“The tool is no better than the craftsperson!”
At Financial Navigator, it is just as important to us as it is to you that you are successful with our reporting platform. As we add the features you want and as the complexity of the family office software program increases, we accept the responsibility to assist your staff in increasing their proficiency. This article describes some of the options we have found to be most valuable to both principals and staff who operate our system.
Knowledge and Skills Required
As a user of the Financial Navigator accounting and financial reporting platform, you know the breadth of the product. It enables you to manage the following areas:
- Investment tracking and reporting
- Accounting, financial reporting and cash management
- Information for preparation of income taxes
In a small firm, you may have major responsibilities for all of these—and for seeing that the computer systems are updated appropriately. The fewer the staff in an office, the more expertise each member must have–and constantly improve–to keep the office working effectively.
Of course, some staff within an office may well be able to provide helpful suggestions when, for example, a routine report shows unexpected results. Outside contractors, too, can solve problems. As long as these others are available and the staff can describe the problem that is occurring, work will proceed in a timely and efficient manner. The Technical Support Team at FNI supports all users regardless of their expertise; however, when your staff has the vocabulary to describe a problem and understand the solution proposed, our team is faster and more thorough in its assistance to you.
Criteria for Selecting a Training Program
We understand the challenge of staff development. After all, you call us with your most difficult problems, and we have to be prepared to help you. So training our staff is extremely important for us. Perhaps the training solutions that work for us will work for you.
Two criteria loom large when we judge training programs for our staff: Make sure the material is easy to access and make sure it is excellent. Our stance is that the cost of the program is secondary to its quality.
For working professionals, computer-based, online learning makes sense. The materials can be studied at a time convenient for the person doing the course, in or outside the office.
The disadvantage of online training is that it is not always easy for the student to get answers to questions or encouragement to stick with the program. Designating another person in the office to serve as a mentor to the student can motivate both people. At FNI, senior professionals are encouraged to familiarize themselves with introductory programs just so they can serve as effective mentors for young staff.
Materials must be current and relevant to a specific focus. Any high-quality program will define student learning goals clearly. It will include a test of those same goals at the conclusion of the program. Performing well on the final exam confirms to students that they have mastered the material they set out to learn.
If the program provides a certificate of completion, so much the better! Programs sponsored by recognized professional organizations may even motivate students to proceed faster and more seriously than those that do not have such backing.
Two Specific Training Programs
In addition to specific training in software systems, at Financial Navigator we focus our training on two additional areas, overall financial skills and IT staff skills.
Overall Financial Skills
To increase the expertise levels of entry-level professional staff seeking finance careers, we like the Investment Foundations certificate program developed by the CFA Institute. Read about the program.
IT Staff Skills
We also recommend the series of certificate programs developed by CompTIA (short for Computer Technology Industry Association). The entry course for the A+ certificate is effective in providing computer and networking skills that staff should master. Many other courses in related areas of IT management are available for staff wanting to enhance their technical expertise. Read more on the A+ course.
Experience has shown us that a serious commitment to training and skill development of your staff is an invaluable investment from which you will reap many rewards.