tag:blogger.com,1999:blog-57469115845729803182024-03-05T22:39:45.600-08:00Kaplan Professional EducationWe build futures - one success story at a time.KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.comBlogger19125tag:blogger.com,1999:blog-5746911584572980318.post-24219072417220995192013-09-01T17:17:00.002-07:002013-09-01T17:17:36.605-07:00THE GENERATIONAL DIVIDE <div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">When it comes to communicating and engaging any generation, McCrindle said it’s vital to ‘surf the wave’. ‘There’s no point in trying to change that generation to become more like the previous one that you knew … let’s observe the wave, let’s surf the wave, let’s not complain about the wave and why it’s not going in the direction that we want. ‘I think if we can better understand the times we can better surf that wave, we can better meet the needs of those individuals there and bring about some great outcomes in their life,’ he explained. <o:p></o:p></span></span><br />
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;"><strong>The Veterans <o:p></o:p></strong></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">The Veterans are individuals born between 1930 and 1945. In 2012, the oldest Veteran will turn 82, while the youngest will be 67 years of age. This group represents 2.99 million, or 13%, of the Australian population. Today, Veterans make up 2% of the workforce and by 2020 it’s expected there will be none, according to data from the Australian Bureau of Statistics (ABS) and McCrindle Research. The oldest of the generations, the Veterans are also known as Seniors or Builders because they’ve been developing Australia’s society for more than half a century. They are also often referred to as the Silent Generation, according to Avril Henry, Director, Avril Henry Pty Ltd. ‘I think that’s largely because they would often not speak up about things that they might not have been happy or unhappy about at work. ‘Interestingly, in Australia, while they make up less than 10% of the workforce, they do dominate boards and government advisory bodies. They too are a generation who resists change, so interesting that they should be in those positions and be resistant to change,’ Henry explained.<o:p></o:p></span></span><br />
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;"><strong>The Baby Boomers</strong></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">The Baby Boomers are individuals born between 1946 and 1964. In 2012, the oldest Baby Boomers will turn 66, while the youngest will be 48 years of age. This group represents 5.59 million, or 23%, of the Australian population. Today, Baby Boomers make up 36% of the labour force and by 2020 it’s expected that 17% will still be working, according to data from the ABS and McCrindle Research. Baby Boomers are children of the Veterans who participated in a post World War II baby boom which resulted in the highest birth rate ever recorded — 3.5 children per woman — in 1961. ‘Baby Boomers are a generation … optimistic by nature who became conservative as they had families and as they took their careers more seriously,’ Henry said. <o:p></o:p></span></span><br />
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;"><strong>Generation X<o:p></o:p></strong></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">Generation X consists of individuals born between 1965 and 1979. In 2012, the oldest Gen X will turn 47, while the youngest will be 33 years of age. This group represents 4.81 million, or 21%, of the Australian population. Today, Gen Xs make up 44% of the workforce and by 2020 it’s expected this will reduce to 36%, according to data from the ABS and McCrindle Research. Gen X is also often referred to as the Options Generation by social researchers. ‘They are a generation who play their cards very close to their chest, always exploring their options in both their personal life and their professional life and of the four generations are the most sceptical generation by far. If you want to be credible with a Gen X, you’ve got to prove yourself first,’ Henry said. <o:p></o:p></span></span><br />
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;"><strong>Generation Y <o:p></o:p></strong></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">Generation Y consists of individuals born between 1980 and 1994. In 2012, the oldest Gen Y will turn 32, while the youngest will be 18 years of age. This group represents 4.83 million, or 21%, of the Australian population. Today, 18% of Gen Ys make up the labour force and by 2020 it’s expected there will be 35% in the workforce, according to data from the ABS and McCrindle Research. Gen Y is often referred to as the Millennial Generation or the Net Generation.<o:p></o:p></span></span><br />
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;"><strong>Generation Z<o:p></o:p></strong></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">Generation Z consists of individuals born between 1995 and 2009. In 2012, the oldest Gen Z will turn 17, while the youngest will be 3 years of age. This group represents 4.60 million, or 20%, of the Australian population. Today, the oldest Gen Z are starting to enter the workforce and by 2020 they will make up 12% of the labour force, according to data from the ABS and McCrindle Research. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">FEATURED INTERVIEWEES<o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">Avril Henry <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">Director, Avril Henry Pty Ltd ‘When they’re looking for things that they’re interested in, they pull information towards themselves through the internet and doing Google searches. When you push information towards them, they will only be interested if it’s something of interest to them.’ <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">Mark McCrindle <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">Social Researcher, McCrindle Research Social media is part of their life and it needs to be part of the arsenal of communication that we use but hopefully it’s just one part … Unless we have an online presence, then we don’t exist in their world.’<o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><o:p></o:p></span><span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">DISCLAIMER <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">This document was prepared by and for Kaplan Education Pty Limited ABN 54 089 002 371. It contains information of a general nature only and is not intended to be used as advice on specific issues. Opinions expressed are subject to change. The information contained in this document is gathered from sources deemed reliable, and we have taken every care in preparing the document. We do not guarantee the document’s accuracy or completeness and Kaplan Education Pty Limited disclaims responsibility for any errors or omissions. Information contained in this document may not be used or reproduced without the written consent of Kaplan Education Pty Limited<o:p></o:p></span></span></div>
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KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0tag:blogger.com,1999:blog-5746911584572980318.post-57772567855333870612013-08-05T16:29:00.001-07:002013-08-06T22:37:48.983-07:00KEY ELEMENTS TO CONNECT WITH GEN Y <span style="font-family: Trebuchet MS;"><span style="font-family: "Trebuchet MS", sans-serif;"></span></span><br />
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<span style="font-family: Trebuchet MS;"><span style="font-family: "Trebuchet MS", sans-serif;">When it comes to making a meaningful connection with Gen Y, McCrindle said there are four key elements that advisers should bear in mind. </span></span></div>
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<span style="font-family: 'Trebuchet MS', sans-serif;">They must keep things</span><br /><span style="font-family: 'Trebuchet MS', sans-serif;">real</span><br /><span style="font-family: 'Trebuchet MS', sans-serif;">relevant</span><br /><span style="font-family: 'Trebuchet MS', sans-serif;">responsive</span><br /><span style="font-family: 'Trebuchet MS', sans-serif;">relational.</span><ul>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">Keep it real <o:p></o:p></span></b><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">Gen Y is a cohort that has seen a lot of hype during their life to date; they’ve been advertised and marketed to more than any other generation and they know when something is inauthentic.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘That’s the quickest way to actually drive them away, is to be inauthentic,’ Henry warned. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">McCrindle agreed, noting the power of social media means Gen Y will open the door to their friends, whereas, they’ll block the door to an advertiser. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘So, if we can keep it real, if we can build that connection in a real way, almost as an adviser of trust rather than someone pushing something on them, then I think we’ll best engage,’ McCrindle said. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Henry added it’s essential to identify with Gen Y and said advisers can do this by making their interactions with this group more informal. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘You need to understand how to speak their language without being uncool or trying to be too cool … if you turn up as a financial adviser in the pinstripe suit with the white shirt and a boring tie using language they don’t understand, I can tell you now you’ve got less than two minutes to make an impact. If you don’t make an impact in two minutes you’re gone,’ she explained. </span><br />
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">Keep it relevant <o:p></o:p></span></b><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">It is imperative to not only communicate to Gen Y in ways that are relevant, but also utilise content that is relevant. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘There’s no point in giving a scenario to a Gen Y who’s in their early 20s about retirement and security and [the] pension when they’re not at that point of interest. So, keep it relevant in terms of what we say and how we say it,’ McCrindle said. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">However, he noted a potential challenge around keeping it relevant to Gen Ys is their ubiquitous trait of constantly questioning ‘why?’ and how this can impact upon their decision-making. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘ “Why should I? What’s the point? What’s the relevance? Why should I work here? What’s the benefit to me?” They are pretty empowered. They do have that shorter timeframe in which they make decisions or focus, and so we have to communicate within that framework, within that bandwidth of interest that they have,’ McCrindle said. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Also, when tailoring advice to better cater to the needs and objectives of Gen Y, Henry suggested to keep it simple and explain the ‘WIFM’ — what’s in it for me? — factor to them. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘Make sure it’s relevant — you know it’s why so many Gen Ys aren’t interested in life insurance and income protection insurance because nobody has actually explained to them that in the case of life insurance there’s an element called total and permanent disability.’ </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘So, you might not die, but you might injure yourself and never be able to work again. That enables you to maintain your standard of living and to provide for your healthcare if you end up say, for example, in a wheelchair. It’s that simple but they make it unnecessarily complex,’ she said. </span><br />
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">Keep it responsive <o:p></o:p></span></b><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">As Gen Ys are going to move through more cycles and pathways of life than any other generation to date, advisers will need to be responsive to their changing needs and circumstances. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘Their financial needs will change more frequently than any other generation because their lives will change more frequently. It is about being responsive to the needs and connecting and re-connecting with them as we go,’ McCrindle said. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">In addition, Henry listed four factors to keep in mind, with the first and most important factor being to demonstrate interest in them. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘Number two: involve them in the process, so explain your product and what you have to offer but allow them to ask questions and answer their questions without patronising them. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘Number three: inspire them by showing them that what you have to offer actually is something really good,’ she said.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">The fourth factor is to explain things to them — Henry said Gen Y want to understand the ‘who, what, when and why’ in a much greater way than previous generations. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘Unfortunately what happens is they [Gen Y] are seen as trying to be smart when the reality is they want to understand how what you have to offer is going to fit into their current lifestyle and plans, is it going to benefit them and how is it going to benefit them,’ she elaborated. </span><br />
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">Keep it relational <o:p></o:p></span></b><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">An enduring factor in any relationship is the element of relating, an aspect that remains vital to any adviser’s connection with a client. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘We listen to people, we respond to people that we trust and that always has been and always will be key — it’s timeless in that sense,’ McCrindle said. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘If we have that relationship of trust, if there’s that relationship of authenticity and that relationship is there, we understand them, we connect with them, we respect them, they’ll … stick with us in the long term, so keeping it relational is foundational and key,’ McCrindle said. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Generational and gender diversity are also very important to have in a workplace. For a financial adviser’s practice, having the right balance could allow them to effectively reach out across their client base. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘In consumer psychology, we talk about a seven-year rule. That is, that we can connect very naturally with people about seven years older than us and about seven years younger than us,’ McCrindle said. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Therefore, it’s important to have a mix of Baby Boomers, Gen X and Gen Y on a team, so they can connect more naturally with both colleagues and clients of the same generation. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘When our staffing mirrors the diversity of the population in gender, [generation and culture] … as well, then I think we really can connect with modern Australia and that’s obviously key,’ McCrindle said. </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">FEATURED INTERVIEWEES<o:p></o:p></span></b></div>
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<span style="font-family: "Trebuchet MS", sans-serif;"><span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;">Avril Henry <o:p></o:p></b></span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Director, Avril Henry Pty Ltd </span></div>
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<i style="mso-bidi-font-style: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">‘When they’re looking for things that they’re interested in, they pull information towards themselves through the internet and doing Google searches. When you push information towards them, they will only be interested if it’s something of interest to them.’ <o:p></o:p></span></i></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">Mark McCrindle <o:p></o:p></span></b></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Social Researcher, McCrindle Research </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘<i style="mso-bidi-font-style: normal;">Social media is part of their life and it needs to be part of the arsenal of communication that we use but hopefully it’s just one part … Unless we have an online presence, then we don’t </i>exist in their world.’</span></div>
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<span style="line-height: 115%;"><span style="font-family: "Trebuchet MS", sans-serif;">DISCLAIMER <o:p></o:p></span></span></div>
