BT Financial Group (BTFG) has announced it is putting its advisers and leaders through The Ethics Centre’s Ethical Professional Program, with its first 500 due to complete the course by 30 June 2017.
BTFG General Manager, Advice, Mark Spiers said BT has been raising the bar on professional standards over many years. This new program aims to formalise ethical awareness, education and training of our people which will have broader benefits for both our people and our customers.
“As an industry we have to get ethics and behaviour right so we can shape and lift the culture across the advice industry,” Mr Spiers said.
“The Ethical Professional Program is an immersive and transformational education program for financial advisers. It has been incredibly well received by its participants who are now applying what they learn in their professional lives whether it’s being courageous with a manager or changing how they conduct a client meeting. Our congratulations to the BTFG Advice team for prioritising ethics. We applaud their initiative,” said Ed St John, Executive General Manager, The Ethics Centre.
Research shows that there is a known positive correlation between ethics and customer satisfaction.1
“Ethics are our most effective watchdog. The more we talk, think, dissect and practice, the more we see the rewards across business, behaviours and decision making” Mr St John said.
Commenting on the importance of integrating ethics and advice, Mr Spiers added, “This is a strong step towards formalising where the industry is going ahead of the new professional standards due in 2019. Not only will the program support our advisers, but importantly it will help to lift consumer trust in the value of advice and their confidence in financial advice as a noble profession.”
Since early 2016, all new financial advisers at BT have undertaken the Ethical Professional Program.
Advisers and leaders who have completed the program have found it to be valuable and have recognised both the personal and professional benefits of ethical awareness and education.
1. Sulphey, M. M. and George, Saji, 2017 ‘A Study on the Relationship between Customer Satisfaction, Business Ethics and Certain Related Variables’
About BT Financial Group
BT Financial Group (BTFG) has been helping Australians protect, manage and grow their wealth since 1969. BT provides its customers with a full spectrum of wealth services, including investment, superannuation and retirement income products, investment platforms, financial advice, private banking and insurance solutions.
About The Ethics Centre
The Ethics Centre is an independent not-for-profit organisation that has been working for over 25 years to ensure lives and communities are built on strong ethical foundations. The Ethics Centre has worked with hundreds of thousands of employees and organisations through counselling, consulting and education programs. Every cent they earn goes back into programs that bring ethics to the centre of everyday life.
Ethical Professional Program
The Ethical Professional Program helps financial advisers, brokers, bankers and those who work alongside them provide a better service, build strong relationships and gain a professional edge. Participants get practical tools for more consistent and confident decisions that reduce the compliance burden. Ethical Professional is 19 hours of learning spread over four to six weeks. Participants can access continuing professional development points from the Financial Planners Association, the Association of Financial Advisers and the Self-Managed Super Fund Association.
How BT is leading the way on industry-led advice initiatives
- In October 2011 and well ahead of the Government timeline, BT introduced a fee for service model in the bank channel adviser network
- In October 2014 BT launched Adviser View a central register where customers can access and provide feedback on BT’s advisers
- Additionally, at the same time BT launched its Advice Commitment to customers which promises if we get it wrong, we put things back on track
- In November 2016 BT built its Exemplar program to help its people and advisers on its journey to advice as a profession. The Exemplar is a five pillar program comprising: ensuring a common understanding around what an advice professional at BT is, education through The Ethics Centre, formalising a framework for accountability and responsibility, a professional standards charter and education standards.
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Information is current as at 07/06/2017.