Most advisers want sales training in formal education: poll

An online poll conducted by Professional Planner has found that more than half of advisers think any new education standards being imposed on the industry should include sales training as a component.

The survey, which asked, “Should sales training be a part of any new education regime for financial planners?”, showed that 61 per cent of respondents support the move.

The industry’s new education regime is being set down by the Financial Adviser Standards and Ethics Authority. It is under consultation as the standards body seeks “stakeholder views on the practical application of its proposed guidance”, FASEA’s website states.

At time of publishing, the formal consultation period, due to begin in early 2018, had yet to commence.

The question of sales being incorporated into an education program for advisers is divisive. Tracey West, an economics lecturer at Griffith University, says that while the school’s current financial planning curriculum does focus on “soft skills like active listening”, the institution is aware that “this ignores the realities of business”.

“We are cognisant that integrating marketing or sales into the financial planning curriculum would be useful, particularly for existing advisers,” West says.

In reference to the poll result, she acknowledges, “Such a high advocacy rate is certainly cause to warrant further consideration.”

Many advisers, however, either don’t see direct sales training as a priority for an education framework, or would advocate for a less aggressive, more interpersonal focus.

David Simon, principal adviser at Integral Private Wealth, says the issue is nuanced, and that training on “effective communication and relationship management” is much more applicable than sales.

“This is a crucial skill,” Simon says, “especially when you consider the importance of best-interests duty.”

Brian Knight, chief executive at education provider Kaplan, has a similar perspective.

“The word ‘sales’ is kind of misleading,” Knight explains. “If you’re talking about interpersonal skills, we absolutely agree, but what we don’t want to be teaching is pure product flogging or how to manipulate people.

“It’s about building trust and servicing your client. So what you really want to teach advisers is how to ask the right questions and form great relationships.”