CPD Policy

Wealth Partners’ approach to ongoing training is that of professional development – to encourage and
enable all staff and Representative engagement in activities which systematically assist to enhance
their knowledge, skills, competence and general life attributes so as to achieve professional and
organisational goals.

It is also continuous – directed towards maintaining the knowledge, skills and competence necessary
for the diligent and competent practice of providing quality financial advice and services to clients.
Wealth Partners encourages staff and Representatives to undertake continued professional
development (CPD) across a wide range of professional and personal development areas, thereby
developing characteristics and skills beyond the technical competencies and aligned to their
professional and personal goals.

For Representatives of Wealth Partners, CPD is also a legal requirement as per the FASEA CPD
To this end, Wealth Partners has implemented the following procedures:

• development of written CPD Plans for all Representatives, customised for each individual’s
training needs and objectives as relevant to their role, for each CPD Year;
• internal training sessions on an ad hoc basis. The agenda for these training sessions will focus on
the areas of general and specific knowledge relevant to the individual’s role in providing financial
services and that of Wealth Partners’ business services;
• access to appropriate resources and opportunities in order to successfully achieve the
requirements of the CPD Plan; and
• regular monitoring, reporting and record keeping requirements.

Wealth Partners’ CPD Year is each financial year. Individuals who commence with Wealth Partners
during a CPD Year will have pro-rata training requirements included within their CPD Plan.
Wealth Partners ensure that it communicates its CPD Policy to all Representatives and relevant staff
through publication of the CPD Policy on the Wealth Partners’ website and internal network. Wealth
Partners’ CPD Policy may be amended at any time and any changes made are formally communicated
to all relevant individuals as required.

CPD Plans

The overall objective and focus of the CPD Plans is to:

• Improve, develop and extend competence, knowledge and skills relevant to the individuals’
authorised capacity for Wealth Partners;
• Keep abreast of internal policies and procedures, industry standards, movements and topical,
technical and strategic information in the financial services industry; and
• For Representatives, comply with legislative requirements in order to continue to provide financial
advice and services for Wealth Partners and within the broader Australian financial services

Non-advisory employees

The CPD Plan for all non-advisory employees of Wealth Partners is set at a minimum of 15 CPD hours
per CPD Year. A range of CPD activities are provided by Wealth Partners to non-advisory employees
on an ad hoc basis and on-the-job training is provided.


A CPD Plan will be developed each CPD Year and signed by both the individual and Training Manager.
The following procedure is completed by the Training Manager in the development, monitoring and
review of CPD Plans:

• Assess information sourced from the recruitment, selection, supervision and monitoring
procedures conducted on the individual to identify any gaps or weaknesses that the individual
needs to focus on in the upcoming CPD Year;
• Career progression goals and Wealth Partners’ succession planning are also taken into account
when formulating the training and education requirements;
• Any identified requirements are to be incorporated into the CPD Plan, along with any other
training needs/updates that may have been identified and/or scheduled;
• The Training Manager is to select the appropriate level and type of CPD activities to address the
identified requirements, in accordance with FASEAs guidelines;
• During the year, the Training Manager will monitor whether the objectives of the CPD Plan are on
track to be met through regular review of the individuals CPD Register and records. The Training
Manager will report on this progress to the Compliance Committee on a quarterly basis; and
• At the end of the CPD Year, the Training Manager will provide feedback as part of the performance
management process to each Representative regarding their performance against their objectives
and identify any training requirements that are to be carried over into the next CPD Year; and
• The Training Manager will collate a final status report at the completion of the CPD Year on all
Representatives compliance with their CPD Plans, which is to be completed within three weeks of
the conclusion of the CPD Year, to ensure any required ASIC notifications can be made within the
relevant timeframes.

The following minimum CPD requirements are to be included within the CPD Plan for all

• A minimum of 40 hours of qualifying CPD activities each CPD Year for full time Representatives;
• A minimum of 36 hours of qualifying CPD activities each CPD Year may set for part-time
Representatives, however this is subject to prior written consent by the Training Manager on a
case-by-case basis (special circumstances only);
• At least 70% of the required 40 hours of qualifying CPD activities (28 hours) must be activities that
have been approved by Wealth Partners;
• No more than 4 hours of CPD activity can be allocated to professional or technical reading; and
• No more than 30 hours of CPD activity can be allocated from formal relevant education i.e. in
courses required / being completed towards qualifications or designations relevant to an
individual’s activities as a Representative with Wealth Partners (e.g. FASEA approved degree or
equivalent course, education or training provided or approved by a professional association).

