Continuing Professional Development (CPD) is a cornerstone of maintaining high standards in the financial advice sector. By clocking in the required hours, advisers ensure they're up to date on regulations and product knowledge. But is CPD enough?
Financial advisers navigate a complex landscape. Client needs evolve, technology disrupts the industry and regulatory frameworks shift. While CPD provides a solid foundation, here's why a broader approach to development is crucial:
Deeper knowledge vs. a tick-box exercise
CPD can become a box-ticking exercise, focusing on quantity over quality. Advisers need to go beyond the minimum, seeking in-depth knowledge in areas relevant to their specialisations and client base. This could involve delving into niche financial planning areas or mastering new technological tools.
For example, rather than completing a few hours of CPD on retirement planning in general, an adviser specialising in retirement planning might choose to take a deeper dive into long term care insurance options for example, as they know this will be a growing concern for their clients as they age.
Beyond than numbers
Financial advice isn't just about numbers; it's about building trust and understanding client goals and CPD often neglects this soft skill development as it isn’t technical knowledge. Advisers benefit from honing their communication, negotiation and emotional intelligence to build strong client relationships.
Each client is different and by taking the time to explore the intricacies of behavioural finance and how clients can react emotionally to different situations will develop you into a more well-rounded adviser beyond the numbers.
So, what can advisers do?
Identify knowledge gaps: Regularly make note of situations you come across with your clients and identify areas where you had to undertake more research to strengthen your knowledge.
Seek diverse learning opportunities: It is important to seek experiences beyond a computer screen. While webinars and reading are the most common ways of learning, you can also keep on the lookout for industry events where there will be key speakers to keep learning engaging and effective.
Embrace mentorship: Seek guidance from more experienced advisers or consider becoming a mentor yourself. This fosters knowledge exchange and professional growth and can also result in new connections or opportunities.
By taking a multi-pronged approach that goes beyond the CPD minimum, financial advisers can ensure that they stay ahead, deliver exceptional client service and thrive in the ever-changing financial landscape.
How are we doing our bit?
At the ASHL Group, we understand that the success of your business requires more than a basic CPD offering which is why we offer over 200 hours of annual development content through live CPD, a business development programme and technology webinars, plus an additional repository of pre-recorded material. Furthermore, we also offer a funded adviser academy, only available to ASHL Group members.
Business development
We believe that true professional growth goes beyond just ticking the CPD box which is why our business development programme offers a unique blend of practical skills development and behavioural psychology. Whether you want to understand the power of LinkedIn and how best to communicate with different generations of clients or freshen up on the art of fact-finding and question techniques, as a member of the ASHL Group, you will have access to an ever-growing business development programme.
Technology series
The rapid pace of advancements in technology and software can make it tough to keep up to date. In the world of financial services there are both good and bad emerging trends, which is why we have extended our development offering to include a regular series of technology focused webinars, designed to introduce game-changing solutions that we feel can save our Sense Network & Lyncombe Consultants members time and money. Covering cyber security, cash flow modelling tools, quoting systems and financial planning tools to name just a few, this new addition to our programme is going down a treat with members.
ASHL Academy
It is more apparent than ever that the current population of financial advisers is lacking youth, dynamism and diversity. We have listened to feedback from the ASHL Group membership which suggested that there is a growing need to deliver appropriate succession planning and exit strategies, to ensure the long-term security of their firm and their clients’ future.
As such, we have created an opportunity to protect your firm’s business model within ASHL. You will be able to grow your business and benefit from a qualified financial adviser. Did we mention that we cover the costs? We pride ourselves in making the courses accessible no matter your situation, so if you need to take a break midway through due to your family life, that’s not a problem, you will never be put forward for an exam until you feel that you are ready. We operate a ‘study less, pass more’ methodology as we understand that studying around a full-time job and/or family life is not an easy task. This means that candidates can spend their time as efficiently as possible.
Do you want to find out more?
Whether you’re a business owner looking to find the right network to take your business to the next level, you’re a financial adviser or paraplanner looking for a new home or you are fresh out of university and you are looking to start your career in financial services, get in touch with us today to find out more about the many benefits of being a member of Lyncombe Consultants, the industry-leading pre-built advice network from the ASHL Group Of Companies.