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<span style="font-size: 8pt; line-height: 115%;"><span style="font-family: Calibri;">This document was prepared by and for Kaplan Education Pty Limited ABN 54 089 002 371. It contains information of a general nature only and is not intended to be used as advice on specific issues. Opinions expressed are subject to change. The information contained in this document is gathered from sources deemed reliable, and we have taken every care in preparing the document. We do not guarantee the document’s accuracy or completeness and Kaplan Education Pty Limited disclaims responsibility for any errors or omissions. Information contained in this document may not be used or reproduced without the written consent of Kaplan Education Pty Limited<o:p></o:p></span></span></div>
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</span>KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0tag:blogger.com,1999:blog-5746911584572980318.post-44312813176030933522013-07-21T16:23:00.002-07:002013-07-21T16:36:26.530-07:00Risk Surrounding Social Media<span style="font-family: "Trebuchet MS", sans-serif;"><div class="MsoNormal" style="line-height: 12.05pt; margin: 8pt 0cm 1pt; mso-layout-grid-align: none;">
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<span style="font-family: "Trebuchet MS", sans-serif;">While social media platforms may seem like a wonderful and straightforward way to drive business, there are risks to consider. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Dunkerley and Carden emphasised that the main hazards are: </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> failure to protect privacy </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> posting incorrect information </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> inappropriate content appearing on a business page </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> ineffective monitoring </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> identity theft </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> breaching regulations. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;"><strong>Failure to protect privacy </strong></span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">It is paramount for all users of social media to recognise that everything they post is public information. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">As the popularity of social media has soared, so has the number of cases where individual users have posted inappropriate content, resulting in the loss of their job and significant reputational damage. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">This highlights the need for all members to take the time to understand and adjust their privacy options on each of the different platforms and understand how to use private messaging functions. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘Most platforms these days have got pretty robust privacy settings, and if you’re just new to some of these areas, you really need to take the time to understand what those settings mean and what the default settings are because if you just go in and accept the default, you might find that all your information and sharing and conversations are viewable to the whole world, and that isn’t necessarily what you want,’ Dunkerley said.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">Posting incorrect information <o:p></o:p></span></b></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Another risk with social media platforms is that employees could post information that is incorrect or commercially sensitive, according to Dunkerley. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">To mitigate this risk, licensees should have clear guidelines on who has authority to post information, or reply to comments and queries on social media websites. </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">Inappropriate content appearing on a business page <o:p></o:p></span></b></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Licensees should beware that inappropriate or unprofessional photos from employees could potentially be seen by clients. This could lead to significant reputational damage for both the licensee and employee(s) involved. </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">Ineffective monitoring <o:p></o:p></span></b></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Licensees should make the time to monitor the social media channels with which they are involved, so they can see what clients are saying and also make the effort to respond to any queries in a timely manner, according to Dunkerley. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘Now, if you’re a smaller business, you might find it harder to monitor your social media constantly and we recommend for smaller practices that you just have to block out some time, maybe at the start and at the end of each day, to log in and monitor the traffic to those accounts,’ Dunkerley commented. </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">Identity theft <o:p></o:p></span></b></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘Some of the risks are pretty self-evident around identity theft; people fraudulently setting up accounts as if they were that individual. Data security can be an issue,’ Dunkerley said. A good tip for advisers using individual accounts is to not display personal details such as date of birth. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘In the wrong hands, that sort of information can be used to do a lot of damage in various ways,’ Dunkerley added. </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">Breaching regulations <o:p></o:p></span></b></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Calder explained that given the comprehensive nature of Australian Securities and Investments Commission regulations, licensees and advisers must be careful as to whether their posts could constitute financial advice and breach laws. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;"><strong>CREATING A SOCIAL MEDIA POLICY</strong> <o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">A formal social media policy for licensees can help mitigate risks around improper or incorrect use. It is wise to document this policy and ensure that everyone within a licensee’s business understands it and the repercussions of breaking the rules. ‘I think it’s important for every single business these days to have a social media policy. Not everyone would agree with me, but if you don’t have that in place, then you’ve got a big risk in your business,’ Calder emphasised. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Dunkerley said while it is a good idea to have a policy in place, it should not just be about the negatives of social media. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘What I mean by that is if you just set out rules about what you can’t do, I think that gets employees off on the wrong foot and sets the wrong tone. Remember, the whole power of social media is about engagement and a sense of community, so a policy should encourage use in the right way,’ Dunkerley explained. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">A good social media policy should cover areas such as: </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> why the licensee uses social media </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> what is expected from employees using social media websites </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> how employees should identify themselves on social media channels </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> what topics should not be discussed by employees on social media platforms </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> when clients or prospective customers make queries or comments about the licensee </span><br />
<span style="font-family: "Trebuchet MS", sans-serif;">and/or its staff through social media, who has the authority to respond </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> what are the consequences of inappropriate use of social media? </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">The rise of social media in such a short time has been nothing short of phenomenal and the way it has influenced consumer behaviour is just as impressive. With a well-crafted strategy and appropriate risk protocols in place, social media platforms can add significant value to the profile of licensees and advisers. The best bit is that these platforms, for the most part, are free to use.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">To give advice on the product(s) referred to in this article you must be licensed or accredited by your licensee and operating in accordance with the terms of your/their licence. Kaplan Professional recommends consulting a tax adviser on matters relating to tax advice and a legal professional for legal advice. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif; font-size: x-small;">DISCLAIMER </span></div>
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<span style="font-size: x-small;"><span style="font-family: "Trebuchet MS", sans-serif;">This document was prepared by and for Kaplan Education Pty Limited ABN 54 089 002 371. It contains information of a general nature only and is not intended to be used as advice on specific issues. Opinions expressed are subject to change. The information contained in this document is gathered from sources deemed reliable, and we have taken every care in preparing the document. We do not guarantee the document’s accuracy or completeness and Kaplan Education Pty Limited disclaims responsibility for any errors or omissions. Information contained in this document may not be used or reproduced without the written consent of Kaplan Education Pty Limited.<o:p> </o:p></span></span></div>
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KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0tag:blogger.com,1999:blog-5746911584572980318.post-70216275326842251192013-07-01T16:08:00.000-07:002013-07-21T16:19:03.979-07:00 Compliance for small AFS licensees<div style="line-height: 14pt; text-align: justify;">
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<span style="font-family: "Trebuchet MS", sans-serif;">Compliance in a financial services context requires that participants obey the relevant laws and regulations. Small Australian financial services (AFS) licensees face the same compliance obligations as all licensees, but generally have much less time and resources to dedicate to this critical part of their business practices. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">The Australian Securities and Investments Commission (ASIC) provides regulatory guidance that outlines the general obligations every AFS licensee is expected to satisfy. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">Shannon Durrant, Operations and Compliance Manager, Premium Wealth Management, said small licensees should ensure they read and become familiar with the ASIC Regulatory Guides related to financial planning to understand their compliance obligations. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">‘There are literally hundreds [of Regulatory Guides], so it’s important that if you’re working with a licensee, you know which ones you’re supposed to be familiar with and I would recommend RG 104 and RG 105; they cover your general obligations,’ Durrant said.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;"><strong>General obligations: RG 104 </strong></span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Regulatory Guide 104 Licensing: Meeting the general obligations (RG 104) sets out the general obligations AFS licensees have under the Corporations Act 2001 (Corporations Act). </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">General obligations encompass a range of elements, but broadly include adhering to the conditions of an AFS licence, and complying with financial services laws and regulations. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">RG 104.1 states that licensees must: </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">> do all things necessary to ensure that the financial services covered by the licence are provided efficiently, honestly and fairly </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> have adequate arrangements in place for managing conflicts of interest </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> comply with the conditions on the licence and financial services laws </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> take reasonable steps to ensure that representatives comply with the financial services laws </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> unless regulated by the Australian Prudential Regulation Authority (APRA), have adequate financial, technological and human resources to provide the financial services covered by the licence and to carry out supervisory arrangements </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> maintain the competence to provide the financial services covered by the licence </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> ensure that representatives are adequately trained and competent to provide those financial services </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> if the licensee provides financial services to retail clients, have a dispute resolution system </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> unless regulated by APRA, establish and maintain adequate risk management systems. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">The regulator expects every licensee to comply with these general obligations from the time an AFS licence is granted and on an ongoing basis. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Additionally, those applying for an AFS licence must be able to show that they can comply with the general obligations from the time their AFS licence is granted, as well as on an ongoing basis. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">It is important to note though that RG 104.7 states the general obligations are principles-based and designed to apply in a flexible way, meaning it is the licensee’s responsibility to decide how to fulfil them. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Also, according to RG 104.21, what licensees need to do will vary according to the ‘nature, scale and complexity’ of the business. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;"><strong>Organisational competence: RG 105</strong> </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Regulatory Guide 105 Licensing: Organisational Competence (RG 105) provides guidance about the organisational competence obligation. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">It focuses on the people within a licensee’s business who hold responsibility for the day-to-day operations and quality of the financial services provided. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">ASIC assesses whether licensees are complying with this obligation by looking at the knowledge and skills of people managing the business, referred to as responsible managers. In the case of small AFS licensees, the principal and directors could be responsible managers.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;"><strong>The role of responsible managers </strong></span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">The regulator’s minimum expectations are that every licensee has enough responsible managers with the appropriate knowledge and skills, so that the licensee is competent enough to provide its services efficiently, honestly and fairly. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">Durrant said boutique financial planning firms often fall into the trap of having just one responsible manager. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">‘Generally, you only have one responsible manager if you’re a small licensee and that can make you a key person on the licence which, if anything were to happen for that responsible manager, means that you have to do a licence variation, which is extremely time consuming and costly,’ she said. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">A licence variation could take months and also requires ASIC’s approval, and outsourcing this task to an external compliance specialist could cost up to $10,000, she added. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">‘So, making sure that you have at least two responsible managers and a succession plan in place if anything were to happen to that person is really important,’ Durrant said</span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;"><strong>Conflicts of interest: RG 181 </strong></span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Regulatory Guide 181 Licensing: Managing conflicts of interest (RG 181) provides guidance for AFS licensees on disclosing, controlling and avoiding conflicts of interest. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">Licensees are obliged to have adequate arrangements in place to manage conflicts of interest that may arise in relation to the provision of financial services by the licensee, or a representative of the licensee. