There are a number of ways you can leverage professional development to ensure a growing, robust practice
Professional development is a non-negotiable for me. As a professional financial adviser I have a duty and responsibility to stay up to date. As part of my job description I need to keep on top of legislative changes, economic conditions, investment market trends, product innovation, financial planning strategies – and that’s just the beginning.
When it comes to professional development and lifelong learning, it’s something I embrace rather than fear because it keeps me up-to-date and engaged with my profession. It gives me the confidence to know that the advice I am providing to my clients is first-rate and it also satisfies my inquisitive nature.
So, rather than thinking: “Oh god, not another PD Day! I don’t have the time, I already know all that stuff, there’s no value add …” why don’t you look at PD in a different light? Here are a few tips on how I get the most out of PD:
1. Filling a knowledge gap: Like you, I’ve attended countless PD days over the years, read hundreds of technical articles and listened for hours to investment and economic experts and I never stop learning. The more I know, the more I realise I don’t know. When planning PD and training for me and my team I identify the areas which need to be worked on and develop the training program accordingly.
2. Career building: I remember my first PD day. I was sitting in the large auditorium, furiously taking notes and wondering how any one person could ever know so much about RBLs, Centrelink and income streams. Things have changed over the years and my technical and business knowledge has increased significantly. Continuous studying both formally and informally has been the key to my career advancement.
3. Team building: Attending an external PD event gives me and my team the opportunity to learn from different people in different settings. It’s a great opportunity for the newer members of the team to get exposure to other professionals in a non-threatening environment. By encouraging my team to participate in PD events it also sends the message that I support them and value ongoing learning and career development. A happy team is a happy practice – and that makes for happy clients.
4. Storytelling: At PD days, I catch up with colleagues and we exchange war stories. I learn a lot from listening to the experiences of fellow planners and business owners and hopefully they learn from my experiences as well. The stories I tell relate to anything from the running of my practice to new strategies I’ve used for a client. They can also be stories about what to avoid and lessons learned from mistakes. What a great way to learn!
5. Thinking of my clients: A lot of PD training I do is very deliberate and focused, specifically targeted at providing advice to a particular client segment. I am able to learn from people who are leaders in their field and then apply that knowledge to enhance my clients’ situations and develop various service offerings. When my clients know they are getting advice based on best practice they not only feel satisfied and confident in me, they will tell their friends.
6. Remaining compliant: There is no doubt that the need for PD for non-technical training has increased and this is due in no small part to the constant legislative changes. Along with most good practices, we are FoFA ready and this has been achieved by putting time and effort into learning what will be required under the new regime. As time-consuming as this has been, I believe that having a “best practice” approach to compliance will ensure my practice will be around for a long time to come. That’s good news for me, my clients and my team.
7. Delivery options: Not all PD is delivered in a formal setting at PD days. I take advantage of different delivery styles to make sure I am learning in ways that make the best use of my time and financial resources. Webinars, online training, distance education and teleconferences are all flexible and cost-effective modes of delivery.
Ongoing professional development has been essential for me as a business owner and professional adviser. It has been instrumental in my career advancement, it has enabled me to build a cohesive and knowledgeable team and it has without doubt improved my clients’ welfare. All of this is critical in ensuring I have a growing and robust practice.
