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Continuing Professional Development (CPD)

Statement of Policy - in accordance with the FASEA Standards Authority

LightYear Group Pty Ltd

Incorporating LightYear Docs, I Love SMSF & SMSF Training Group

Important Information:

The information provided below may be used by Relevant Providers to approve, certify or accredit the CPD activities provided by LightYear Group Pty Ltd, Incorporating LightYear Docs, I Love SMSF & SMSF Training Group.

For more information about the CPD Standard referred and adhered to by LightYear Group, please refer to FASEA’s FPS004 Continuing Professional Development Policy, the Legislative Instrument and the Explanatory Statement for that Legislative Instrument. To receive this policy as a stand-alone document, please contact

1. Purpose

The Continuing Professional Development Standard commenced on 1 January 2019. From this date, all Financial Advisers are required to participate in development programs and activities that ensure they maintain and extend their professional capabilities, knowledge and skills including keeping up to date with all regulatory, technical and other developments relevant to professional financial advice.

Financial advisers are required to complete 40 hours of CPD each year of which 70% must be approved by their licensee (including a maximum 4 hours of professional reading). The minimum hours for CPD across the mandatory categories are:

• Technical – 5 hours

• Client Care and Practice – 5 hours

• Regulatory Compliance and Consumer Protection – 5 hours and

• Professionalism and Ethics – 9 hours

The balance up to 40 hours must consist of qualifying CPD.

The purpose of this policy is to outline LightYear Group’s approach to CPD, Record Tracking and also to assist Relevant Providers with their responsibility in ensuring they meet their Licensee’s requirements as specified in the Licensee’s CPD Policy.

The CPD activities provided by LightYear Group Pty Ltd (and its related subsidiaries I Love SMSF, LightYear Docs & SMSF Training Group) adhere to part 7 (1) of the Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018 as demonstrated in this policy and related resources.

2. Overview of LightYear Group

The LightYear Group (LYG) business model embraces a platform (an end to end solution) creating and training on strategies, with marketing and client-facing tools to enable accountants, financial planners and SMSF advisers to build and develop client trusting strategies to benefit their personal and family financial position.

LYG CEO Grant Abbott (LLM) is one of the forefathers of the $750b Self-Managed Super Fund sector, has built four companies and written five books. A true strategy master, an exceptional trainer and an industry thought leader, he has worked with over 20,000 accountants, planners, SMSF advisers and financial professionals. Grant’s formal biography and credentials are provided on page 4.

LYG is comprised of 3 business divisions – I Love SMSF, LightYear Docs & SMSF Training Group. Predominately, all CPD activities are run under the I Love SMSF brand. On occasion, a CPD activity may run under the LightYear Docs brand, however, the policy and details to follow remain unchanged.

3. I Love SMSF - Webinar Series

I Love SMSF provides a platform for education that offers knowledge and skills learning, as well as business and network building. A key element within this platform is the I Love SMSF webinar series that includes face-to-face and online seminars/webinars, offering access to the best technical and strategic SMSF resources and marketing ideas.

In total, I Love SMSF aims to provide 1 weekly SMSF specific and technical webinar during this period. All webinars are hosted by Grant Abbott utilising zoom webinar technology and satisfy the definition of “qualifying CPD activity” as follows. The relevant FASEA CPD areas are noted on the attendees' certificate under “FASEA Hours Breakdown”.

(a) the activity is in one of the CPD areas in the table below (the areas are referred to by the names in column 3 of the table);

(b) the activity has sufficient intellectual or practical content;

(c) the activity primarily deals with matters related to the provision of financial product advice, financial advice services and financial advice business;

(d) the activity is led or conducted by 1 or more persons who are appropriate, and have sufficient standing, expertise, academic qualifications and/or practical experience;

(e) the activity is designed to enhance relevant providers’ knowledge and skills in areas that are relevant to the provision of financial product advice and financial advice services.

From 1 January 2019, FASEA’s new professional standards requirements for financial advisers will progressively replace training standards in Regulatory Guide 146 Licensing: Training of financial product advisers (RG 146). RG 146 sets out the minimum training standards for financial advisers.

RG 146 will continue to apply to financial advisers who are authorised by their Australian financial services (AFS) licensee as an ‘existing provider’ until the new requirements apply to them.

RG 146 will also continue to apply to advisers who are not ‘relevant providers’ – that is, those who only provide general advice, those who provide advice about Tier 2 or less complex financial products and those who only give advice in relation to a time-sharing scheme. ASIC will review and update their guidance for advisers who are not relevant providers.

RG 146 will not apply to new entrants to the industry seeking to become a relevant provider from 1 January 2019. They will need to meet FASEA’s new professional standards requirements.

Both FASEA Categories and RG146 Knowledge areas are assigned to all webinars and events provided by LightYear Group.