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">‘RG181 [looks at] conflicts of interest and it really gives guidance on not so much what are considered conflicts of interest, which is what advisers generally want to know; that’s up to the licensee to make sure that they identify those. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">‘But it gives you guidance on how you would manage those conflicts of interest so you can disclose them … It’s really important that you are familiar with that regulatory guide,’ Durrant said. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;"><strong>Setting up a conflicts of interest register </strong></span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">It is essential that conflicts of interest are managed appropriately. Durrant highlighted the importance of small licensees identifying and documenting all such occurrences in a conflicts of interest register. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">‘Firstly, the most important thing is that you identify all your conflicts of interest, that you document them in a conflicts of interest register and that you have a very good think about how you can manage those conflicts of interest and whether or not those conflicts can actually be managed, so you may be able to disclose the conflict in your financial services guide or your statement of advice. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">It is important that licensees become familiar with RG 181, given that most licensees which have had an enforceable undertaking (EU) accepted by ASIC over the last months have the need to adequately manage conflicts of interest as part of their EU,’ Durrant commented. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">‘… if the conflict is considered very large or so great that it should be avoided, that conflict can’t be managed, you manage it by avoiding the conflict. For instance, if you’re a financial planner who is also a power of attorney, ASIC considers that that is a conflict so great it should be avoided,’ Durrant said.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;"><strong>Breach reporting: RG 78 </strong></span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Regulatory Guide 78 Breach reporting by AFS licensees (RG 78) provides guidance on the obligation that licensees have to report certain breaches of the law to ASIC. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">RG 78.24 states that the content of a written breach report should include: </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> the date of the breach </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> a description of the breach </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> why the breach is significant </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> how the breach was identified </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> how long the breach lasted </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> information about the authorised representative, if an authorised representative was involved </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> how the breach was rectified </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> any steps that have been, or will be taken, to ensure future compliance. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">Advice businesses do not need to report all breaches or likely breaches, only significant ones. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">However, the term ‘significant’ is not defined in the Corporations Act, so the licensee will need to decide whether a breach or likely breach is important enough that it is reportable to ASIC. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;"><strong>Other registers to set up </strong></span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Durrant said small AFS licensees need to also document complaints, alternative remuneration and staff training in separate registers. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">It is also a good idea for licensees to have a client ‘no-contact’ register, which should list clients who elect not to receive marketing material, she commented. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">FEATURED INTERVIEWEES</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Shannon Durrant</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">OperationsandComplianceManager,PremiumWealthManagement</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘It’s important for smaller licensees to be aware that even if they outsource policies,they can outsource the compliance function, but they can never outsource the liability;that always lies with the licensee.’</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Sam Henderson</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">ChiefExecutiveOfficer,HendersonMaxwell</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘Have your own processes in place, your procedures in place, written proceduresand make sure you train your staff regularly and make sure your staff have a goodunderstanding of what the implications of non-compliance are.’</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">DISCLAIMER </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">This document was prepared by and for Kaplan Education Pty Limited ABN 54 089 002 371. It contains information of a general nature only and is not intended to be used as advice on specific issues. Opinions expressed are subject to change. The information contained in this document is gathered from sources deemed reliable, and we have taken every care in preparing the document. We do not guarantee the document’s accuracy or completeness and Kaplan Education Pty Limited disclaims responsibility for any errors or omissions. Information contained in this document may not be used or reproduced without the written consent of Kaplan Education Pty Limited </span></div>
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KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0tag:blogger.com,1999:blog-5746911584572980318.post-25683517454278163252013-04-29T00:30:00.000-07:002013-04-28T19:15:03.288-07:00Connecting with Generation Y<div style="text-align: justify;">
<span style="font-family: "Trebuchet MS", sans-serif;">Growing up during the last two decades of the 20th century and into the new millennium, Generation Y (Gen Y) has been shaped by the global events, technological developments and social trends of their time. They are an empowered group of individuals who possess a genuine inclination to question why and expect an authentic answer in return.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Being technologically literate from a young age has had an impact on how Gen Ys like to communicate on both a personal and professional level, and the rise of social networking over recent years has further fuelled this preference. For advisers seeking to improve their engagement with Gen Ys, they must understand the 21st century lifestyle this group leads along with their use of 21st century methods of communication.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;"><strong>WHY GENERATION Y? </strong></span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">There is an adage in social research that every organisation, every product, every brand is just one generation away from extinction. </span><br />
<span style="font-family: "Trebuchet MS", sans-serif;">‘Unless we can connect with the next generation and engage with them then what we do is edge towards extinction, we edge towards irrelevance,’ Mark McCrindle, Social Researcher, McCrindle Research said. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">While it’s necessary for a business to engage and re-engage with each new generation of client or consumer, this is clearly the case when it comes to Generation Y (Gen Y) — a cohort of individuals that are more empowered in their life and in their personal and professional decisions than any generation preceding them. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">They’ve got access to more information. They’ve got more options than ever before. They view things not just from a local perspective, but a national and even international perspective and — through this information, through this empowerment, through the options that they have and even the influence of parents and others — they’re just more informed,’ McCrindle said. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">These factors, along with a host of other characteristics unique to Gen Y, can make dealing with this cohort a challenge for organisations seeking to engage this segment of the population. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">Nonetheless, the evolving lifestyle needs and changing circumstances of Gen Y offer real potential to become a valuable client group in the business book of a financial adviser. </span><br />
<span style="font-family: "Trebuchet MS", sans-serif;">McCrindle said, ‘Generation Y … will accumulate more in their life, will work later in life than any previous generation and they’re going to do it with a higher expectation of living and lifestyle as well. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">‘So, if we can understand Gen Ys and engage with them and get them on board as clients, their net worth or if you like the lifetime value to you of them as customers has never been equalled and so it’s going to be a good generation to connect with if only we can do so. It’s about understanding them, their life point, how to connect and communicating effectively.</span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">FEATURED INTERVIEWEES</span></div>
<span style="font-family: "Trebuchet MS", sans-serif;"> Avril Henry </span><br />
<span style="font-family: "Trebuchet MS", sans-serif;">Director, Avril Henry Pty Ltd </span><br />
<span style="font-family: "Trebuchet MS", sans-serif;">‘When they’re looking for things that they’re interested in, they pull information towards themselves through the internet and doing Google searches. When you push information towards them, they will only be interested if it’s something of interest to them.’ </span><br />
<span style="font-family: "Trebuchet MS", sans-serif;">Mark McCrindle </span><br />
<span style="font-family: "Trebuchet MS", sans-serif;">Social media is part of their life and it needs to be part of the arsenal of communication that we use but hopefully it’s just one part … Unless we have an online presence, then we don’t exist in their world.’</span><br />
<span style="font-family: "Trebuchet MS", sans-serif;">DISCLAIMER </span><br />
<div style="text-align: justify;">
<span style="font-family: "Trebuchet MS", sans-serif;">This document was prepared by and for Kaplan Education Pty Limited ABN 54 089 002 371. It contains information of a general nature only and is not intended to be used as advice on specific issues. Opinions expressed are subject to change. The information contained in this document is gathered from sources deemed reliable, and we have taken every care in preparing the document. We do not guarantee the document’s accuracy or completeness and Kaplan Education Pty Limited disclaims responsibility for any errors or omissions. Information contained in this document may not be used or reproduced without the written consent of Kaplan Education Pty Limited</span></div>
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KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0tag:blogger.com,1999:blog-5746911584572980318.post-57936051155039087062013-04-22T23:21:00.002-07:002013-08-05T16:26:25.467-07:00What are the conditions facing Gen Y <div class="MsoNormal" style="line-height: 12.05pt; margin: 5pt 0cm 2pt; mso-layout-grid-align: none;">
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<span style="font-family: "Trebuchet MS", sans-serif;">The expectations and values of Gen Ys, who grew up during the last two decades of the 20th century and into the new millennium, are unlike those of preceding generations, particularly due to the development of technology during their formative years. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘Clearly for the Baby Boomers in the 1960s they had different conditions, expectations and values placed on them compared to Generation X coming of age in the 1980s; and that’s different to the Generation Ys coming of age today and moving into the workplace in this technological global-connected generation,’ McCrindle said. </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">The 21st century lifestyle </span></b></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">For advisers seeking to improve their engagement with Gen Y, it’s important they understand the 21st century lifestyle in order to communicate with this generation using 21st century methods. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Compared with preceding generations, Gen Y is the most technologically savvy. They are more highly educated, have been offered additional opportunities during their schooling years and exercise the freedom to explore multi-career options. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Henry said they are also the most optimistic by nature and lead a far more unconventional lifestyle compared with that of preceding generations. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘They are more informal. Baby Boomers are the most married and most divorced generation which, therefore, means that Gen Ys have become what I describe as far more “lifestyle centric”,’ she explained. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">This characteristic also trickles into Gen Y’s professional lives where they not only expect, but demand a work-life balance. Henry said Gen Ys believe the key to their success is to work smarter, not harder. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘None of the other generations have a work-life balance. Gen Ys are also impatient and I say, “well, who made them that way?” We have stimulated them with computer games and technology since they were toddlers and while they see themselves as independent, I describe them as “independently dependent on their parents”,’ Henry said. </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">Most supported generation </span></b></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">To further understand Gen Y, it’s necessary to recognise they’ve grown up as the most family-supported generation ever. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘They haven’t had to worry about the financial survival and security aspects of life because their parents have looked after them financially to a later point in life than we’ve seen in the past. They’re staying at home longer in life … they haven’t needed to rush into getting that job for survival reasons as we’ve seen [with other generations] in the past,’ McCrindle said. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">However, Henry said while Gen Ys have to some degree been ‘bubble wrapped’ by their parents, this group of 18 to 32-year-olds also enjoyed 16 years of unprecedented economic wealth and prosperity prior to the global financial crisis (GFC). </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘As a generation, they’ve never really known hardship, despite the GFC because they’re a generation who are not wedded to a job title or what they’ve studied … Even in the GFC, Gen Y did not experience that urgency around financial security that Veterans and Boomers have,’ Henry said. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">While she added Gen Ys have not tended to think about money a great deal, this is also the case for the priority they place on financial plans, insurance and superannuation.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘I can tell you now their attitude is “I don’t have to worry about that now, that’s for older people”. In the case of superannuation, even though it is their own money, the way they see it is it’s not their money for a long, long time and 30 years to a Gen Y or 35 or 40 years is light years away. A Gen Y only thinks in two- to three-year timeframes,’ Henry said. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Events and experiences — both global and social — that Gen Y has lived through to date set them apart from other generations. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘We call them social markers that leave fingerprints on a generation and so clearly Generation Y has been shaped differently because of their formative years and experiences than the previous generation,’ McCrindle said. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Gen Y was growing up during the dot.com boom and the internet phenomenon came of age and then were moving into their working lives just as social media took off. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘So, that has fundamentally impacted them. While all of the older generations have lived through some of these events, we haven’t all lived through them during our formative years, and the age [at] which you’re exposed to something determines how embedded it becomes in your psyche,’ McCrindle said. </span></div>
