A number of courses have been cancelled due to low take-up by advisers.

Cost and timing are suggested as possible reasons for their failure.

Education provider the Strategi Institute has canned one of its three "Summer School" programmes, the two-day course “How to increase business profitability by 20%” scheduled for the end of this month.

The course, which cost $998, offered a money-back guarantee to advisers if it didn’t show them how to achieve a minimum increase in profitability of $10,000 a year.

Meanwhile, a roadshow to be presented by Australian financial advisory consultant Jim Stackpool in Auckland, Wellington and Christchurch during February has also been cancelled due to lack of interest.

Stackpool roadshow organiser Tony Vidler couldn’t be reached for comment but Strategi Institute managing director David Greenslade offered a number of reasons why the business profitability course failed to attract sufficient numbers.

“One, the date- it was running the first week many advisers were returning to work,” he said.

“Two, the cost- those advisers who most need to attend the course probably do not want to spend money on a course that has a money-back guarantee if their investment of less than $1000 cannot be proven to turn into $10,000.  I suspect these advisers would prefer to attend a course that is free of charge that might be provided by a product supplier.

“Three, many advisers are reluctant to admit that their business is not performing at as good a level as what it could potentially perform and they may feel nervous to attend a course such as the one provided.”

Greenslade said failure to invest into high-quality training was an industry-wide issue.

“Some advisers are very good technically but are not experienced business owners and do not appreciate the benefits of investing into training and up-skilling if they want to get better results.”

PAA professional development manager Jenny Campbell said cost was an important consideration for advisers, who were “quite picky” about which CPD courses they attend.

“It’s about relevance and them feeling they are getting value for money out of it.  It’s always a challenge for CPD providers because financial advisers are such a diverse bunch it’s hard to get CPD that’s relevant to all of them.

“We’ve had a huge take-up; it’s been fantastic and we’ve had to turn people away but people haven’t had to pay much for it or it’s been included.  However, people will have to pay for CPD.”