Is profit part of CPD?
The cancellation of a course promising to help advisers improve the profitability of their businesses by 20% has prompted some in the industry to question whether such courses meet the criteria for professional development.
Private Asset Management adviser Brent Sheather said the goal of CPD should be to benefit clients and teaching advisers how to make more money out of them did not pass that test.
“I would have thought that CPD was designed to make advisers better at doing their job. CPD should be looking to remedy any deficiencies in an adviser’s advice.I reckon you could teach an adviser to be a good adviser in a day of CPD. That’s all it would take as long as they remembered.”
Sheather also said the drive to maximise profit could be argued to be “consistent with bad advice” because advisers would be incentivised to place clients in riskier products with high fees.
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