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<strong><span style="font-family: "Trebuchet MS", sans-serif;">Digital integrators </span></strong></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Technology has clearly played a focal part in the lives of Gen Y. They’ve been technologically literate from the youngest age, and the digital era has helped define who they are and acted as a catalyst for their global connections. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">The rise of instant communication technologies such as email, texting, instant messaging and new media formats used through websites such as YouTube and social networking sites like Facebook, MySpace and Twitter have shaped Gen Y, particularly with regard to their reputation for being somewhat peer-oriented. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">While all of the generations today will draw upon technology and social media to some extent, McCrindle said the degree and the way they use technology can be classified into two categories: digital transactors or digital integrators. </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">FEATURED INTERVIEWEES<o:p></o:p></span></b></div>
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<span style="font-family: "Trebuchet MS", sans-serif;"><span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;">Avril Henry <o:p></o:p></b></span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Director, Avril Henry Pty Ltd </span></div>
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<i style="mso-bidi-font-style: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">‘When they’re looking for things that they’re interested in, they pull information towards themselves through the internet and doing Google searches. When you push information towards them, they will only be interested if it’s something of interest to them.’ <o:p></o:p></span></i></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">Mark McCrindle <o:p></o:p></span></b></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Social Researcher, McCrindle Research </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;"><span style="mso-tab-count: 1;"> '</span><i style="mso-bidi-font-style: normal;">Social media is part of their life and it needs to be part of the arsenal of communication that we use but hopefully it’s just one part … Unless we have an online presence, then we don’t </i>exist in their world.’</span></div>
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<span style="line-height: 115%;"><span style="font-family: "Trebuchet MS", sans-serif;">DISCLAIMER <o:p></o:p></span></span></div>
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<span style="font-size: 8pt; line-height: 115%;"><span style="font-family: "Trebuchet MS", sans-serif;">This document was prepared by and for Kaplan Education Pty Limited ABN 54 089 002 371. It contains information of a general nature only and is not intended to be used as advice on specific issues. Opinions expressed are subject to change. The information contained in this document is gathered from sources deemed reliable, and we have taken every care in preparing the document. We do not guarantee the document’s accuracy or completeness and Kaplan Education Pty Limited disclaims responsibility for any errors or omissions. Information contained in this document may not be used or reproduced without the written consent of Kaplan Education Pty Limited<o:p></o:p></span></span></div>
KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0tag:blogger.com,1999:blog-5746911584572980318.post-80183733221434609602013-04-15T20:56:00.000-07:002013-04-21T23:35:31.649-07:00Using social media to drive business<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 2pt; text-align: justify;">
<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">Social media websites such as Facebook, LinkedIn and YouTube have grown dramatically in popularity in recent years, as people look for new ways to connect with each other. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">For licensees, social media presents an opportunity to add value for clients, share information quickly, network with other professionals, and shed marketing and recruitment costs. However, experts warn that embracing social media needs to be done carefully, as a poorly executed strategy could result in time wasting and in some cases, reputational damage.<o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;"><strong>WHAT IS SOCIAL MEDIA?</strong> </span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">Social media essentially refers to those internet-based platforms that let individuals interact and share information quickly and efficiently. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">By using social media, people can have conversations with friends and business associates, comment on products and services, discuss ideas, as well as upload photos and videos for others to see on the web. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">There are literally hundreds of social media websites, with varying features. Some sites cater to diverse audiences, while others only aim to attract people with particular interests. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">Many of them are free to use, although there are usually fees and charges for advertising and access to premium functions. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">Since their introduction, social media websites have attracted many millions of users globally. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">Among the financial planning community, penetration has been modest, with research conducted by Zurich Financial Services Australia (Zurich) indicating that only 39% of advisers use social media. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">‘The term “social media” itself is a bit unfortunate in that many advisers and indeed many older business people have probably pigeonholed social media as something that’s purely social and something for young people, and that’s definitely not the case,’ Richard Dunkerley, Head of Marketing, Retail Risk, Zurich, said. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">However, uptake is expected to increase rapidly in coming years, as licensees realise these interactive tools can be valuable, if not vital, to drive business. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">‘What we keep telling advisers and dealer groups [alike] about social media is that it’s not about doing different things, it’s about doing the same things differently … <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">‘If you look at the success drivers for advisers over the last few decades, it’s about networking, it’s about keeping in touch with your clients, it’s about prospecting, it’s about passing on news and information, keeping them up to date, all that sort of stuff. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">‘Basically, what social media does is allow you to do that much more efficiently, much quicker and you can share more content with a lot more people a lot more easily,’ Dunkerley explained.<o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;"><strong>Relevance to licensees </strong></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">To understand the value that social media can bring to licensees, it is important to firstly examine how fixated Australian consumers have become with talking about companies and their products through social media. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">Drawing upon Australian Bureau of Statistics’ data, there are nearly 11 million internet subscribers in Australia, and according to research firm Nielsen, Australians are leading users of social media. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">The Nielsen Australian Online Consumer Report, released in March 2011, said that as a percentage of online Australian internet use in the last 12 months: <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">> 73% read other people’s, discussions and comments on brands, products and services at some stage (26% do so regularly) <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">> 59% watched online videos about brands, products and services (12% do so regularly) <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">> 46% have clicked the Facebook ‘Like’ button for a brand/organisation (17% do so regularly) <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">> 43% discussed or commented on a product, service or brand (13% do so regularly) <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">> 42% have interacted with a company through social network sites (15% do so regularly) <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">> 33% posted reviews on products or services (7% do so regularly) <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">> 30% have listened to an online review of a brand, product or service (7% do so regularly). <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">On the whole, social media is identified as ‘a revolution for online Australians’ by Nielsen. The company said social media provides more customer ‘touch points’, more methods <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">For this reason, licensees who do not invest the time into building their brand online through social media risk being left behind, according to Carden Calder, Co-founder and Managing Director, BlueChip Communication. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">‘Your customers are online. They are speaking, listening, rating, commenting and discussing everything, including brands, your brand (online). <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">‘What we’ve seen in the last few years is that Google and other search engines have become the primary way that all of us do information searches before we buy product or before we make significant decisions, including decisions about employment. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">‘So if you don’t manage your brand online, including through a social media presence, people will simply Google you or stick your name into a search engine and not find you or find information that you don’t necessarily think represents your brand in the best way possible,’ Calder said. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">‘Each of the main social media platforms … they’re all actually quite different, which is why there’s a place for each of them, probably in the mix from an adviser’s perspective’ <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">Richard Dunkerley.<o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;"><strong>Advantages </strong></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">According to Carden and Dunkerley, social media can help licensees: <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">> generate leads <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">> provide valuable content, such as articles and videos to their current client base <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">> demonstrate expertise on topics of strength <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">> build their brand <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">> reduce marketing spend <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">> lower recruitment costs. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">How licensees obtain and leverage these benefits depends on the social media platforms they use, and how well they use them.<o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;"><strong>MAIN SOCIAL MEDIA PLATFORMS FOR LICENSEES </strong></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">The following social media platforms are widely regarded as the most used and relevant for licensees: <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">> Facebook <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">> LinkedIn <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">> Twitter <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">> YouTube <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">> blogs. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">‘Each of the main social media platforms … they’re all actually quite different, which is why there’s a place for each of them, probably in the mix from an adviser’s perspective,’ Dunkerley said. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">FEATURED INTERVIEWEES <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">Carden Calder <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">Co-founder and Managing Director, BlueChip Communication <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">‘I think it’s important for every single business these days to have a social media policy. Not everyone would agree with me, but if you don’t have that in place, then you’ve got a big risk in your business.’ <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">Richard Dunkerley <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">Head of Marketing, Retail Risk, Zurich Financial Services Australia <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">‘The term “social media” itself is a bit unfortunate in that many advisers and indeed many older business people have probably pigeonholed social media as something that’s purely social and something for young people, and that’s definitely not the case.’<o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><a href="http://www.kaplanprofessional.edu.au/"><span style="color: windowtext; text-decoration: none; text-underline: none;"><span style="font-family: "Trebuchet MS", sans-serif;">http://www.kaplanprofessional.edu.au/</span></span></a><span style="font-family: "Trebuchet MS", sans-serif;"> Follow us on Twitter @kpeaustralia (</span><a href="http://twitter.com/kpeaustralia"><span style="color: windowtext; text-decoration: none; text-underline: none;"><span style="font-family: "Trebuchet MS", sans-serif;">http://twitter.com/kpeaustralia</span></span></a><span style="font-family: "Trebuchet MS", sans-serif;">)<o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">DISCLAIMER <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU;"><span style="font-family: "Trebuchet MS", sans-serif;">This document was prepared by and for Kaplan Education Pty Limited ABN 54 089 002 371. It contains information of a general nature only and is not intended to be used as advice on specific issues. Opinions expressed are subject to change. The information contained in this document is gathered from sources deemed reliable, and we have taken every care in preparing the document. We do not guarantee the document’s accuracy or completeness and Kaplan Education Pty Limited disclaims responsibility for any errors or omissions. Information contained in this document may not be used or reproduced without the written consent of Kaplan Education Pty Limited.<o:p></o:p></span></span></div>
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KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0tag:blogger.com,1999:blog-5746911584572980318.post-52789583939563787442013-03-21T15:49:00.002-07:002013-03-21T17:00:25.745-07:00What is the key to establishing a reasonable basis for advice?<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