4. Webinar Materials

All webinar attendees are provided with a recording of each webinar post the event.

In addition, attendees receive a copy of the presentation slides with their individual CPD certificates each quarter.

5. Tracking & Registers

I Love SMSF webinars are delivered online via zoom webinars and our seminar/summit platform. Through the use of these platforms, I Love SMSF can maintain their due diligence with regards to ensuring CPD is only awarded where CPD has been earned.

I Love SMSF utilises the following tracking methods:

• Zoom Attention Tracking Feature: An indicator displays in the Participant panel next to the name of any participant who does not have Zoom in focus for more than 30 seconds whilst the webinar screen and slides are set to screen share.

• Zoom Attendance Tracking Report: Generated 30 mins following the end of a meeting which shows the time a user logged on to a webinar and left the webinar.

• Survey Monkey: Surveys are sent to attendees at the completion of a webinar asking specific webinar related questions. This option is generally used whereby a member is unable to attend a webinar event live.

I Love SMSF maintains a register of all webinar attendees and is available for review upon request. I Love SMSF provides successful webinar participants with CPD certificates at the end of each quarter.

6. Training and Competency Objectives

The I Love SMSF webinars support an SMSF professional cohort of rounded individuals, with an ability to think critically and respond to client needs in a professional way. They also provide opportunities to:

• maintain personal and professional confidence and proficiency

• reflect upon personal professional practice

• engage with the profession and the wider community.

The I Love SMSF Webinars support the following RG 146 knowledge areas which ensure the provision of good SMSF Advice. The relevant knowledge areas are noted on the email accompanying the attendees certificate under “RG146 Knowledge Area” and displayed next to both the FASEA Hours Breakdown and Learning Outcomes for the event.

• New Funds

• SMSF Administration

• Contributions

• Managing Investments

• Taxation

• Benefit Payments

• Winding Up

• Practice Management

All webinars are held over one hour and made available online in real time and asynchronously. CPD is only awarded to those in attendance at the real time event in engaged for the full duration of the webinar (refer point 5 above).

7. Presenter Bio – Grant Abbott

Grant Abbott is the key presenter for LightYear Group, incorporating I Love SMSF, LightYear Docs & SMSF Training Group. Grant has a Masters of Laws specialising in tax and superannuation law. He has been at the forefront of self-managed super fund thinking since 1994, and most recently has led a nationwide movement to “Grow, Protect and Preserve” self-managed super and the rights and entitlements of self-funded retirees across Australia.

Grant Abbott’s notable achievements in the SMSF industry include:

• Leader of the federal political party “The SMSF & Self-Funded Retirees Party” (pending registration).

• Development of the leading training course for advisers providing advice in self-managed super funds with more than 1,400 having become SMSF specialists and RG146 compliant.

• Writing on super fund issues on behalf of many major financial services publications including the SMSF magazine, Money Management and being regularly quoted in BRW and the Financial Review;

• Publishing a specialist SMSF journal with more than 100 editions;

• Writing the – “Guide to Self-Managed Super Funds” for CCH. The book now in its third edition has become a best seller and provides technical and practical tips on establishing, building and managing a self-managed super fund. CCH has also published the “SMSF Strategy Guide” written by Grant.

• Making numerous submissions to Treasury and Government on various SMSF issues

• The financial founder of the Self-Managed Super Fund Professionals Association of Australia (“SPAA”) now the SMSF Association;

• The Chairman of the SMSF Members Association;

• Providing advice, technical support and product development for all the major banks – both in Australia and overseas as well as the major financial planning and accounting organisations, and

• Preparing self-managed super fund professional standards in committee in 2004 for the financial services industry.

• Grant has presented on more than 1,500 occasions to more than 100,000 SMSF Trustees and has launched his fifth book – “The Guru’s Guide to SMSFs” to critical acclaim.

8. Association Points

Our CPD is based on the legal requirements under the Corporations Act 2001 and more importantly, the FASEA Standards Authority. With standardised CPD not relying on Associations determining ad-hoc CPD, means we can offer the best value and highest quality CPD on the market.

LightYear Group ensures the legislative requirements are met (this is our number one focus ) however given the expense to be incurred in acquiring Association points (which are provided as the same FASEA Hours Breakdown as accredited by LYG), it becomes prohibitive. In proceeding with this, we would no longer be able to offer some free to public webinars and costs for our membership CPD would have to increase. It is our desire to enable our firms to provide CPD across all their staff not pay up to $150 per CPD hour.

9. Further Information

Should you require any further information about the CPD activity provided by LightYear Group (and its related subsidiaries I Love SMSF, LightYear Docs & SMSF Training Group), please contact us on the details below.

Grant Abbott, CEO: 0418 735 491 /

Ashleigh Jaremyn, COO: 0439 381 982 /