The economic situation in recent years has had significant impact on the ability of organizations to develop the technical and application skills of their front-line financial advisors. At the start of the downturn, one of the first budget lines impacted was “training.” Organizations were looking for every possible way to maximize efficiencies and minimize costs to “stop the bleeding” in an effort to meet the numbers for Wall Street.
Despite the limitations in financial services training budgets in recent years, things now appear to be changing. A recent study issued by Bersin and Associates noted that U.S. spending on learning and development increased 12% in 2012, the largest increase in 8 years. Bersin also reports that organizations have significantly increased spending on non-traditional methods of training, which has increased 39% over similar spending in 2011.
Technology has been a driving force in this growth in non-traditional methods of training. Seeking to increase effectiveness and maximize the utility of every training dollar, the financial services industry has been at the forefront of this change. But the change does not stop there. Changes are taking place that are dramatically affecting the training landscape and leveling the playing field for financial services organizations of all sizes. Quality programs that were once available to only the largest and most elite organizations are now becoming available to all.