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<span style="font-family: "Trebuchet MS", sans-serif;">When it comes to advisers showing they have complied with all elements of the reasonable basis for advice requirement, Maynard highlighted that good documentation is paramount.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘That means an SOA that fulfils all the requirements, good file notes and good records of the conversations that have been had — in particular what strategies have been discussed, what strategies have been rejected and why a particular strategy and products selected are suitable </span><span style="font-family: "Trebuchet MS", sans-serif;">for the person,’ she said.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">Use the SOA properly<o:p></o:p></span></b></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Wivell Plater agreed one of the best ways for an adviser to demonstrate that they have complied with all elements of the reasonable basis for advice requirement is to use their SOA properly.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">To do this, she outlined three fundamentals that advisers needed to include in this important document.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘One: the key and relevant information they have collected. Two: the strategies that they’ve considered for the client. In other words, what types of scenarios they’ve considered, the conclusion they’ve come to in terms of the advice that they’ve given and what they recommend to the client,’ she said.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">The third element, which Wivell Plater highlighted is often absent in SOAs, is an explanation of why the adviser thinks that the recommendation is going to be suitable for the client.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘In other words, how it is that the recommendation is going to meet the client’s objectives. That’s the bit we often don’t see in an SOA and it’s probably the most important piece because it’s making the link between the client’s objectives and the advice that’s being given,’ she said.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Maynard agreed: ‘At FOS we’re more likely to see problems where the advice process has not gone well. <span style="mso-spacerun: yes;"> </span>So, we do often see SOAs that don’t adequately investigate a client’s circumstances, don’t adequately particularly disclose the risks of products that have been selected, and therefore, it’s hard for the adviser to be successful in the dispute process when the documentation is so deficient.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘The adviser has a great opportunity to keep good records and to document what they’ve done during the advice process and that is highly useful when a dispute comes to FOS,’ she said.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Furthermore, Maynard pointed out an adviser would have a difficult time convincing FOS they have selected the right strategies and products for a client when the documentation contains errors or irrelevant material. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;"><span style="mso-spacerun: yes;"> </span>‘It looks really bad if we see an SOA that’s got incorrect information in it that was perhaps from a previous client or has been not completely filled in, or filled in badly or contains reams of generic information that isn’t particularly relevant to the client being advised.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘For example, you might see a couple of pages on the risk of gearing, yet you’re not recommending that this particular client engages in a gearing strategy, so why is that information there?’ Maynard said. </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">Keep robust file notes<o:p></o:p></span></b></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Comprehensive file notes made at the time of conversations or activities with a client are invaluable when a financial advice dispute is forwarded to FOS, according to Maynard.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘If there are communications over the phone, we think it’s really good practice for the adviser to just shoot off an email back to the client afterwards saying: “I confirm our telephone discussion and that I advised you that we should hold firm during this period of turbulence”. Whatever the advice might have been on the phone, we’d like to see emails backing up what’s being discussed in telephone conversations,’ she elaborated.</span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS", sans-serif;">FEATURED INTERVIEWEES</span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS", sans-serif;">Alison Maynard</span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS", sans-serif;">Ombudsman – Investments, Life Insurance & Superannuation, Financial Ombudsman Ser vice</span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS", sans-serif;">‘Don’t “cut and paste” PDS risk disclosures into the SOA. It’s not meeting your obligations. Demonstrate your understanding of the products by putting the words into the SOA that you have used to explain the product to your client verbally.’</span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS", sans-serif;">Claire Wivell Plater</span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS", sans-serif;">Managing Director, Gold Seal</span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS", sans-serif;">‘ASIC tends to get involved where they’re seeing systemic problems. So if they see an adviser whose advice is never reasonable or a dealer group who isn’t focusing on ensuring that their advisers are having a reasonable basis for their advice, that’s when ASIC will take action.’</span></div>
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<a href="http://www.kaplanprofessional.edu.au/"><span style="font-family: "Trebuchet MS", sans-serif;">http://www.kaplanprofessional.edu.au/</span></a><span style="font-family: "Trebuchet MS", sans-serif;"> Follow us on Twitter @kpeaustralia (</span><a href="http://twitter.com/kpeaustralia"><span style="font-family: "Trebuchet MS", sans-serif;">http://twitter.com/kpeaustralia</span></a><span style="font-family: "Trebuchet MS", sans-serif;">)</span></h4>
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</span><span style="font-family: "Trebuchet MS", sans-serif; font-size: xx-small;">DISCLAIMER<br />This document was prepared by and for Kaplan Education Pty Limited ABN 54 089 002 371. It contains information of a general nature only and is not intended to be used as advice on specific issues. Opinions expressed are subject to change. The information contained in this document is gathered from sources deemed reliable, and we have taken every care in preparing the document. We do not guarantee the document’s accuracy or completeness and Kaplan Education Pty Limited disclaims responsibility for any errors or omissions. Information contained in this document may not be used or reproduced without the written consent of Kaplan Education Pty Limited.</span>KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0tag:blogger.com,1999:blog-5746911584572980318.post-78722277930929178352013-02-19T15:32:00.000-08:002013-02-19T15:32:47.548-08:00How does ASIC monitor non-compliance? <div class="MsoNormal" style="margin: 1pt 0cm 2pt; mso-layout-grid-align: none; mso-line-height-alt: 10.05pt;">
<span style="font-family: "Trebuchet MS", sans-serif;"><b style="mso-bidi-font-weight: normal;">HOW DOES ASIC MONITOR NON-COMPLIANCE?</b> </span><br />
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<i style="mso-bidi-font-style: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">‘When ASIC has gone into some of the small financial services licensees, they’ve actually found a breach register that’s empty or a complaints register that’s empty — that actually spikes interest.’ </span></i><i style="mso-bidi-font-style: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">Sam Henderson </span></i></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Non-compliance arises when there is a failure to obey relevant laws and regulations. ASIC is responsible for monitoring financial services businesses and enforcing the law to ensure that AFS licensees stay compliant and operate efficiently, honestly and fairly. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">There are several methods ASIC employs to assess whether AFS licensees, big or small, are complying with their obligations, including: </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> monitoring websites </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> breach notifications </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> ‘shadow shopping’ </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> client complaints </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">> information requests. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">ASIC regularly checks the websites of AFS licensees for any misleading or deceptive information. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">AFS licensees must notify ASIC in writing within 10 business days about any significant breach or likely breach of their obligations. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Henderson stressed that small AFS licensees should document all their breaches and complaints. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">‘When ASIC has gone into some of the small financial services licensees, they’ve actually found a breach register that’s empty or a complaints register that’s empty — that actually spikes interest. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">‘They don’t believe that basically because they understand that in the retail market when you are giving statements of advice to clients at some point in time you’re probably going to get a complaint, particularly in times of high market volatility like we’ve had in recent years. That’s brought on a lot of complaints, so if there is a breach register that’s empty or a complaints register that’s empty, that’s going to raise the ire of the regulator,’ Henderson said. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">ASIC conducts ‘shadow shopping’ campaigns in which it recruits consumers and gets them to obtain financial advice from different licensees. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">The licensees targeted are not notified that they are actually being surveyed as part of the campaign. ASIC examines the quality of the advice provided and checks to see if the documentation and plan the consumer gets complies with laws and regulations. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘ASIC will also act on client complaints, especially if they receive a lot of client complaints and they think it’s in relation to significant breaches. They will actually investigate that with the licensee,’ Durrant said. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">The Financial Ombudsman Service is also obligated to report client complaints to ASIC, which is another way the regulator gets information. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">ASIC sends licensees questionnaires to analyse the strength of their compliance systems. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">In the past, these questionnaires have covered areas including licensee business models, training of advisers, monitoring and supervision of advisers, product and strategic advice, complaints handling and compensation. </span><br />
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<i style="mso-bidi-font-style: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">‘ASIC can suspend your licence, cancel your licence and on occasion they may agree to an enforceable undertaking which can be cost prohibitive because you may be required to hire external auditors …’ </span></i><i style="mso-bidi-font-style: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">Shannon Durrant </span></i></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">Additionally, when it comes to compliance breaches, Henderson said the best advice he has is for licensees to be proactive and take action to fix problems. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘[ASIC] don’t want to see inaction. They don’t want to see you sitting on your hands or denial or putting your head in the sand about something. They want to see changes. </span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">‘Any company running a financial services licence is going to have issues if they have more than one or two authorised representatives because people by their very nature want to go and do different things. </span><br />
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<span style="font-family: "Trebuchet MS", sans-serif;">‘They have different beliefs, different investment philosophies, etc., so it’s really important to have that APL [approved product list] in place and make sure everyone is following the approved products list and understand what a complaint is, what it looks like and how to manage that and how to run their conflicts of interest and their breaches registers and things like that,’ Henderson explained.</span></div>
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<span style="font-family: "Trebuchet MS", sans-serif;">FEATURED INTERVIEWEES</span><br />
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">Shannon Durrant</span></b><br />
<span style="font-family: "Trebuchet MS", sans-serif;">Operationsand Compliance Manager, Premium Wealth Management</span><br />
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">‘It’s important for smaller licensees to be aware that even if they outsource policies,they can outsource the compliance function, but they can never outsource the liability;that always lies with the licensee.’</span></i><br />
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">Sam Henderson</span></b><br />
<span style="font-family: "Trebuchet MS", sans-serif;">Chief Executive Officer, Henderson Maxwell</span><br />
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Trebuchet MS", sans-serif;">‘Have your own processes in place, your procedures in place, written proceduresand make sure you train your staff regularly and make sure your staff have a goodunderstanding of what the implications of non-compliance are.’<o:p></o:p></span></i></div>
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KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0tag:blogger.com,1999:blog-5746911584572980318.post-38143845328286541302013-01-30T14:53:00.001-08:002013-01-30T14:55:47.595-08:00Prospering in a diverse job market<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12pt; line-height: 115%; mso-fareast-language: EN-AU; mso-font-kerning: 18.0pt;"><span style="font-family: Calibri;">Prospering in a diverse jobs market<o:p></o:p></span></span></b></div>
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<span style="mso-fareast-language: EN-AU; mso-font-kerning: 18.0pt;"><span style="font-family: Calibri;">According to the lasted trends highlighted by the <i style="mso-bidi-font-style: normal;"><a href="http://www.hays.com.au/report/HAYS_028851" target="_blank">Hays Quarterly Report</a></i> for January to March 2013 </span></span><span style="mso-fareast-language: EN-AU; mso-font-kerning: 18.0pt;"><span style="font-family: Calibri;">, it’s evident that the jobs market appears favourable for the financial planning industry. The report outlines that more senior technical paraplanners are in high demand. This being the case, now is the perfect time for paraplanners to ensure they are upskilling to stand out from their peers and choose an in-demand.<o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU; mso-font-kerning: 18.0pt;"><span style="font-family: Calibri;">The report states: ‘The requirement for paraplanners to be at a high technical level to work closely, and in consultation, with Financial Planners to formulate strategy within independent firms is pushing the salary rate above the standard for these candidates.’ <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU; mso-font-kerning: 18.0pt;"><span style="font-family: Calibri;">Being in position to increase one’s salary and enjoy any associated benefits is perfect for those with the ideal skills and qualifications. Candidates wishing to prosper in their career need to ensure they are consolidating their future and proactively positioning themselves as an expert in their field.<o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU; mso-font-kerning: 18.0pt;"><span style="font-family: Calibri;">An increase in overall lending has increased the demand for pre-settlement officers, phone-based advisers and lending managers. The old mantra of ‘experience essential’ seems to ring true</span></span><span style="mso-fareast-language: EN-AU; mso-font-kerning: 18.0pt;"><span style="font-family: Calibri;">, as banks look for candidates who have worked for the Big Four.<o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU; mso-font-kerning: 18.0pt;"><span style="font-family: Calibri;">Relationship managers with a proven history of business development are also in demand in niche areas such as trade and supply finance.<o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU; mso-font-kerning: 18.0pt;"><span style="font-family: Calibri;">The flow-on effect is that there seems to be an increase in <a href="http://www.kaplanprofessional.edu.au/Financial_Services/Mortgage_Broking" target="_blank">mortgage broking</a>, mortgage support and mortgage compliance positions. <o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU; mso-font-kerning: 18.0pt;"><span style="font-family: Calibri;">Candidates need to continue to have and maintain the skills and qualifications to ensure they are in a position to become a preferred candidate. Learning is a lifelong journey, and being well qualified is going to pay dividends when competing in today’s employment environment.<o:p></o:p></span></span></div>
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<span style="mso-fareast-language: EN-AU; mso-font-kerning: 18.0pt;"><span style="font-family: Calibri;">All in all there are many career opportunities for candidates with the necessary skills and qualifications. <o:p></o:p></span></span></div>
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<span style="font-family: Calibri;"><span style="mso-fareast-language: EN-AU; mso-font-kerning: 18.0pt;">As a preferred member of the MFAA, Kaplan can provide education and training from <a href="http://www.kaplanprofessional.edu.au/Financial_Services/Future" target="_blank">Certificate IV to masters</a>. Talk to the team at Kaplan to ensure your career plan is designed for and aligned with reaching your goals.</span></span><br />
