Speaking to ifa at a recent Graduate Connector event – at which financial planning students network with industry luminaries – TAFE NSW head teacher, accounting and finance, Diana Bugarcic said the future of the financial advice industry is in good hands.
“These students have no idea about commissions, they have no idea about how it used to work in terms of remuneration, they are happy to be working with clients on a fee for service basis – that’s their mindset,” Ms Bugarcic said.
“The new generation are interested in helping people, they are interested in superannuation, they understand that people need to start planning for their future and they want to be part of that.”
Ms Bugarcic said TAFE’s financial planning courses are now focused on emotional intelligence and communication skills as a core component in order to impart a commitment to holistic advice on students.
“Students looking to get into the industry need to realise it’s not just about technical skills, it’s about being passionate and wanting to help people,” she said.
Demand for tertiary financial planning courses is largely coming from students who are already qualified in finance or economics, Ms Bugarcic said, and from students who are seeking a “career change”.
That’s a great forward looking outcome. When the rest of the industry/dealer groups/advisers convert to the same principle, a major hurdle will be overcome and then lets see what garbage the ISNs throw up to convince members that they are better. We all know their service is inferior and they only offer a sub standard service and product-including risk cover.
These students have no idea about commissions, they have no idea about how it used to work in terms of remuneration, they are happy to be working with clients on a fee for service basis thats their mindset, Ms Bugarcic said. That’s all very well… so they will work for NO remuneration to help mankind, because most Australians cannot afford advice. Why would you ask students with no life experience such a question about fees v commission, they don’t understand the real world, and those coming in as a career change, I’d be interested to know what is driving them to upskill… I’m feeling all warm and fuzzy for the next generation if this is the true reflection of the next wave of planners. Guess they will all be very happy with jobs within industry funds on $50k pa.. Good luck with that!