Few things can eat away at productivity (and growth) quite as much as stagnation due to lack of training. When people become too comfortable in ‘business as usual’, it’s easy to let growth opportunities slip through the cracks simply because you either weren’t prepared or, worse, you weren’t actively pursuing improvement.
One key trait in finance is intellectual curiosity. Successful advisors are always seeking robust solutions for their clients, while also being aware of the evolving financial landscape and staying updated on trends, regulations, and investment strategies.
That’s where the value of regular training comes in. Let’s look at some of the most significant advantages.
Stay in the loop with regulatory changes
The financial industry is dynamic, and staying updated (and compliant) with the most recent regulatory changes is a fundamental part of sustainable growth (and success). Additionally regular training ensures that there aren’t any areas of exposure regarding legislation, guaranteeing compliance and relevant advice as it considers current affairs and developments.
Leverage new technologies
According to recent research from Deloitte, 51% of financial advisors are considering leaving for an organisation with better tech tools. With a constantly evolving technology, regular training equips advisers with the right tools to optimise tasks, streamline processes and ultimately keep their competitive edge. This is particularly true considering the rise of multiple AI-powered analytics tools, allowing financial advisers to leverage tools and platforms to better serve their clients.
Professional training and growth
Continuous learning and regular training opportunities cultivate a professional environment that values personal development and growth. This benefits the business by upskilling team members and investing in the business. It also significantly impacts overall workplace performance, job satisfaction, and turnover. In fact, 45% of workers are more likely to stay in their role if they receive training.
Stay competitive
In a saturated market, staying competitive often requires businesses to reflect on where they can improve their processes and offerings. A big part of this is investing in regular training to ensure you’re not playing catch-up regarding industry trends and opportunities. In fact, 40% of Fortune 500 companies use Learning Management Systems (LMS) to stay competitive.
Free up critical resources and invest more time into regular training with Commspace
For most businesses, regular training seems ideal in theory. However, when faced with the nitty-gritty reality of everyday business operations, it can be incredibly challenging to free up the time and the resources to invest in regular training without disrupting workflow. Fortunately, businesses don’t have to compromise one or the other.
By leveraging automation tools like Commspace, businesses can optimise (and improve) resource-intensive processes and free up their team to focus on additional business-critical tasks. Moreso, with the added value of granular insights and analytics, the Commspace tools help advisers keep their finger on the pulse of their performance, client data, industry trends and financial well-being – adding much-needed insight. This real-time data not only enhances performance and skills but also allows businesses to identify areas that need improvement and focused training.
Ready to free up your finance team?
Book your demo here or schedule Commspace training here. (PS: training is always 100% free)