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<span style="font-family: 'Calibri','sans-serif'; font-size: 11pt; line-height: 115%; mso-bidi-font-family: 'Times New Roman';"><a href="http://www.kaplanprofessional.edu.au/">www.kaplanprofessional.edu.au</a></span></div>
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<span style="font-family: 'Calibri','sans-serif'; font-size: 11pt; line-height: 115%; mso-bidi-font-family: 'Times New Roman';">Posted by Vicky Labroski Twitter <a href="http://twitter.com/kpeaustralia" target="_blank">@kpeaustralia</a></span></div>
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KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0tag:blogger.com,1999:blog-5746911584572980318.post-21862061963375383262012-12-16T14:36:00.002-08:002012-12-16T14:36:34.562-08:00How to take advantage of changing times in your career<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="line-height: 115%; mso-bidi-font-family: Calibri;"><span style="font-family: Calibri;">We are living in a time of constant change. Change in ones career can strike at anytime. Did you know? 1 in 4 workers has been with their employer for less than 1 year, whilst 1 in 2 workers have been with their employer less than 5 years.<a href="http://www.blogger.com/blogger.g?blogID=5746911584572980318#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="font-family: 'Calibri','sans-serif'; line-height: 115%; mso-ansi-language: EN-AU; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-family: 'Calibri','sans-serif'; line-height: 115%; mso-ansi-language: EN-AU; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-size: xx-small;">[1]</span></span></span></span></span></span></a><span style="font-family: Times New Roman;"> </span></span></span><br />
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<span style="line-height: 115%; mso-bidi-font-family: Calibri;"><span style="font-family: Calibri;">When <span style="font-family: 'Calibri','sans-serif'; line-height: 115%; mso-ansi-language: EN-AU; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">you start to see change occur in your career<u1:p></u1:p> you may view this as an opportunity. It’s important to regularly stop and re-assess your goals; where do you want to be and what do you want to achieve. </span></span></span><br />
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<span style="line-height: 115%; mso-bidi-font-family: Calibri;"><span style="font-family: Calibri;">There are many life strategies to help you grow and to better change your current situation:<o:p></o:p></span></span></div>
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<span style="font-family: Symbol; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span><span style="font-family: Calibri;"><b style="mso-bidi-font-weight: normal;"><span style="line-height: 115%; mso-bidi-font-family: Calibri;">Be innovative</span></b><span style="line-height: 115%; mso-bidi-font-family: Calibri;">: it may be time to review your career and ascertain what some of the gaps are. Do you need to up skill? To stand out from your peers you may need to undertake training or a qualification to obtain a specific skill set. Use these times to reinvigorate yourself so that you stand above your peers.</span></span></div>
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<span style="font-family: Symbol; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span><span style="font-family: Calibri;"><b style="mso-bidi-font-weight: normal;"><span style="line-height: 115%; mso-bidi-font-family: Calibri;">Replace worry with thinking: </span></b><span style="line-height: 115%; mso-bidi-font-family: Calibri;">While worry is part of human nature, it does not solve any problems. In this sense, it is far better to stand back, give yourself some space, be objective and think your way out of a predicament rather than dwell on the negative aspects. <o:p></o:p></span></span></div>
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<span style="font-family: Symbol; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span><span style="font-family: Calibri;"><b style="mso-bidi-font-weight: normal;"><span style="line-height: 115%; mso-bidi-font-family: Calibri;">Read</span></b><span style="line-height: 115%; mso-bidi-font-family: Calibri;">: industry news and journals are a great place to start. Ensure that you’re educating yourself continuously with the market movements, professional development and career opportunities.<o:p></o:p></span></span></div>
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<span style="font-family: Symbol; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span><span style="font-family: Calibri;"><b style="mso-bidi-font-weight: normal;"><span style="line-height: 115%; mso-bidi-font-family: Calibri;">Create a plan</span></b><span style="line-height: 115%; mso-bidi-font-family: Calibri;">: sometimes you need realign your focus and go back to what your originals goals were. Are you still on track to achieving them or do your goals and plans need to change?<o:p></o:p></span></span></div>
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<span style="font-family: Symbol; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span><span style="font-family: Calibri;"><b style="mso-bidi-font-weight: normal;"><span style="line-height: 115%; mso-bidi-font-family: Calibri;">Reconnect</span></b><span style="line-height: 115%; mso-bidi-font-family: Calibri;">: this is the time to revisit your contacts list and reassociate yourself with some of the people you have done business with in the past. Remember to be conscious on how you conduct yourself both personally and professionally. By social networking you are building your brand, ensure you are creating an appropriate marketable reflection of yourself and how you want to be percieved.</span></span></div>
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<span style="font-family: Symbol; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span><span style="font-family: Calibri;"><b style="mso-bidi-font-weight: normal;"><span style="line-height: 115%; mso-bidi-font-family: Calibri;">Network</span></b><span style="line-height: 115%; mso-bidi-font-family: Calibri;"> Join a group or association and look for events that you can participate in to help you meet new people.<o:p></o:p></span></span></div>
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<span style="font-family: Symbol; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span><span style="font-family: Calibri;"><b style="mso-bidi-font-weight: normal;"><span style="line-height: 115%; mso-bidi-font-family: Calibri;">Cast a wide net</span></b><span style="line-height: 115%; mso-bidi-font-family: Calibri;">: Searching for a job may not provide instantaneous results, however, initial efforts may pay dividends further on down the track and present opportunities when least expected.<o:p></o:p></span></span></div>
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<span style="font-family: Symbol; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span><span style="font-family: Calibri;"><b style="mso-bidi-font-weight: normal;"><span style="line-height: 115%; mso-bidi-font-family: Calibri;">Take a break</span></b><span style="line-height: 115%; mso-bidi-font-family: Calibri;">: when all your energy is spent and there is nothing left to give, you might just need to take a breath of fresh air and connect with people who are positive and encouraging.<o:p></o:p></span></span></div>
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<span style="line-height: 115%; mso-bidi-font-family: Calibri;"><span style="font-family: Calibri;">Downtimes, tough times and career change can in fact be advantageous. Stopping to refocus your efforts and identifying new prospects can create a healthy platform for future growth. <o:p></o:p></span></span></div>
<span style="color: black; font-family: 'Calibri','sans-serif'; line-height: 115%; mso-ansi-language: EN-AU; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US;">Don’t be afraid of change and consider taking on some of the suggestions mentioned so you are better prepared for when you hit those bumps in the road. </span><span style="color: black; font-family: 'Calibri','sans-serif'; line-height: 115%; mso-ansi-language: EN-AU; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-AU;">Even when achieving a breakthrough seems impossible, always</span><span style="color: black; font-family: 'Calibri','sans-serif'; line-height: 115%; mso-ansi-language: EN-AU; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US;"> remember the possibilities and worth of </span><span style="font-family: 'Calibri','sans-serif'; line-height: 115%; mso-ansi-language: EN-AU; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US;">investing in you.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Posted by Vicky Labroski </span><a href="http://www.kaplanprofessional.edu.au/"><span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #009eb8;">http://www.kaplanprofessional.edu.au/</span></span></a><span style="font-family: Arial, Helvetica, sans-serif;"> Follow us on Twitter @kpeaustralia (</span><a href="http://twitter.com/kpeaustralia"><span style="color: #009eb8; font-family: Arial, Helvetica, sans-serif;">http://twitter.com/kpeaustralia</span></a><span style="font-family: Arial, Helvetica, sans-serif;">)</span><br />
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<a href="http://www.blogger.com/blogger.g?blogID=5746911584572980318#_ftnref1" name="_ftn1" style="mso-footnote-id: ftn1;" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-family: 'Calibri','sans-serif'; font-size: 10pt; line-height: 115%; mso-ansi-language: EN-AU; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[1]</span></span></span></span></a><span style="font-size: x-small;"> http://www.youtube.com/watch?v=YmwwrGV_aiE</span></div>
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<br />KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0tag:blogger.com,1999:blog-5746911584572980318.post-62375895470105615392012-12-03T16:28:00.003-08:002012-12-03T16:30:04.721-08:00Shocks for planners in training package changeover<div class="MsoNormal" style="margin: 0cm 0cm 6pt;">
<span style="font-family: Arial, Helvetica, sans-serif;">As the 24 November deadline for teach out of the FNS 04 training package came and went, many financial planners were shocked to find out that in some cases they did not have RG 146 compliance in areas they thought they had. For many, this resulted in quite a stressful exercise in undertaking studies, going through assessments and interviews, and ensuring they met compliance requirements.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The release of the new FNS10 training package means a change in the requirements for skills and thus the awarding of competencies to provide advice in various knowledge areas. This, along with dramatically increased numbers of changes of licensee, saw a frantic escalation of requests for confirmation of necessary compliance qualifications from Kaplan and other education providers.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">This issue is likely to be one of even greater significance, given the suspension of the ASIC training register.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The big concerns for licensees and planners seemed to be around understanding the requirements for skills, interpreting the recognition given to pre-2003 courses and understanding the requirement to be RG 146 compliant not just in financial planning, but in every knowledge area for which they wish to provide advice. An adviser may have completed a diploma in financial planning or other qualification, but only be competent to advise in a few restricted knowledge areas.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The knowledge areas a planner can advise in include: <o:p></o:p></span></div>
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<li class="MsoNormal" style="margin: 0cm 0cm 6pt; mso-list: l1 level1 lfo1; tab-stops: list 36.0pt;"><a href="http://www.kaplanprofessional.edu.au/Financial_Services/Financial_Planning" target="_blank"><span style="font-family: Arial, Helvetica, sans-serif;">financial planning<o:p></o:p></span></a></li>
<li class="MsoNormal" style="margin: 0cm 0cm 6pt; mso-list: l1 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: Arial, Helvetica, sans-serif;">superannuation <o:p></o:p></span></li>
<li class="MsoNormal" style="margin: 0cm 0cm 6pt; mso-list: l1 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: Arial, Helvetica, sans-serif;">life insurance <o:p></o:p></span></li>
<li class="MsoNormal" style="margin: 0cm 0cm 6pt; mso-list: l1 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: Arial, Helvetica, sans-serif;">foreign exchange <o:p></o:p></span></li>
<li class="MsoNormal" style="margin: 0cm 0cm 6pt; mso-list: l1 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: Arial, Helvetica, sans-serif;">managed investments,<o:p></o:p></span></li>
<li class="MsoNormal" style="margin: 0cm 0cm 6pt; mso-list: l1 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: Arial, Helvetica, sans-serif;">securities, derivatives<o:p></o:p></span></li>
<li class="MsoNormal" style="margin: 0cm 0cm 6pt; mso-list: l1 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: Arial, Helvetica, sans-serif;">general insurance <o:p></o:p></span></li>
<li class="MsoNormal" style="margin: 0cm 0cm 6pt; mso-list: l1 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: Arial, Helvetica, sans-serif;">cash and deposit products <o:p></o:p></span></li>
<li class="MsoNormal" style="margin: 0cm 0cm 6pt; mso-list: l1 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: Arial, Helvetica, sans-serif;">margin lending <o:p></o:p></span></li>
<li class="MsoNormal" style="margin: 0cm 0cm 6pt; mso-list: l1 level1 lfo1; tab-stops: list 36.0pt;"><a href="http://www.kaplanprofessional.edu.au/Financial_Services/Financial_Planning/SMSF" target="_blank"><span style="font-family: Arial, Helvetica, sans-serif;">self-managed superannuation <o:p></o:p></span></a></li>
<li class="MsoNormal" style="margin: 0cm 0cm 6pt; mso-list: l1 level1 lfo1; tab-stops: list 36.0pt;"><a href="http://www.kaplanprofessional.edu.au/Financial_Services/Credit_Management/C4CM" target="_blank"><span style="font-family: Arial, Helvetica, sans-serif;">credit<o:p></o:p></span></a></li>
<li class="MsoNormal" style="margin: 0cm 0cm 6pt; mso-list: l1 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: Arial, Helvetica, sans-serif;">carbon emissions.<o:p></o:p></span></li>
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<span style="font-family: Arial, Helvetica, sans-serif;">This list is by no means exhaustive, and the ability and eligibility to provide advice in a particular area depends on the course of study.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">In confirming what competencies were to be awarded, education providers had to ensure that advisers could demonstrate currency and enhancement of knowledge and skills through assessment of </span><a href="http://www.kaplanprofessional.edu.au/Financial_Services/Professional_Development" target="_blank"><span style="font-family: Arial, Helvetica, sans-serif;">CPD</span></a><span style="font-family: Arial, Helvetica, sans-serif;"> records, examination of CVs and observation of skills. <o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Having been through such a thorough process, the advice we can give financial planners is to ensure they: <o:p></o:p></span></div>
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<li class="MsoNormal" style="margin: 0cm 0cm 6pt; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt;"><span style="font-family: Arial, Helvetica, sans-serif;">confirm their competencies with their licensee and education provider,<o:p></o:p></span></li>
<li class="MsoNormal" style="margin: 0cm 0cm 6pt; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt;"><span style="font-family: Arial, Helvetica, sans-serif;">ensure they maintain </span><a href="http://www.kaplanprofessional.edu.au/Financial_Services/Professional_Development" target="_blank"><span style="font-family: Arial, Helvetica, sans-serif;">CPD</span></a><span style="font-family: Arial, Helvetica, sans-serif;"> up at all times <o:p></o:p></span></li>
<li class="MsoNormal" style="margin: 0cm 0cm 6pt; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt;"><span style="font-family: Arial, Helvetica, sans-serif;">check if they have any doubts regarding competencies.<o:p></o:p></span></li>
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<span style="font-family: Arial, Helvetica, sans-serif;">As we move into the future, the importance of maintaining the currency of this information will only increase. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Posted by Vicky Labroski </span><a href="http://www.kaplanprofessional.edu.au/"><span style="font-family: Arial, Helvetica, sans-serif;">http://www.kaplanprofessional.edu.au/</span></a><span style="font-family: Arial, Helvetica, sans-serif;"> Follow us on Twitter @kpeaustralia (</span><a href="http://twitter.com/kpeaustralia"><span style="color: #009eb8; font-family: Arial, Helvetica, sans-serif;">http://twitter.com/kpeaustralia</span></a><span style="font-family: Arial, Helvetica, sans-serif;">)</span></div>
