Financial services professional bodies are “experiencing difficulties” in attracting members to their “traditional training and education programs”, according to newly-released research.
Business consultancy Bstar has conducted research involving face-to-face interviews with over 300 financial services professionals, which found that traditional education services offered by professional bodies are losing steam. “The professional bodies in Australia are experiencing difficulties in attracting members to their traditional training and education programs,” said Bstar chief executive Grant Bloxham.“Part of the reason is their offering does not meet their members’ needs – which is to grow fees and improve profits by increasing their advisory service fee mix.” Mr Bloxham explained that the research focused primarily on potential partners or principals of accounting and financial planning businesses. “We asked these future leaders what further training and support they needed,” said Mr Bloxham. “They ranked achieving advisory success as a key need.”Mr Bloxham also indicated that the research found six in 10 wanted business adviser training since many understood what they had to do, but did not know how to deliver it.“They believe these are the services their SME clients want from them,” Mr Bloxham said. “As compliance margins shrink, these skills will be essential to grow fees and profits.” Mr Bloxham said that accountants entering public practice are required to undertake a certificate of public practice as part of their membership admission. “However, our research identified there is no structured training on how, post-admission, they can achieve advisory success,” he said.
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