TAL urges advisers to consider skills upgrade

30 January 2023

Life insurer TAL has pressed the importance of adviser education as Canberra weighs its response to the Quality of Advice Review.

The Review wrapped up last year and submitted its final report to the Albanese Government last month.

“In 2023 the Quality of Advice Review could lead to further change for the industry,” GM Retail Distribution Individual Life Niall McConville said.

“We encourage advisers to take the opportunity to catch up on [continuing professional development] learning during the first few weeks of the year and consider undertaking courses required for the Professional Year.”

He says the financial advice industry has undergone significant change in recent years and life insurers have a role to play in supporting advisers through education.

“For the financial advice industry the past year has been largely characterised by the changes to income protection products, alongside a spotlight on potential reform of the industry through Treasury’s Quality of Advice Review, and this was reflected in adviser enrolments at the TAL Risk Academy.”

Last year the academy recorded 11,000-plus course enrolments and the programs with the highest attendance included the Income Protection Masterclass, a practical course on the new Individual Disability Income Insurance landscape and a course on fee structures.

“Industry-aligned courses on topics ranging from the fundamentals of Income Protection, through to more in-depth case study analysis of emerging advice strategies, have enabled advisers to extend their knowledge and skill base while continuing to deliver value for their clients,” Mr McConville said.