It is more important than ever for brokers to get trained to the highest possible standard Regulation and increasing industry competition have propelled training to the top of the agenda for brokers.
Bitesize Learning offers a radical new approach to training in only 90 minutes (page 6). This is convincing evidence that you don't need to take days out of your schedule to achieve the best in training standards.
Historically, companies investing in extensive training of staff in the early years of their employment were rewarded with many years of loyal service.
Today, companies need to generate a return in this investment within two years to justify their investment.
Marsh's Bruce Carnegie-Brown holds the view that employers should require employees to meet certain minimum standards in respect of the skills necessary to be part of the financial institutions profession (page 19).
As an employee's role changes so the minimum skills required will change as well.
A good example of this is set by two brokers from Hamilton Robertson.
They went back to school to sit a series of exams on health and safety issues and how to conduct risk assessment (page 28). And their new knowledge ultimately benefited their clients.
This is the future for brokers and their development and they should embrace it with enthusiasm.
The good news is that brokers know this. Ninety per cent of brokers questioned by Biba, say that training requirements have increased since FSA regulation.
Biba is leading the way by offering its members a range of training programmes for its members (page 24).
Brokers must also give serious consideration to treating customers fairly (TCF). But Lee Gladwell warns that many brokers have failed to appreciate how much weight TCF carries (page 12).
To overcome this Gladwell suggests the principle of TCF should be assigned boardroom responsibility.
