TAL records big uptick in Professional Year trainees

TAL’s Risk Academy, the life insurer’s dedicated adviser education program and a key pillar of its Professional Year (PY) initiatives, has seen a 168% uptick in PY candidates since 2021, TAL has reported, as advisers rush to ensure they meet professional practice standards.

More than 1,160 PY candidates have enrolled in Risk Academy courses this year, TAL revealed, with the life insurer promising PY candidates that it can provide all structured training requirements “tailored” for their needs, including a relevant skills assessment.

Under professional standards rules introduced by the Federal Government in 2019, financial advisers in Australia must undergo one full year – equivalent to 1,600 hours – of relevant work and training to qualify as professional advice practitioners. At least 100 of these hours must involve structured training, including Continuing Professional Development (CPD) requirements.

TAL general manager, retail sales and new business Beau Riley said the Academy serves as a “cornerstone in fulfilling ongoing adviser education needs and CPD hour requirements” for all advisers, and particularly those looking to fulfil PY criteria.

The Academy’s program was developed in collaboration with “industry experts”, he added, including a tailored PY program hosted by TAL’s technical team alongside industry guest presenters.

Among the Academy courses in direct support of PY qualifications, TAL said its Financial Exam Masterclass, which prepares individuals for the financial advisers’ exam, continues to be the most popular on-demand course.

TAL’s support of the PY sits across three pillars: structured training through the TAL Risk Academy, PY Manager, and PY Community.

In 2023, PY Manager grew to support 207 candidates and 602 total users, TAL said. Of these, 16 candidates completed their PY through the program.

More than 100 Australian financial services licensees currently use the platform – a number, TAL said, that “continues to grow”.

TAL’s third PY pillar, the PY Community, hosts monthly events with industry experts and leading advisers to support PY candidates.

Riley, who noted TAL’s “considerable investments” in education and industry updates, said the firm is “committed to growing the advice profession by providing the right education and support required to meet dynamic professional standards and regulatory requirements.”

“Ultimately, this will mean more Australians will have access to the high-quality financial advice they want and need.”

He added: “TAL is focused on partnering with licensees and advisers to help grow a thriving, professional financial advice sector.”