Massey University has partnered with Kaplan Professional, Australia’s largest and leading financial services education and continuing education provider, to help potentially 25,000 financial advisers meet a new standards regime in New Zealand.
The Financial Services Legislation Amendment Act 2019 (the Act) recently became law and prescribes changes to the way financial advice is regulated and delivered in New Zealand, introducing new classifications and a Code of Conduct for advisers. This comes into force in March 2021, and all advisers have a transition period of two years to meet the requirements to be qualified as an Authorised Financial Adviser (AFA).
A key component is a minimum qualification – New Zealand Certificate in Financial Services (Level 5) [Version 2] – which aligns to the Certificate in Business Studies (Financial Services Pathway) to be co-delivered by Massey Business School and Kaplan Professional.
In addition to the qualification, advisers will also benefit from one-year’s access to Ontrack, Kaplan Professional’s market-leading online continuing education platform, which has over 85 per cent market share in Australia and more than 50,000 annual users.
The Ontrack platform enables specialist content to be delivered through engaging and innovative digital modules on an ongoing basis, where users follow a personalised learning plan specific to their role, organisation and continuing education requirements. Licensees also have access to in-depth reporting and tracking functionalities, plus the ability to create their own learning material with a purpose-built rapid content creation tool.
“As New Zealand’s largest business school and internationally ranked university, we look forward to combining with an equally strong Australian brand, Kaplan Professional, in delivering a top-quality financial services programme,” Dr Jeff Stangl, Massey Business School International and Strategic Partnerships Director says.
“The programme combines the academic rigour of a Massey qualification with the professional education expertise provided by Kaplan Professional. The resultant offering aspires to raise the bar for New Zealand’s financial services education, benefiting financial practitioners and strengthening New Zealand’s financial markets alike.”
Kaplan Professional Chief Executive Officer Brian Knight said his organisation was delighted to partner with Massey University. “Great synergies exist between Kaplan Professional and Massey University, as both institutions are the leaders in their respective sectors.
“There is a significant demand for quality financial services education in New Zealand, so the partnership will enable us to broaden the scope of our offerings and increase our presence in the New Zealand market.
“Similar to Kaplan Professional in Australia, Massey University has strong industry relationships in New Zealand; we look forward to engaging with professional associations and licensees to provide the best possible outcomes for advisers and their clients,” he said.
The Certificate in Business Studies (Financial Services Pathway) will be delivered online, utilising Kaplan Professional’s flexible, progressive and student-centric delivery model and first-class learning resources, providing advisers with an engaging and valuable experience.
New Zealand advisers will also benefit from Kaplan Professional’s direct access to leading industry professionals, corporate insight and personalised support, and Massey University’s cutting-edge insight and research.
Mr Knight said the experience and knowledge Kaplan Professional had gained from educating and supporting the Australian financial planning and wider financial services industry over the past 20 years would add significant value to the partnership.
“As the largest and leading provider of financial services education and continuing education in Australia, we were pleased when Massey University approached us to seek our expertise in helping them to deliver a practical and relevant solution to help New Zealand’s advisers meet these new standards.
“We are also in a similar situation in Australia where over 20,000 advisers have to increase their credentials and level of education to a postgraduate qualification, in addition to meeting 40 hours of continuing education every year. Kaplan Professional is currently supporting the majority of Australia’s licensees and advisers to successfully meet these requirements, so we are confident we can leverage what we have learned to the benefit of the New Zealand market,” he said.
The fee for the Certificate in Business Studies (Financial Services Pathway) is NZD $1,800, which includes the compulsory Financial Advice Fundamentals course, plus one elective specialisation (investment; life, disability and health insurance; general insurance; or residential property lending).
Additional specialisations can be added at NZD $900 each. Participants will also receive one-year’s access to Ontrack and one complimentary Kaplan Professional short course.
Enrolments will be available from 1 January 2021. The qualification can be completed in 12 months part-time, with new intakes beginning monthly.