Busting Top Myths About Financial Services Training Programs

Busting Top Myths About Financial Services Training Programs

by GM Malik
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Training employees is one of the most important parts of running a successful and profitable business. 

If your staff is not trained well. They can impact client satisfaction as well as expose the company to many liabilities and compliance issues. Not getting the right training can also impact employee performance which is evident in performance evaluations.

These types of issues gather a lot of press and can often lead to the development of misconceptions surrounding these topics. 

This is exactly why providing training programs has become such a lucrative space. This leads us to discuss the top myths that people believe about financial services training programs:

Myth 1: Company Size Does Not Matter

One of the biggest misconceptions about financial training is that the one-size-fits-all approach is the right one. Many service providers will only provide one type of course and call it a day.

However, the size of the company or business does matter when compliance issues come into play. More often than not, bigger companies have to follow stricter rules and regulations to be considered compliant in comparison to smaller businesses.

If you are choosing a training program, make sure to go with one that can meet all your needs and make sure to customize the course based on your specific finance avenue.

It is better to have employees that are trained on more topics than having those who can only deal with certain issues that were covered in the regular uncustomized training they went through.

Myth 2: Training Programs Are Only For Businesses

We deal with finances every day whether personal or corporate. We are surrounded by news about statistics, inflation, the economy, and even the general prices of consumer goods.

Financial training resources are not just for people who are running businesses or working in the finance sector but are for everyone. Personal finance courses are especially helpful for those looking to gain insight into how they can better manage their money.

Myth 3: Only Specific Finance Tracks Can Benefit From Training Programs

This common misconception will be refuted by almost every training provider in the market as the applications of finance training are truly countless.

Financial services training programs can help many people including those aiming for a career in finance tracks such as accounting, wealth management, investment banking, and even fintech.

Additionally, many think that only newcomers in the finance industry need training programs, but that could not be more wrong. Even senior management needs a refresher on compliance issues and laws surrounding their industry.

Myth 4: Refresher Training Is Only Needed Annually

Another common misconception about financial training is regarding the frequency. Many people believe you only need refresher training once a year. 

On the other hand, many believe you do not need training until an event occurs such as when a compliance issue is raised.

In reality, there are three major time frames when successful companies invest in training resources. 

The first is when a new employee joins the company and is trained during the onboarding process. Second, annual training that happens around the same time every year and updates employees on what has changed in the past year. Finally, a third time when any type of compliance incident happens whether internal or external.

Conclusion

The best way to train and what training resources to use will vary depending on your needs and company functions. 

However, keeping these common misconceptions and myths in mind will help you better understand what training programs to use. How they can be effective, and how often to use them.

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