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KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0tag:blogger.com,1999:blog-5746911584572980318.post-78524214107133474472012-11-19T19:18:00.001-08:002012-11-19T19:18:39.476-08:00Five reasons why CPD can benefit you and your organisation <div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">Many business professionals must earn CPD points to remain compliant. However, <a href="http://www.kaplanprofessional.edu.au/Financial_Services/Professional_Development/Ontrack" target="_blank">CPD offers a multitude of other advantages</a>, particularly in terms of market relevance and professional growth. These aspects underpin learning and development and are value drivers for organisations and individuals.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;"><br />
</div><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">How can CPD help you and your organisation?<o:p></o:p></span></div><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;"><br />
</div><div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin: 0cm 0cm 0pt; mso-add-space: auto; mso-layout-grid-align: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">1. Link with market movements and build credibility <o:p></o:p></span></b></div><div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin: 0cm 0cm 0pt; mso-add-space: auto; mso-layout-grid-align: none;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">The market, regulations and legislation are constantly changing. It is critical that employers and their staff remain compliant and maintain an up-to-date understanding of trends, occurrences and issues within their industry, or run the risk of falling behind. <o:p></o:p></span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin: 0cm 0cm 0pt 72pt; mso-add-space: auto; mso-layout-grid-align: none;"><br />
</div><div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin: 0cm 0cm 0pt; mso-add-space: auto; mso-layout-grid-align: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">2. Fill knowledge gaps through reflective learning<o:p></o:p></span></b></div><div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin: 0cm 0cm 0pt; mso-add-space: auto; mso-layout-grid-align: none;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;"><a href="http://www.kaplanprofessional.edu.au/Financial_Services/Professional_Development/Ontrack" target="_blank">CPD </a>is designed to offer professionals the latest knowledge as the market evolves. In its purest form, it should elicit reflective, as opposed to rote, learning. Analysis of industry case studies, behaviours and topical events is invaluable, as other people’s experiences guide appropriate action and responses if you encounter similar situations within your job role. <o:p></o:p></span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin: 0cm 0cm 0pt 72pt; mso-add-space: auto; mso-layout-grid-align: none;"><br />
</div><div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin: 0cm 0cm 0pt; mso-add-space: auto; mso-layout-grid-align: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">3. Develop a learning culture and add value to your organisation<o:p></o:p></span></b></div><div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin: 0cm 0cm 0pt; mso-add-space: auto; mso-layout-grid-align: none;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">Creating a learning-friendly environment helps to raise standards and add meaning and fulfilment to a job. Employers and staff can enrich their daily experiences and entrench a CPD agenda of continuous improvement. Linking learning objectives to appraisals can help employees focus on and track their achievements throughout the year. Moreover, a positive learning culture makes good economic sense in terms of staff satisfaction and retention, which ultimately saves time and money spent on recruiting replacement staff. <o:p></o:p></span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin: 0cm 0cm 0pt 72pt; mso-add-space: auto; mso-layout-grid-align: none;"><br />
</div><div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin: 0cm 0cm 0pt; mso-add-space: auto; mso-layout-grid-align: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">4. Promote staff development and recognise opportunities<o:p></o:p></span></b></div><div class="MsoListParagraphCxSpLast" style="line-height: normal; margin: 0cm 0cm 0pt; mso-add-space: auto; mso-layout-grid-align: none;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">Change is inevitable in today’s fast-paced workplace. We need to be well prepared to cope with and benefit from change. CPD helps equip organisations to effectively manage change and see things in terms of potential opportunities.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;"><br />
</div><div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin: 0cm 0cm 0pt; mso-add-space: auto; mso-layout-grid-align: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">5. Achieve goals, build self-confidence and update skills <o:p></o:p></span></b></div><div class="MsoListParagraphCxSpLast" style="line-height: normal; margin: 0cm 0cm 0pt; mso-add-space: auto; mso-layout-grid-align: none;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">Having specific career goals and linking them with learning outcomes can help achieve your goals. Updating people’s skills improves confidence and showcases achievements. Strong staff morale and a motivated workforce helps project a positive image/brand to potential clients.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;"><br />
</div><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">Nowadays, the means and modes of accrediting and delivering learning are flexible and numerous. Students have access to a range of learning delivery options. For example,<o:p></o:p></span></div><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">mobile phone and hand-held tablet format<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">HTML articles with links to relevant material <o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">DVDs containing interviews with key industry participants<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">print media <o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">in-house training sessions<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">self-paced own-time learning<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">industry seminars and information sessions.<o:p></o:p></span></li>
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</div><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">While fulfilling <a href="http://www.kaplanprofessional.edu.au/Financial_Services/Professional_Development/Ontrack" target="_blank">CPD </a>accreditation requirements, these types of media foster ‘learning agility’, often highly valued by employers as a core competency, and are a bridge between practical workplace learning and ‘traditional’ education.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;"><br />
</div><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">It’s your time and future. Make the most of it and enjoy the ride.</span></div><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;"><br />
</div><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;"><span style="font-family: 'Helvetica','sans-serif'; font-size: 10pt;">Posted by Vicky Labroski Follow us on Twitter @kpeaustralia (<a href="http://twitter.com/kpeaustralia">http://twitter.com/kpeaustralia</a>)</span></div><br />
KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0tag:blogger.com,1999:blog-5746911584572980318.post-77410049373521562292012-11-05T14:10:00.000-08:002012-11-05T14:10:09.077-08:00Small steps solve big challenges<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span style="font-family: 'Calibri','sans-serif'; font-size: 11pt;">In a recent <i style="mso-bidi-font-style: normal;">Investor Daily</i> article, BT Financial Group’s Advice General Manager Mark Spiers discussed the service and support they give financial planning businesses to help meet the challenges of a rapidly changing financial advice industry. <o:p></o:p></span></div>
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<span style="font-family: 'Calibri','sans-serif'; font-size: 11pt;">He stated that FOFA reforms, meeting high compliance standards, additional technical training requirements and the challenge of finding new clients had advisers concerned that they would not be able to focus on what they saw as the main ingredient in the recipe for success — ‘time with clients’.<o:p></o:p></span></div>
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<span style="font-family: 'Calibri','sans-serif'; font-size: 11pt;">‘Future success is all about client-facing time,’ Spiers emphasised. <o:p></o:p></span></div>
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<span style="font-family: 'Calibri','sans-serif'; font-size: 11pt;">Spiers highlighted other areas of concern for advisers as:<o:p></o:p></span></div>
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<span style="font-family: Symbol; font-size: 11pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="font-family: 'Calibri','sans-serif'; font-size: 11pt;">increasing business acumen <o:p></o:p></span></div>
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<span style="font-family: Symbol; font-size: 11pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="font-family: 'Calibri','sans-serif'; font-size: 11pt;">becoming better business managers<o:p></o:p></span></div>
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<span style="font-family: Symbol; font-size: 11pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="font-family: 'Calibri','sans-serif'; font-size: 11pt;">recruiting, retaining and rewarding the talent needed to deliver consistent client service<o:p></o:p></span></div>
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<span style="font-family: Symbol; font-size: 11pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="font-family: 'Calibri','sans-serif'; font-size: 11pt;">sustaining and FOFA-proofing their business.<o:p></o:p></span></div>
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<span style="font-family: 'Calibri','sans-serif'; font-size: 11pt;">Against this background, it is interesting to compare the feedback Kaplan receives from financial advisers regarding our <a href="http://www.kaplanprofessional.edu.au/Financial_Services/Financial_Planning/DFP" target="_blank">diploma</a> and <a href="http://www.kaplanprofessional.edu.au/Financial_Services/Financial_Planning/ADFP" target="_blank">advanced diploma</a> workplace skills assessments. <o:p></o:p></span></div>
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<span style="font-family: 'Calibri','sans-serif'; font-size: 11pt;">In the professional development plans that advisers submit as part of this process, feedback consistently shows they want to increase their expertise in the areas of:<o:p></o:p></span></div>
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<span style="font-family: Symbol; font-size: 11pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="font-family: 'Calibri','sans-serif'; font-size: 11pt;">more ‘soft skills’ topics to enhance the client engagement process<o:p></o:p></span></div>
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<span style="font-family: Symbol; font-size: 11pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="font-family: 'Calibri','sans-serif'; font-size: 11pt;">the skills to build and consolidate their client base <o:p></o:p></span></div>
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<span style="font-family: Symbol; font-size: 11pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="font-family: 'Calibri','sans-serif'; font-size: 11pt;">time management.<o:p></o:p></span></div>
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<span style="font-family: 'Calibri','sans-serif'; font-size: 11pt;">Perhaps the biggest challenge facing financial advisers is maximising their ‘client time’. <span style="mso-spacerun: yes;"> </span>Such situations often call for innovative solutions. We are now seeing financial practice support staff upskilling and completing technical training in order to free up financial advisers to spend more time with clients and work on the business rather than in it.<o:p></o:p></span></div>
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<span style="font-family: 'Calibri','sans-serif'; font-size: 11pt;">Taking small steps and making time to consider simple changes can have positive and powerful effect on a business. In effect, they are good companions to complement formal, accredited training and should never be downplayed.</span></div>
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<span style="font-family: 'Calibri', 'sans-serif'; font-size: 11pt; line-height: 115%; mso-bidi-font-family: 'Times New Roman';"><a href="http://www.kaplanprofessional.edu.au/"><span style="color: #009eb8;">www.kaplanprofessional.edu.au</span></a></span></div>
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<span style="font-family: 'Calibri', 'sans-serif'; font-size: 11pt; line-height: 115%; mso-bidi-font-family: 'Times New Roman';">Posted by Vicky Labroski Follow us on Twitter <a href="http://twitter.com/kpeaustralia" target="_blank"><span style="color: #009eb8;">@kpeaustralia</span></a></span></div>
</span><o:p></o:p>KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0tag:blogger.com,1999:blog-5746911584572980318.post-9162597863905729032012-10-22T22:07:00.001-07:002012-10-22T22:07:24.832-07:00Your career; what’s it worth?<div class="MsoNormal" style="margin: 0cm 0cm 10pt;"><b style="mso-bidi-font-weight: normal;"><span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">Your career; what’s it worth?<o:p></o:p></span></span></b></div><div class="MsoNormal" style="margin: 0cm 0cm 10pt;"><span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">The recruitment process has certainly slowed over the last few years, according to the latest <i style="mso-bidi-font-style: normal;"><a href="http://www.hays.com.au/report/HAYS_028848" target="_blank">Hays Banking Quarterly Report</a>.</i> </span></span><span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">Interestingly though, candidates themselves are becoming more selective by looking for roles offering more than just an attractive salary. <o:p></o:p></span></span></div><div class="MsoNormal" style="margin: 0cm 0cm 10pt;"><span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">They are searching for ways to advance their careers and are increasingly asking employers to clearly articulate their career progression and training initiatives. <o:p></o:p></span></span></div><div class="MsoNormal" style="margin: 0cm 0cm 10pt;"><span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">Today’s employees are seeking:<o:p></o:p></span></span></div><div class="MsoNormal" style="margin: 0cm 0cm 10pt 37.9pt; mso-list: l0 level1 lfo1; text-indent: -18pt;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-fareast-language: EN-AU;"><span style="mso-list: Ignore;">·<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">a good mentor, <o:p></o:p></span></span></div><div class="MsoNormal" style="margin: 0cm 0cm 10pt 37.9pt; mso-list: l0 level1 lfo1; text-indent: -18pt;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-fareast-language: EN-AU;"><span style="mso-list: Ignore;">·<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">inclusion in succession planning, <o:p></o:p></span></span></div><div class="MsoNormal" style="margin: 0cm 0cm 10pt 37.9pt; mso-list: l0 level1 lfo1; text-indent: -18pt;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-fareast-language: EN-AU;"><span style="mso-list: Ignore;">·<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">involvement in interesting projects,<o:p></o:p></span></span></div><div class="MsoNormal" style="margin: 0cm 0cm 10pt 37.9pt; mso-list: l0 level1 lfo1; text-indent: -18pt;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-fareast-language: EN-AU;"><span style="mso-list: Ignore;">·<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">a challenging role and<o:p></o:p></span></span></div><div class="MsoNormal" style="margin: 0cm 0cm 10pt 37.9pt; mso-list: l0 level1 lfo1; text-indent: -18pt;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-fareast-language: EN-AU;"><span style="mso-list: Ignore;">·<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">training to help increase their skills.