Our continuing professional development (CPD) policy

At Goodman Private Wealth, our clients trust us with decisions that shape their families' futures. We are committed to making sure our Financial Advisers keep their knowledge and skills current, so the advice they give is worthy of that trust.

This is our CPD policy under the Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018 (CPD Determination). It applies to every Financial Adviser authorised by Goodman Private Wealth to give personal advice to retail clients on relevant financial products. Provisional relevant providers (advisers in the third or fourth quarter of their professional year) don't have to meet the CPD requirements. Instead, they complete structured training under their professional year plan.

Our approach

  • Our CPD year runs from 1 July to 30 June.
  • Our approach is to give Financial Advisers the resources and opportunities they need to meet their CPD requirements, and to approve their CPD plans, approve CPD activities, monitor their progress, check compliance and keep complete records.

CPD plans

  • Each Financial Adviser must prepare a written CPD plan before the start of each CPD year. If someone becomes a Financial Adviser part way through a CPD year, they must prepare their plan within three months.
  • The CPD plan must identify where the adviser will improve, develop and extend their competence, knowledge and skills. It must also describe the qualifying CPD activities they will complete during the CPD year to do so.
  • The CPD plan should also cover any CPD requirements of the Financial Adviser's professional association.
  • The Compliance Officer approves and signs each CPD plan. Any changes to a plan must be in writing.
  • If a Financial Adviser has not practised or been authorised as a relevant provider for two years or more, they must not resume practice until the Compliance Officer has approved their CPD plan for their first CPD year back. The plan must address any gaps in competence, knowledge and skills arising from the break.
  • Each Financial Adviser is ultimately responsible for completing their CPD plan each year.

CPD requirements

  • Each Financial Adviser must complete at least 40 hours of qualifying CPD activities in each CPD year. This may drop to 36 hours if the adviser works part-time for the whole CPD year and has the Compliance Officer's prior written consent.
  • The hours must include at least five hours in technical competence, five hours in client care and practice, five hours in regulatory compliance and consumer protection, and nine hours in professionalism and ethics.
  • Financial Advisers who provide tax (financial) advice services must include at least five hours in the CPD area of tax (financial) advice within their minimum hours.
  • At least 70% of the minimum hours must be spent on qualifying CPD activities approved by Goodman Private Wealth. For a full-time Financial Adviser, that is at least 28 hours.
  • In each CPD year, no more than four hours of professional or technical reading, and no more than 30 hours of formal education, can count.

Approving CPD activities

  • The Compliance Officer approves CPD activities and sets the maximum number of hours that can be counted for each one.
  • We approve an activity only if it is a qualifying CPD activity. That means it falls within a recognised CPD area, has enough intellectual or practical content, deals mainly with financial advice, and is led by someone with appropriate standing and expertise.
  • We approve enough activities for every Financial Adviser to meet the 70% requirement.
  • Only formally approved CPD counts as approved CPD towards a Financial Adviser's CPD plan.

Monitoring, records and audit

  • The Compliance Officer monitors how each Financial Adviser is implementing their CPD plan throughout the CPD year, and checks compliance with this policy and the CPD Determination.
  • Completed CPD is tracked through our subscription to Kaplan Ontrack.
  • For each Financial Adviser, we keep complete and accurate records of the qualifying CPD activities they complete, when they complete them, the hours spent, evidence of completion and the outcome of each activity, and progress against the CPD plan.
  • Each year, the completed CPD register is saved in our Personnel CPD Folder. CPD records are kept for at least seven years.
  • Our Financial Auditor audits all CPD registers for compliance every year.
  • If a Financial Adviser does not meet the CPD requirements for a CPD year, we update the Financial Advisers Register as required.