knowITdigital has entered into a joint venture (JV) with Monarch Institute to provide vocational education and training (VET) for wealthdigital users to study Diploma of Financial Planning and Advanced Diploma of Financial Planning.
wealthdigital (powered by DeskCaddie) is a technical library, a compliance tool and a business-building opportunity that is accessed by more than 4000 financial advisers.
knowITdigital CEO, Wayne Wilson, said wealthdigital users will have immediate access to a high quality, trusted education resource to begin or complete their diploma study.
“The Monarch training courses will link directly to the knowITdigital CPD offerings. The JV further allows for knowITdigital to work with Monarch to build wealthdigital versions of both courses, and scenarios and activities within the courses will be based on real-life, work-based usage of wealthdigital.
“The wealthdigital versions of each course will mean that learners have the added benefit of understanding real-world application of what they are learning by utilising a tool they have in their office. This will provide deep knowledge together with application to support the development of skills.
“Half of our existing footprint is comprised of small to medium sized non-aligned practices. We can provide a significant distribution service and a central point for them to pursue, and maintain, the new academic standards required from 1 January 2019.
“Monarch is an established and respected registered training organisation that provides well-structured high quality training content. The philosophy of Monarch resonated with us because they too believe in the future of financial planning as it moves from an industry to a profession, and the importance of delivering quality, authentic outcomes for people,” Mr Wilson said.
Monarch Institute chief operating officer and executive board member, Nick Chapman, said the JV with knowIT offers an alternative distribution platform, and one that is highly complementary to its education offering and existing distribution footprint.
“Monarch’s focus is to provide education for the real world. All our courses are written by industry experts, who liaise and work closely with employers to ensure the necessary industry specific subject matter is carefully and comprehensively integrated throughout the course.
“The wealthdigital platform will allow us to reach over 4000 planners who can use our training content to further build their knowledge and skills.
“wealthdigital fits well with this ethos, and we have been impressed by the depth and breadth of information available through this platform. Students will be provided with scenarios and activities within the courses that are based on work-based usage of weathdigital, which gives them valuable real world work experience.
“Monarch’s aim for students to be able to make a valuable contribution in their industry immediately upon course completion. The joint venture with knowITdigital for the financial planning diploma courses, ensures that this is achievable,” Mr Chapman said.
Pricing for the courses will be competitive with incentive offered for wealthdigital users.
Mr Wilson said the JV arrangement is the first of many planned initiatives for knowITdigital to provide more than better solutions for its users.
“knowITdigital is looking for ways to elevate the existing advice content through a trusted and coordinated compliance and education platform.
“The JV is an important element of the compliance portal that wealthdigital is planning to deliver later this year. The portal will become an end-to-end compliance and risk management system at the AFSL, practice and planner levels. In this way, the wealthdigital reference library will provide support, training, and professional development resources and power the qualifications and ongoing professional certification of advisers.
“wealthdigital systemises and standardises advice processes to ensure compliance with all legislation and regulations. The goals based planning methodology ensures meaningful client-centric outcomes. It is these business outcomes of growing profit and improving business excellence that underpins all wealthdigital education and professional development offerings,” Mr Wilson said.