Wayne Wilson

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 4,000 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.

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Wayne Wilson

knowIT Group has rebranded Strategy Steps’ Desk Caddie as wealthdigital and enhanced and refreshed the website in order to deliver better work solutions for advisers.

“The new features will help improve practice efficiency and help achieve compliance with regulatory requirements. wealthdigital provides an essential integrated business solution that’s easier for advisers to use, allowing them more time to increase the profitability of their business,” said Wayne Wilson, CEO of knowIT Group.

“wealthdigital will still be powered by Desk Caddie, and Desk Caddie’s content will remain as up-to-date and dependable as ever, including delivering ongoing analysis of legislative changes and their impacts on financial planning strategies in a timely and accurate way.

“Over time, users will notice that Desk Caddie becomes progressively superior as we implement the improvements that advisers have said they need in order to run efficient and profitable practices,” Mr Wilson said.

wealthdigital will combine research, planning and strategy features as well as workflow and management tools. These include:

• A solution that is flexible, efficient and simple
• An integrated technology platform
• A solution based on advice and client goals, not products.

The wealthdigital refresh has seen the Desk Caddie content reorganised and re-labelled in a few places – Latest News becomes Updates and there is a new tab called Newsletters. Newsletters will now become key to delivering valuable technical and business insights. Prominent new navigation will help make the transition a smooth one.

“A new home page will outline the changes and inside, the more logically-ordered content will be more easily tracked via clear new menus and beefed up search functionality.

“Over time, these changes will become more intuitive as we broaden and deepen the content and introduce a new taxonomy and labelling system.

“All of these changes are aimed at helping advisers achieve a more profitable practice with better business outcomes,” Mr Wilson said.

Mr Wilson said the flow-on effect will provide a number of benefits including:

Time

“wealthdigitial streamlines the advice process by creating a simpler, faster way to research, compile and present strategy solutions for clients.

“This means advisers will have more time to focus on client needs, work on attracting new business, market the practice or update their professional knowledge,” Mr Wilson said.

Smarter workflow

“The difference with wealthdigital is that it starts before the other tools kick in – with strategy,” said Mr Wilson.

“The Strategy Matrix is a Goals-Based Strategy Planning Tool that supports your strategy modelling before any numbers are included.”

A better focus on relationships

Mr Wilson said that wealthdigital allows advisers to consider strategies that are broader and more diverse.

“This puts the focus back on individual needs, requiring less time crunching numbers.”

Consistency of quality advice and outstanding service

“wealthdigital provides a comprehensive range of tools and calculators – from quick calculators to the Strategy Matrix which is a Goals-Based Strategy Planner that allows advisers to model client scenarios with specific regard to meeting your Best Interests Duty and other compliance requirements.”

Mr Wilson said these changes allow for a more efficiently managed business

“wealthdigital provides more certainty around remaining compliant, allowing advisers more time to focus on maintaining clients and gaining new ones.”Strategy Steps was sold to knowIT Group – owned by Wayne Wilson, Wendy

Strategy Steps was sold to knowIT Group – owned by Wayne Wilson, Wendy Tyberek and Andrew Roberts – in late 2016. The name change and the improved functionality is part of knowIT’s ongoing strategy of redeveloping the relevance and reach of Desk Caddie to better meet adviser demands. The refreshed system will be available to users on 6 March 2017.

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Wayne Wilson, CEO of knowIT Group, said the appointments enhance the technical and legislative knowledge, analysis and support that the business offers financial advisers through its Desk Caddie online tool.

“One of our primary focuses since taking over Desk Caddie has been making sure we have access to the right expertise and experience to maintain its knowledge base at the highest possible level.

“Ensuring we have comprehensive, up-to-date and accessible information available to Desk Caddie users at all times is key to its ongoing success.

“Desk Caddie already provides practical support to more than 4000 advisers, to help develop financial planning strategies for clients, and these appointments will further add to the services we provide,” Mr Wilson said.

Rob Lavery joins KnowIT as technical manager. He has fifteen years industry experience and was most recently with ANZ Wealth as content and design analyst. He has also worked at Pinnacle Financial Services, TAFE NSW and ING/OnePath in a range of education, technical services, and government relations roles. Mr Lavery holds a graduate diploma of financial planning and is currently studying for his master in financial planning.

