Corporate F/O reported getting low on a visual approach. The Captain and Tower also gave a too low alert. The F/O suggests more training is needed in this LR-45 on visual approaches.

Narrative

During a left traffic pattern into ZZZ; turning from a left base onto final; the PNF said 'You're a little low.' I was making a continuous turn from the downwind as I was closer to the runway than I intended to be and did not want to overshoot the final turn. I did not properly compensate for the change in lift component during the turn; and noted the Vertical speed at the time of the PNF's call out to be 1200FPM down. I recall the flaps to be set at 40 degrees; gear down and confirmed; and airspeed about 140 knots. There were no GPWS alerts.Almost immediately after the PNF's call out; as I was already taking corrective action; the control tower called out a low altitude alert and gave us an altimeter setting. Neither I nor the PNF found our altitude to be critical; I corrected my descent rate; intercepted a 3 degree glide slope; and landed without incident. I feel that additional training on flying a visual traffic pattern in the LR-45 type would be beneficial. The visual approaches conducted during my type rating were all straight-ins; and the approach in question on this report I estimate to only be the third time I have conducted a visual approach from a standard traffic pattern as Pilot Flying in this type.