The impending 31 December 2016 deadline to complete the mandatory 12-hours training in Ethics, Rules and Regulations (ERR) for FA reps will mark the completion of the first year of the new compulsory training requirements under the FAIR review.
It’s been a busy year getting a full range of training programs developed. Here at ICTA we wanted to provide flexibility to the training approach; to minimize time commitments and to fit in with busy work schedules in order to cater to the different demands of those in the financial planning industry.
Half-day and full-day activity based workshops (no boring lectures) along with interactive and engaging e-learning modules were the solutions we selected to create the most flexible, fun (yes ERR can be fun; in fact, we designed the whole range of ERR programs specifically with this criteria in mind) and comprehensive training to enhance the competency of financial advisers and to inform and engage them with the rapid changes that are occurring.
Changes provide opportunities
As the result of several mega-trends, specifically, technology and demographic changes, the opportunities for financial advisers in Singapore have never been greater.
With technology, work is becoming borderless and automation is radically changing who does what. For example, some parts of the job are now being done by robots, or robo-advisers and new multi-media technologies change the way we engage with our clients and customers.
With demographic changes, people are living longer, spending more time at work and we will become more reliant on older workers who will be required to continue to innovate, grow and learn to stay relevant and employable. Life-long learning for financial advisers is the new catchphrase.
These changes also provide unique opportunities for financial advisers. For example, as consumers now have greater financial awareness, are more active in planning for their financial futures, they will benefit greatly from help and guidance in planning their lifelong financial needs and goals.
There is an increased focus on proper retirement planning as we need to ensure that we have adequate finances to see us through our longer lives and people need to start financial planning early, but not many people have done so. The opportunity to help Singaporeans develop proper financial plans has never been greater.
Growth and Development
Surveys have shown that consumers have a strong interest in seeking financial advice, but do not know who to trust. This is an area of opportunity for financial advisers. By upskilling and becoming certified in the mandatory FA CPD annual training in Ethics, Rules and Regulations by the International Compliance Association (ICA), you’ll be exposed to trends and developments that will help you identify those areas of opportunity that exist to grow and develop not only the FA industry in Singapore, but also your clients goals and plans and in the process, your own goals and plans.
Enjoy your learning; may you find the opportunities that exist within!
By following us on LinkedIn, Facebook and Twitter you’ll stay up to date with the latest developments in governance, risk, anti-money laundering and financial crime prevention, and the professional qualifications we offer.