In addition to Mr Lavery’s appointment, knowIT has also recruited three subject matter experts who will be responsible for developing technical content and subject updates for financial advisers through Desk Caddie.

They are: Kieren Dell (investments); Stuart Milne (investments); and Tim Miller (SMSFs).

Kieren Dell has over 31 years of experience in superannuation and financial services, having worked in a variety of corporate roles as well as an independent consultant to the industry.

He is a partner in Praxis Partners, a small consulting firm in financial services, founded in 2000. His previous roles was as general manager, financial planning and investments for Perpetual Private Clients, and he has also worked at Barclays Global Investors, Westpac Financial Services, Retireinvest, MLC and BT.

He was involved in the establishment of the Australian Retirement Income Streams Association in the 1990s, becoming its Chairman and first CEO prior to its eventual merger with IFSA (now the FSC). He was also executive director of the Senior Australians Equity Release Association of Lenders (SEQUAL). Mr Dell holds a Bachelor of Arts degree from Sydney University and a Bachelor of Laws degree from the University of Technology Sydney.

Stuart Milne has over 30 years’ experience in the wealth management and superannuation industry. He co-founded Praxis Partners in 2000 and prior to this spent fourteen years in various corporate roles spanning product management, operations, product development, strategy and technology at organisations including Zurich Financial Services, Colonial First State, and Aviva Australia.

He has been involved in product design and development across the funds management industry including master funds and wrap accounts, unit trusts/managed investment schemes as well as all types of retirement income stream and superannuation products.

Tim Miller started his financial services career at the Australian Taxation Office in 1990 and moved to its superannuation unit in 1994, providing superannuation assistance to employers, employees and tax professionals.

He has also worked at Cavendish Superannuation leading the retirement income and technical compliance teams, and was head of education at AMP SMSF, before becoming an independent SMSF trainer, presenter and mentor. Mr Miller is a member of the Self Managed Superannuation Fund Association and holds its Specialist Adviser (SSA) designation as well as a diploma of superannuation.

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Tony Negline has been appointed technical editor, Kevin Conlon has been appointed to head the CPD program and Jacquie Hayes has been appointed to manage content.

Mr Negline is principal at Financial & Technical Solutions and is also head of superannuation at the Chartered Accountants Australia & New Zealand.

He has almost 30 years experience in financial services in a range of senior roles including national technical services manager at ING Funds and Technical Manager at AM Corporation and Aviva Australia.

He has written the weekly superannuation and financial services column in The Australian newspaper for almost 13 years. He is also the author of The Essential SMSF Guide 2016/17 published by Thomson Reuters and endorsed by Chartered Accountants, Australia & New Zealand.

Mr Conlon is managing partner at ACTIVE Knowledge and was most recently chief executive of the peak equity release body, SEQUAL.

He has over 30 years experience in financial services both as a practitioner and as an educator. His previous roles include chief executive of the Council of Mortgage Lenders Australia, head of education with the MFAA and national manager – training and development – with RESI Mortgage.

He is a long-standing contributor to the Financial Planning Academic Forum, FPAF and ASIC’s Financial Literacy Community of Practice.

Ms Hayes has over 20 years experience in financial journalism and media relations, most recently as a columnist for Fairfax Media. She was personal finance editor at The Australian newspaper and prior to this she was a personal finance writer with the Australian Financial Review. She also spent time as media relations manager at Social Ventures Australia.

“The appointment of these senior technical, content and professional development executives brings a high level of expertise to knowIT Group and its Desk Caddie online tool offering,” says Wayne Wilson, CEO of knowIT Group.

“Desk Caddie already provides practical support to more than 4000 advisers, to help develop financial planning strategies for clients. With the addition of the new executive team, knowIT Group is maintaining the experience, knowledge and ability needed to provide the high levels of strategic analysis Desk Caddie clients have come to expect.

“Tony’s ability to deliver sophisticated legislative and technical information, knowledge and research, combined with Jacquie’s expertise in financial writing and Kevin’s capabilities in developing CPD programs, are part of the ongoing strategy to redevelop the relevance and reach of Desk Caddie,” Mr Wilson said.

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