Two new joint ventures and an innovative study hub aim to help financial advisers overcome the challenges they face in the wake of the Royal Commission, meeting new education standards and the growing demand for aged care advice.
knowITdigital is looking to ease some of the pressure on financial advisers by the way of two new partnerships and a new study hub, all available on the wealthdigital platform.
"Over the last 12 months, as the key issues in these three areas impacting financial advisers have emerged, we've been working diligently to provide subscribers with best-of-breed solutions to help their practices adjust to the shifting landscape," knowITdigital chief executive Wayne Wilson said.
The first partnership, with financial services law firm Holley Nethercote, will provide advice businesses with access to a range of compliance services and training, specifically targeting small to medium AFSLs and advice practices.
Wilson said it has become obvious that these entities struggle to access affordable compliance services, despite the importance getting these things right.
Likewise, Holley Nethercote partner Paul Derham said: "In light of the Royal Commission, ASIC has announced it is adopting a tougher and more aggressive stance in its monitoring and enforcement of compliance with financial services laws. Now is a good time to get your house in order and take a more proactive approach to compliance."
The initiative will also provide advisers with easy to understand, curated content outlining recent regulatory changes and other major events in the advice sector, building on the technical content already prepared by wealthdigital.
Aged Care Gurus has also partnered with knowITdigital to provide a suite of tools and training for advisers wanting to provide specialist advice on retirement living and aged care.
Speaking at a media briefing in Sydney yesterday, Aged Care Gurus principal Rachel Lane said when people think of aged care, their mind immediately goes to residential care homes for the elderly when there are actually far more options available.
Of the 1.3 million who received aged care in Australia in 2017, the vast majority were living outside of aged care facilities.
"Not surprisingly, clients are seeking advice about establishing granny flats with their children or grandchildren, moving into a retirement village or land lease community and accessing home care as well as residential aged care," Lane said.
"Unfortunately for most advisers, they have very little in the way of formal education in this area and limited access to training and tools to help them provide quality advice to their clients."
Finally, the wealthdigital platform will now be home to a new study hub, packed with resources to assist existing financial advisers in going back to school to meet FASEA's standards, commencing 1 January.
"Using our extensive in-house resources and expertise, as well as a range of external tertiary education oriented papers, we have established a study hub that will help advisers plan for study as well as succeed in their chosen course," Wilson said.
The study hub will provide information on all relevant tertiary courses, listing the subjects of each offering, outlining the time commitment required and providing internal and external resources for each.
"For those who haven't undertaken study recently, we provide tips on choosing a course, planning a study timetable, producing written assignments and taking examinations in a university environment," wealthdigital technical manager Rob Lavery said.