Education and training provider Kaplan Professional has released a white paper that encourages the financial services industry to develop a new culture around learning, particularly suggesting a move away from time-based development structures.
The Lifelong learning – The future for professional financial advisers white paper, published by Kaplan Professional, has called for the financial services industry to implement a new continuing professional development (CPD) and lifelong learning framework.
The white paper’s suggested framework, which would incorporate innovations in education methodologies and technology, recommends that the industry “shifts away from the status quo of compliance-focused, process-driven and time-based CPD”.
Notably, the report recommends that the industry move to a point-based system that would determine an individual’s CPD requirements (with points based on learning outcomes rather than time/hours spent or number of words written).
Further, it recommends an assessment of learning events and an allocation of points based on learning outcomes, with providers assessing learning events and awarding points for CPD.
The point-based framework would acknowledge “quality of learning” and “level of thinking skills”, with a “scale of differentiation” between learning activities.
The white paper added that the CPD points-based system would “entrench” a culture of lifelong learning as it incentivises the furthering of knowledge and education.
Kaplan Professional head of CPD Jennifer Hornsey said that the white paper was designed to help improve standards in the financial services industry.
“After speaking to many of our clients — corporates, licensees and advisers of all ages and experience — about what they wanted to do with their learning in the future and what they wanted out of CPD, it prompted us to think, this is an opportunity to redefine CPD and instill a culture of lifelong learning.
“We want to change the value of CPD beyond compliance and move towards a lifelong learning mindset, standardise recognition and accreditation models, and recognise innovative CPD delivery methods.
“This is an opportunity to go above and beyond the status quo, and a white paper is an ideal way to start the conversation.”
The white paper, which considered industry feedback, also explored micro-learning, adaptive learning and artificial intelligence (AI) technology, which could potentially allow advisers and organisations to monitor performance and identify repeated errors or gaps in knowledge, while also delivering “tailored solutions” at the appropriate level.
Ms Hornsey went on to highlight the importance of CPD and the long-term benefits it would offer the industry.
She said: “Instilling a culture of lifelong learning in the sector and developing a framework to support the industry culture underpins the success of the new professional standards and ultimately guarantees favourable outcomes for consumers.”