Fortnum is planning to revamp its in-house training program from July 1, 2014, when it will launch Fortnum Academy to support its financial advice and accounting practices.
“We see it as important that we actually deliver education and training across the entire business, not just to the practitioners,” says Ray Miles, the group’s executive chairman.
“Up to now, most of our focus has been around the advisers or principals of the business and the practice managers,” he explains, revealing it will now also provide training services to administration staff and other members of its support teams.
For financial advisers, the training will comprise a combination of state-based and national study groups and specialist days along with webinars and email-based professional development (PD).
Accountants aligned with Fortnum Professional Strategies and who are licensed will also be catered for by Fortnum Academy. “We’re wanting to direct this to the accounting market as well…to engage accountants in the group, and we see this as a great way of doing that,” says Simone Munro, who will head up Fortnum Academy.
“Although accountants receive a lot of PD in their own right, the way we see we can add value is by filling the gap in specialist areas, or also in the personal development and business management side of things.”
A new training path
Fortnum’s new training approach is also likely being spurred on by the group’s plan to buy back ANZ Banking Group’s 20 per cent stake in the business, which was revealed earlier this week.
At present, the ANZ-owned wealth business OnePath plays a significant role in providing training services to Fortnum, including induction programs for new advisers.
In future, Fortnum will take full responsibility for coordinating all training, according to a briefing document Munro prepared for Fortnum’s board.
Adviser driven
Demand for the education and training initiative is being driven “purely through demand from advisers. They hadn’t felt the current system had been working, and that we needed an internal program,” Munro says.
However, she emphasises this hadn’t become a problem for the business, but had been identified as a necessary focus area by Ray Miles and Scott Charlton, director of Fortnum Professional Services.
“I don’t think it was a threat…some advisers had spoken to Scott and Ray about it, and they were the initiators of [Fortnum Academy]. That was the reason for the surveys; they were aware that it may become an issue,” Munro says.
She refers to a survey of its financial advisers conducted by Fortnum, which showed “they wanted something more tailored to them, something that is aligned to the coaching.”
Decisions on PD topics, content, speakers, agendas and the timing of training sessions will be overseen by a Fortnum committee. This will consist of three financial planners, each from different advice specialisations, along with a para-planner, practice manager, accountant and the head of professional development.
According to Munro, Fortnum Academy will increase the relevance and efficiency of the group’s professional development programs, which will run alongside coaching forums, “to make efficient use of [our financial planners’] time.”
“They came to me and asked for something different to what other dealer groups offer…I suggested we move away from outdated PD days,” she says.
Looking outside the square
Munro says they also looked at best-practice training programs in telecommunications and IT, “to see how we could bring some of those things into this environment.”
A key element that underpins the program is the 70/20/10 model of adult learning. “Basically, 70 percent of people learn through experience, 20 per cent through networking and conversations, and 10 percent through formal means,” Munro says.
“Financial planning practices aren’t resourced to grow and train staff and to work with them. They can send them to PD or something like that, but it is usually quite ad-hoc. “
Munro believes the approach at Fortnum Academy will allow practices to better engage their financial advisers in the training, “because it takes the training to them.”
“It’s not going to be full days [of training], but purely workshop based, and a maximum of four hours at any time, so they’re not out of their offices too long [and are] getting targeted content.”
