IFA Launches New Webinar Platform

17 May 2011

IFA Launches New Webinar Platform

The Institute of Financial Advisers (IFA) is pleased to announce the launch of a new professional development structure which will provide members guaranteed access to ten hours of professional training, regardless of where they live.

The IFA is also amending its membership structure, requiring all new provisional members to become general members within three years of becoming a member.

IFA chief executive Peter Lee says as an institute it needs to review its professional development structure and the pathways for member certification on a regular basis. "We have not reviewed this for a long time and with the introduction of regulatory change and improved international trends we believe now is a good time to set new and higher standards for institute members."

As part of a wider review, Lee says members have been calling for better access to its professional development courses. "As such we have reviewed how we deliver our professional development courses and what improvements can be made.

"Until now we have relied on road shows and other meeting opportunities such as branch meetings to deliver structured credits. However only one member in three is generally able to attend these events and it is clear that we need to offer a number of delivery mechanisms including online."

The new initiative will provide IFA members with ten hours of structured credits, regardless of where they live via webinars, webcasts and online learning facilities. "In future our members will be able to attend in person or learn online. They now have a choice. Members will also be able to download any of the material at any stage, any time after each presentation."

IFA will be engaging the services of a professional development manager to deliver high quality internet based programmes to its members. As a result of the new investment, structured credits will be paid for upfront within IFA's membership package, rather than throughout the year during attendance at road shows or workshops.

Annual membership fees will increase by $180 per year. This cost is more than offset by the introduction of free professional development available throughout the year.

"For members who attended three road shows a year, the new webinar format represents a significant cost reduction, effectively allowing members to obtain their ten hours of structured credits at more than half the cost of what was previously paid to attend these events."

IFA members will know exactly how much their structured credits will cost for them annually, paying for them once only.

Lee says IFA members will still have the opportunity to get together several times each year via road shows, but these will now be free of charge. "As a result we expect higher turnouts and more networking and knowledge sharing to occur at these events."

The changes will take effect from 1 July with all future professional development days scheduled from October to become free of additional charge for members.

IFA has also announced a new "Pathways to Excellence" professional development structure which will require new provisional members to become general members of the IFA within three years of joining the institute. New Provisional members will be required to complete four papers of an approved tertiary qualification and undertake two years of work experience before becoming general members.

Lee says the Certified Financial Planner (CFPCM) and Chartered Life Underwriter (CLU) designations are also undergoing changes. Future CFPCM and CLU qualifiers must complete either a portfolio of evidence covering the previous three years or 12 months supervision to receive certification as well as an approved tertiary qualification with a current minimum of an eight paper diploma, a three hour exam and a case study to receive certification.

ENDS

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