The Stockbrokers and Investment Advisers Association (SIAA) has launched an artificial intelligence (AI)-powered professional development resource to assist newer advice practitioners build critical skills around the provision of investment advice and help those moving into the field from other professions.
The Developing Adviser Resource Toolkit (DART) will provide 30 hours of structured learning, half of which will contribute towards continuing professional development requirements, that combines educational resources with AI-powered learning experiences.
The emerging technology will be used to create ethical dilemma simulations with immediate feedback and client interview situations to practice fact-finding, strategy development and client engagement skills, both of which can be used as evidence of learning and development.
SIAA stated DART is intended to help developing advisers apply their knowledge in realistic situations, but would also assist career changers understand the advice process, work through client interactions and build their confidence as advisers using the skills and experience they already have.
The toolkit was developed in consultation with compliance leaders, training managers and heads of advice and will be available to SIAA members and affiliates via an 18-month subscription.
SIAA chief executive Maria Lykouras said supporting the new advisers was critical for the profession, given practitioner numbers are forecast to fall below 15,000 in the next five years despite more consumers seeking advice.
“The future of Australia’s investment advice profession depends on attracting, developing and supporting emerging advisers,” Lykouras said.
“While formal education provides an important foundation, developing advisers also need opportunities to apply their knowledge and gain experience in realistic professional scenarios.
“DART has been designed to complement workplace learning by combining practical resources with AI-powered simulations that allow advisers to test their thinking, refine their skills and receive immediate feedback.
“We believe AI has the potential to take adviser education and development to the next level by creating more personalised, interactive and accessible learning experiences.
“DART reflects SIAA’s commitment to supporting high professional standards and investing in the future capability of Australia’s investment advice profession.”
Jason Spits
SENIOR JOURNALIST
Jason is a senior journalist with Benchmark Media and writes for the selfmanagedsuper website and magazine and smstrusteenews website. He has covered financial services since 1999 and has written about life insurance, superannuation, investment management and financial advice, in both a freelance and in-house capacity, and also did a brief stint as a media manager for an industry association. He has been the editor of trade titles Money Management and Financial Standard, and was most recently senior journalist with life insurance title Riskinfo.
Articles by Jason