Note: As Wealth Partners CPD Year is based on the financial year, in accordance with the introduction
of the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2017, the 2019-
2020 CPD year has been extended to cover the period from 1 January 2019 to 30 June 2020.
Accordingly, the CPD requirements for this CPD Year have been increased on a pro-rata basis for all
Representatives 2019-2020 CPD Plans.

The following requirements may also apply and if so, will be incorporated into Representatives’ CPD
Plan as appropriate:
• Tax (financial) advisers are to attain a minimum of 60 hours of continued professional education
(CPE) within a standard 3-year registration period, with a minimum of 7 CPE hours completed each
year and professional reading capped at 25% of CPE completed.
• CFP® professionals are to attain 120 points & non-CFP professionals are to attain 90 points over a
triennium with a minimum of 35 points per annum for CFP® professional and 25 points per annum
for non-CFP professionals. Non-accredited CPD activities and professional reading are capped, for
CFP® members it is capped at 60 points per triennium and non-CFP® members it is capped at 45
points per triennium. A minimum of 3 points per triennium must be obtained specifically covering

For any existing adviser Representatives (subject to the transitional arrangements for education
standards to 1 January 2024), the relevant formal education required to satisfy the FASEA DQC
Standard may be included as part of the CPD Plan requirements, subject to the 30-hour maximum.
The formal education approved by FASEA is set out in the FASEA DQC Standard however is broadly
described as a degree (AQF7) or degree equivalent (Graduate Diploma AQF8 or Masters AQF9)
qualification in the following areas of study:

• financial planning;
• investments;
• accounting;
• banking;
• economics;
• estate law;
• finance or finance law; or
• TPB approved courses in business law,
commercial law and taxation law.

Any formal education courses a Representative wishes to include within the CPD Plan must be
approved by the Training Manager.

Returning Representatives

Representatives who have previously been authorised on the Financial Advisers Register (between
January 2016 and January 2019) and are returning to the industry after an absence of two or more
continuous years, must have a CPD Plan specifically developed and approved by Wealth Partners. This
returning CPD Plan may require additional CPD hours to address any gaps in the Representatives
competence, knowledge and skills arising from their absence from practice.

Qualifying CPD Activities

The CPD Plan will set out the qualifying CPD activities that each Representative is to complete for the
CPD Year.
In order for a CPD activity to be considered as a qualifying CPD activity it must satisfy all of the
following requirements:
• the activity is in one of the following CPD areas (subject to minimum hours requirements);
o technical competence (minimum 5 hours);
o client care and practice (minimum 5 hours);
o regulatory compliance and consumer protection (minimum 5 hours);
o professional and ethics (minimum 9 hours); or
o general (no minimum).
• the activity has sufficient intellectual or practical content;
• the activity primarily deals with matters related to the provision of financial product advice,
financial advice services and financial advice businesses;
• the activity is led or conducted by one or more persons who are appropriate, and have sufficient
standing, expertise, academic qualifications and/or practical experience; and
• the activity is designed to enhance relevant providers’ knowledge and skills in areas that are
relevant to the provision of financial product advice and financial advice services.

Wealth Partners utilises Kaplan OnTrack, provided by Kaplan Professional (RTO 90116), to assist the
Training Manager in the selection of qualifying CPD activities, as well as the monitoring and reporting
of CPD Plans.

Kaplan Professional provides industry-recognised FASEA compliant qualifying CPD activities via Kaplan
OnTrack, and provides an undertaking that the CPD activities provided by this platform:
• have clearly defined aims and learning outcomes;
• have clearly defined and logical structures, with clear and defined target audiences, following
adult learning principals;
• relates to one or more of the FASEA CPD areas;
• is the appropriate level of learning and has appropriate technical or practical content;
• are mapped to AQF level using the learning outcomes, with reference and alignment to the AQF
• is conducted, and are technically reviewed, by one or more persons with appropriate expertise,
academic qualifications and practical experience;
• enhances the students’ knowledge and skills, and/or contributes to the maintenance of
knowledge and skills in areas relevant to the provision of financial product advice and services;
• have appropriate CPD hours assessed and allocated to complete all components, and will not be
double counted across multiple CPD areas if they relate to more than one CPD area; and
• are current and up to date.

