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Advice students shun commission mindset

The next generation of financial advisers is fully committed to a post-FOFA mentality and should be a source of optimism for the industry, according to education provider TAFE NSW.

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”.