<o:p></o:p></span></span></div><div class="MsoNormal" style="background: white; margin: 0cm 0cm 10pt;"><span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">Organisations need to be aware that remuneration packages often aren’t enough to entice good candidates and they need to offer more, such as investing in training and ways to continuously up-skill talented employees. In return, organisations that invest in their employees will increase their chances of achieving greater commitment and loyalty. <o:p></o:p></span></span></div><div class="MsoNormal" style="background: white; margin: 0cm 0cm 10pt;"><span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">In a recent interview, Hays banking director Jane McNeill stated: ‘Many organisations have invested in retention strategies to keep their best people, so there's still a shortage of high-quality candidates for certain roles, particularly those that require excellent leadership skills or very specific experience.’<o:p></o:p></span></span></div><div style="line-height: 115%; margin: 0cm 0cm 10pt;"><span style="font-family: 'Calibri','sans-serif'; font-size: 11pt; line-height: 115%; mso-bidi-font-family: 'Times New Roman';">Commenting on the employment landscape, the report said that future candidates may find it difficult to break into new industries and should instead increase their expertise within the industry in which they have operated. <o:p></o:p></span></div><div class="MsoNormal" style="background: white; margin: 0cm 0cm 10pt;"><span style="mso-fareast-language: EN-AU;"><span style="font-family: Calibri;">To effectively contend with this situation, McNeill advocated that candidates should sharpen their skills to better their chances of employment. <o:p></o:p></span></span></div><div style="line-height: 115%; margin: 0cm 0cm 10pt;"><span style="font-family: 'Calibri','sans-serif'; font-size: 11pt; line-height: 115%; mso-bidi-font-family: 'Times New Roman';">At Kaplan, we have identified an increasing trend of people enrolling in soft skills subjects designed to complement their technical qualifications. Subjects such as the Professional Adviser and <a href="http://www.kaplanprofessional.edu.au/Management_Business/DipManagement" target="_blank">Diploma of Management</a> address important business needs, including leadership, communication, management, planning, teamwork and emotional intelligence. <o:p></o:p></span></div><div style="line-height: 115%; margin: 0cm 0cm 10pt;"><span style="font-family: 'Calibri','sans-serif'; font-size: 11pt; line-height: 115%; mso-bidi-font-family: 'Times New Roman';">Employers and candidates should look for courses containing up-to-date courseware, rigorous assessment, pathways to further study, and the means to provide continuing development. </span></div><div style="line-height: 115%; margin: 0cm 0cm 10pt; text-align: center;"><span style="font-family: 'Calibri','sans-serif'; font-size: 11pt; line-height: 115%; mso-bidi-font-family: 'Times New Roman';"><a href="http://www.kaplanprofessional.edu.au/">www.kaplanprofessional.edu.au</a></span></div><div style="line-height: 115%; margin: 0cm 0cm 10pt;"><span style="font-family: 'Calibri','sans-serif'; font-size: 11pt; line-height: 115%; mso-bidi-font-family: 'Times New Roman';">Posted by Vicky Labroski Twitter <a href="http://twitter.com/kpeaustralia" target="_blank">@kpeaustralia</a></span></div>KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0tag:blogger.com,1999:blog-5746911584572980318.post-15089389418175888482012-10-07T21:17:00.001-07:002012-10-07T21:17:54.043-07:00Standing out - five essential factors<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span style="font-family: 'Calibri','sans-serif';">Recently, the <a href="http://www.clarius.com.au/PDF/Clarius%20Skills%20Index%20June%20Quarter%202012.pdf" target="_blank">Clarius Skills Index</a> reported that the demand for investment advisers, finance brokers and dealers remained balanced in the June quarter 2012, with a slight oversupply of around 300 professionals. <o:p></o:p></span></div>
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<span style="font-family: 'Calibri','sans-serif';">This type of employment pressure begs the question of how can financial adviser candidates and existing practitioners improve what they offer prospective and existing employers. How can candidates differentiate themselves in a tight employment market?<o:p></o:p></span></div>
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<span style="font-family: 'Calibri','sans-serif';">In reality, as the industry increasingly embraces the need for professionalism, the entrance level bar has been raised considerably. Therefore, what should prospective and existing participants do to secure and enhance their career prospects? <o:p></o:p></span></div>
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<span style="font-family: 'Calibri','sans-serif';">There is so much that can be done to raise the bar. Here are five essential factors.<o:p></o:p></span></div>
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<li class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: 'Calibri','sans-serif';">Basic skills aren’t going to cut it</span></b><span style="font-family: 'Calibri','sans-serif';">. We are constantly amazed when we attend financial advice career seminars and hear advice given to potential entrants that they just need to ‘get your RG 146 compliance’. Nowadays, basic RG 146 compliance will not make you stand out. It is crucial to gain the right skills that employers are looking for.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: 'Calibri','sans-serif';">Differentiate yourself</span></b><span style="font-family: 'Calibri','sans-serif';">. There is a wide range of ‘speciality’ programs offered for practitioners wanting to improve their expertise, particularly in growth areas such as self-managed superannuation funds, direct equities, understanding and analysing financial statements, aged care, and portfolio construction are increasing in demand. <b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></li>
<li class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: 'Calibri','sans-serif';">It’s not only about technical skills</span></b><span style="font-family: 'Calibri','sans-serif';">. A qualification is essential for gaining technical skills and expertise. However, the development of relationship building, client interaction, and other essential ‘people and practice’ skills in order to communicate effectively are just as important. <o:p></o:p></span></li>
<li class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: 'Calibri','sans-serif';">Gain experience</span></b><span style="font-family: 'Calibri','sans-serif';">. It is certain that potential employers and clients will ask you about your industry experience. Doing volunteer work within the industry will enhance your potential to stand out and add to your industry knowledge. <o:p></o:p></span></li>
<li class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-list: l0 level1 lfo1;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: 'Calibri','sans-serif';">Be the best you can be</span></b><span style="font-family: 'Calibri','sans-serif';">. Beyond <a href="http://www.kaplanprofessional.edu.au/Financial_Services/Financial_Planning/ADFP" target="_blank">advanced diploma</a> level, Kaplan encourages industry practitioners to pursue <a href="http://www.kaplanonline.edu.au/courses.jsp" target="_blank">undergraduate degrees, postgraduate and masters</a> level qualifications in financial planning disciplines, depending on their needs and backgrounds. Stay ahead of your peers and become an expert in your profession. <o:p></o:p></span></li>
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<span style="font-family: 'Calibri','sans-serif';">The challenge for all existing and fledgling advisers in a tight employment market is not to stand still, but to consider what is the next step to keep pace with the ever increasing levels of skills and professionalism across the industry.<o:p></o:p></span></div>
KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0tag:blogger.com,1999:blog-5746911584572980318.post-41394447140629502632012-08-12T17:29:00.000-07:002012-08-12T17:29:33.992-07:00<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: 'Arial','sans-serif'; font-size: 10pt;">Real commitment or lip service?<o:p></o:p></span></b></div>
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<span style="font-family: 'Arial','sans-serif'; font-size: 10pt;">At Kaplan, we take <a href="http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp153.pdf/$file/cp153.pdf" target="_blank">ASIC’s CP153</a> seriously.<span style="mso-spacerun: yes;"> </span>We see the regulator signalling that it has lost confidence in the educational outcomes and vocational readiness of financial advisers trained by RTOs. <o:p></o:p></span></div>
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<span style="font-family: 'Arial','sans-serif'; font-size: 10pt;">In our view, the concept of self-regulation is as important for RTOs as it is for financial service providers. So we have embarked on a program of changes that we consider will address some of the regulator’s concerns: <o:p></o:p></span></div>
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<span style="font-size: 10pt; mso-bidi-font-family: Calibri;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">-</span><span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="font-family: 'Arial','sans-serif'; font-size: 10pt;">we have closed books for Tier 1 product exams so students can’t look up the answers<o:p></o:p></span></div>
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<span style="font-size: 10pt; mso-bidi-font-family: Calibri;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">-</span><span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="font-family: 'Arial','sans-serif'; font-size: 10pt;">we have followed the <a href="http://www.kaplanprofessional.edu.au/cms/data/live/resources/FS/Files-FX/FX_FNS10_ASIC_UnitsGuide.pdf" target="_blank">LASA Guidelines</a><span style="color: #0070c0;"> </span>for awarding ASIC units of competency from the FNS10 and FNS11 Training Packages <o:p></o:p></span></div>
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<span style="font-size: 10pt; mso-bidi-font-family: Calibri;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">-</span><span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="font-family: 'Arial','sans-serif'; font-size: 10pt;">we have made a significant investment in learning and assessment resources and improved tuition support for students. <o:p></o:p></span></div>
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<span style="font-family: 'Arial','sans-serif'; font-size: 10pt;">Six months on, we’re astonished at the spectrum of reactions we’ve received from our corporate clients and individual advisers. At one end, we have consensus that individuals seeking RG146 accreditation should demonstrate evidence of competency. Licensees perceive this to be part of their risk management strategy. At the other end, we have complaints that we’ve made it harder to get RG146 compliance and claims that other RTO providers ‘will just sign us off’. <o:p></o:p></span></div>
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<span style="font-family: 'Arial','sans-serif'; font-size: 10pt;">We think the RTO bar needs to be raised for both novice and veteran advisers seeking RG146 competency accreditation and we value the support we’ve received from licensees who share our view. <o:p></o:p></span></div>KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0tag:blogger.com,1999:blog-5746911584572980318.post-64787979883298811432012-08-06T00:29:00.000-07:002012-08-06T00:29:12.404-07:00<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span style="font-size: 14pt;"><span style="font-family: Calibri;">Advisers on the move</span></span></div>
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<span style="font-family: 'Calibri','sans-serif';">The recent and much publicised movement of experienced financial advisers between licensees presents some interesting challenges for the way RTOs recognise RG146 education compliance. </span></div>
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<span style="font-family: 'Calibri','sans-serif';">Education and qualification requirements for advisers can vary between licensees. A financial adviser who has been with a licensee or dealer group for a decade or more is likely to have been ‘deemed’ by that licensee to have met the ASIC RG146 requirements in certain Tier 1 product areas.</span></div>
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<span style="font-family: 'Calibri','sans-serif';">The term ‘deemed’ is applied in this context to advisers who were practising prior to 2003 and met the education and experience standards set out by ASIC at that time. If a financial adviser joins a new licensee which requires the adviser to hold ASIC units of competency in the product areas in which they were previously ‘deemed’, the adviser may work with an RTO to have their experience and expertise recognised towards the competencies. </span></div>
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<span style="font-family: 'Calibri','sans-serif';">Recognition of professional competence is one of the purest and most authentic ways for an RTO to award units of competency. It respects both the expertise of the applicant and the integrity of the outcome. Experienced financial advisers will generally have all the required evidence in their workplace and client files. </span></div>
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<span style="font-family: 'Calibri','sans-serif'; font-size: 11pt; line-height: 115%; mso-ansi-language: EN-AU; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">There is a wide variety of approaches taken by RTOs to this task. Some are perfunctory and some are rigorous. At Kaplan, we take the view that advisers seeking ASIC units of competency should meet the necessary evidence requirements. </span></span><span style="font-family: Calibri;"><span style="mso-spacerun: yes;"> </span>The evidence criteria are set out in the current Financial Services Training Package and are reinforced by the <a href="http://www.kaplanprofessional.edu.au/cms/data/live/resources/FS/Files-FX/FX_FNS10_ASIC_UnitsGuide.pdf" target="_blank">LASA Guidelines</a> for assessment. </span></div>
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<span style="font-family: Calibri;">Kaplan has developed a simple process for the <a href="http://www.kaplanprofessional.edu.au/cms/data/live/resources/Policies/RecognitionofProfessionalCompetencePolicyandProcedure.pdf" target="_blank">recognition of professional expertise</a>. We engage practising financial advisers with current assessor qualifications to review candidates’ applications and evidence.<span style="mso-spacerun: yes;"> </span></span></div>
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<span style="font-family: 'Calibri','sans-serif';">The licensees we support with these services can have a high level of confidence in our approach and the outcomes of our assessments. For candidates, our process offers an opportunity for the peer review and validation of relevant aspects of their professional practice. </span><br />
</div>KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0tag:blogger.com,1999:blog-5746911584572980318.post-87796437989679946422012-07-10T17:09:00.002-07:002012-07-31T17:51:12.008-07:00<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: Calibri;"><b style="mso-bidi-font-weight: normal;"><span style="font-size: 14pt; line-height: 115%; mso-bidi-font-family: Calibri;">Welcome to our first blog</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-size: 12pt; line-height: 115%; mso-bidi-font-family: Calibri;"></span></b></span></div>
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<span style="font-size: 12pt; line-height: 115%; mso-bidi-font-family: Calibri;"><span style="font-family: Calibri;">Kaplan Professional Education has created this blog to provide commentary on financial services education news, issues and trends. It will offer<i style="mso-bidi-font-style: normal;"> </i>opinions and analyses from relevant subject matter experts and education specialists. </span></span></div>
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<span style="font-size: 12pt; line-height: 115%; mso-bidi-font-family: Calibri;"><span style="font-family: Calibri;">Our aim is to inspire lively, thought-provoking conversations for learning and development managers, advisers, industry practitioners and anyone interested in professional education.</span></span></div>
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<span style="font-size: 12pt; line-height: 115%; mso-bidi-font-family: Calibri;"><span style="font-family: Calibri;">Our blog contains links to the blogs of Kaplan’s global thought leaders, industry experts, content created by Kaplan, media and information from regulators and industry bodies.</span></span></div>
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<span style="font-size: 12pt; line-height: 115%; mso-bidi-font-family: Calibri;"><span style="font-family: Calibri;">We hope you enjoy our blog and look forward to hearing your thoughts and ideas.</span></span></div>
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<a href="http://www.kaplanprofessional.edu.au/" target="_blank">http://www.kaplanprofessional.edu.au/</a></div>KPEAustraliahttp://www.blogger.com/profile/09738099786581146359noreply@blogger.com0