groups and professional bodies encouraging further studies.
Jenha is a TPL staff reporter. jenha@tarawera.co.nz
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