Advisers will receive all necessary training by a senior adviser or manager from Lythgo Crew Wealth Management in the steps above. Prospective authorised representatives will receive training including but not limited to the following areas:
All specific areas which need specific training such as SMSF will be provided by a senior adviser.
As per the introduction of new ongoing training and development standards introduced in 2019 by FASEA (Financial Adviser Standards and Ethics Authority) the following requirements are to be met on an annual basis.
Advisers are required to complete 40 hours of CPD each year of which 70% will need to be approved by the licensee (including a maximum 4 hours of professional reading). Part timers with licensees’ prior written consent are entitled to a 10% reduction to 36 hours. The minimum hours for CPD categories are:
The balance up to 40 hours will consist of qualifying CPD for example, technical competence or industry specialization. As an example, an adviser only providing advice in the Insurance sector shall complete the remaining hours in that segment of training, where an adviser is active in multiple areas of specialisation it will be equally split amongst those segments.
Advisers will be able to count 30 hours of their formal study towards CPD hours and all CPD activity will be able to count across multiple CPD areas as long as there is no double counting of hours.
As it currently stands Lythgo Crew Wealth Management requires advisers to complete their 40 hours through our provider preferred provider Kaplan.
It is encouraged and monitored that advisers attend training seminars and product provider training days above and beyond the minimum requirements listed above and while not compulsory it will be discussed and be part of your yearly review process on performance.
Lythgo Crew Wealth Management will maintain all training records on behalf of advisers and when professional reading needs to be included in CPD hours it should have pre authorisation from a director/responsible manager to avoid not completing required hours on an annual basis.
These requirements will be reviewed annually or at the discretion of management if legislation is changed over the course of time.