Developed by Canberra-based regtech start-up Think Caddie, the platform enables access to an evolving library of relevant CPD content and events from leading industry publications through its online portal.
In a statement, Think Caddie said the platform tracks professional development progress against FASEA’s new 40-hour requirements, and gives AFSLs the oversight tools to monitor, approve and administer in-house CPD content to their advisers.
It said it attempts to flip the CPD process on its head by curating professional development content from industry publications that advisers turn to on a daily basis and adds Q&As against each content item to demonstrate a level of understanding.
Further, the platform gives AFSLs the ability to upload their own CPD content and allows advisers to track CPD they complete outside the system.
Think Caddie partner Sasha Lincoln said the idea was borne out of an ongoing frustration of financial advisers looking at CPD as a chore, when in fact it’s something they do day in and day out.
“CPD shouldn’t be a chore. It exists to educate advisers and improve the quality of advice provided to consumers,” Ms Lincoln said.
“By fostering what advisers are already doing, we’re able to create a whole new level of engaged learning.”
How is this a RegTech? Sounds no different to any other CPD system in Financial services. I’d say it’s another company trying to make money out of FASEA’s requirements.
“RegTech”, “FinTech”, and “RoboAdvice” are just marketing catchphrases. There is no meaningful product definition.
Creating FDSs in Word then mail merging them is “RegTech”. Excel based calculators are “FinTech”. Completing a risk profile questionnaire online is “RoboAdvice”.