The online CPD Register provided by Kaplan OnTrack enables evidence of qualifying CPD criteria to be
collected and recorded including:

• Name of the activity and the provider;
• Date the activity was undertaken;
• Title and overview of the activity;
• Content of the activity;
• Assignment of relevant CPD area;
• Allocation of CPD hours;
• Assessment items and results
• Details of the content developer/writer, including qualifications and experience; and
• Details of the content technical checker, including qualifications and experience.

In assigning activities and relevant weightings for each CPD Plan, the Training Manager will further
ensure the CPD activities:

• relate to one or more of the FASEA defined CPD areas;
• deals primarily with matters relating to the provision of financial product advice, financial advice
services and financial advice businesses (including AUSTRAC and TPB requirements as applicable);
• are appropriate for the individual Representative in respect to the authorised capacity in which
they act for Wealth Partners.
If a Representative wishes to add an externally provided or alternative training or education course to
their CPD, this will require approval by the Training Manager. In respect to approvals:
• all relevant education courses that are listed on the FASEA DQC Standard are automatically
• Kaplan Professional OnTrack content, if relevant to Wealth Partners’ business, will be approved;
• Any other training or education course selected by the Representative will require approval by the
Training Manager, in accordance with the qualifying CPD activities criteria and evidence
requirements, prior to being included within a Representatives CPD Plan.

If an external or non-OnTrack CPD activity, or other education course has been approved by the
Training Manager to be included within a Representatives CPD Plan, appropriate adjustments may be
made to the qualifying CPD activities weightings within the Representatives CPD Plan.

Training Records

Wealth Partners requires all Representatives to ensure appropriate records are maintained of all CPD
activities, via a CPD Register, and provide this CPD Register to the Training Manager on a quarterly
basis or as requested by the Training Manager at any time.
Evidence of completion of CPD activities is also to be maintained as part of this record keeping
requirement. Records are to be maintained for 7 years from the date the record was made (e.g. 7
years from the date of the Certificate of Completion) and may include documentation / evidence such
• Certificates of Completion / Attendance;
• Email records of CPD accreditation / eligibility;
• Attendance records; and
• Assessment statements.

For qualifying CPD activities undertaken and completed outside of the OnTrack platform, the
Representative is required to upload the details and provide all evidence requirements to the Training
Manager for assessment and approval.

Satisfaction of each Representative’s CPD Plan will be monitored by an annual audit of the
Representatives’ CPD Registers upon the conclusion of each CPD Year by the Training Manager. This
audit process will review records to establish compliance with the expiring CPD Plans to identify:
• the qualifying CPD activities undertaken;
• when the qualifying CPD activities were undertaken;
• the number of hours spent on each qualifying CPD activity;
• evidence of completion of the qualifying CPD activity and the outcomes of the qualifying CPD

The Training Manager is required to complete this audit within three weeks of the completion of the
CPD Year to ensure any required ASIC notifications on a Representative’s failure to comply with the
CPD Plans is reported to ASIC within 30 business days of the failure.

Adequate Resources

Wealth Partners will ensure its Representatives have appropriate opportunities provided throughout
the CPD Year in order to achieve compliance with the CPD Plan through the allocation and assignment
of approved qualifying CPD activities on a monthly basis are made available automatically by Kaplan
OnTrack and can be added by the Training Manager.

Wealth Partners utilises Kaplan Ontrack as a resource to assist in this process as detailed above and
will allow adequate working time for Representatives to complete these activities.
Wealth Partners will also ensure additional resources are available to Representatives which may
include opportunities to attend, subject to approval by the Training Manager:
• Fund Manager / Product Provider / Adviser Briefings
• Professional Association Conferences / Workshop sessions
• Equity Analysts Briefings / Meetings

Wealth Partners has appropriate employment policies to support Representatives training and
education activities as set out in the Wealth Partners employment policies, including financial support
for formal qualifications and education courses, memberships to professional associations and
availability of study leave.
Wealth Partners will also provide access to an appropriate CPD Register via Kaplan OnTrack to assist
Representatives in their record keeping requirements of their completed CPD activities, which will
assist in the demonstration of compliance with the CPD requirements.