Mature financial advisers looking to depart the industry in coming years may benefit from FASEA’s mandated professional year by becoming coaches to new entrants, according to Mentor Education Group.
In a statement, Mentor Education principal Mark Sinclair said the need for experienced mentors and coaches to assist with the professional year for new advisers will mean older advisers considering leaving the industry will have a new opportunity for their post-adviser career.
“The emergence of the financial planning professional coach and mentor discipline to facilitate business improvement as a career pathway is already well and truly underway. Mentor can attest to this based on the number of inquiries and enrolments being received in leadership, management and coaching qualifications,” he said.
“Another coaching and mentor career opportunity to arise will be derived from FASEA’s professional year requirement for new entrants before they can provide personal financial planning advice to retail clients.”
Dr Sinclair said a “mandated supervisory and mentoring role will be required” within each advice business to meet the professional year requirements, noting this is already “an established practice” within the mortgage broking industry, but added that advisers looking to take on this mantle will need to train for it.
“However, it’s not a ‘revolving door’ discipline for those planners contemplating becoming a mentor i.e. retire and walk out the advisory practice on Friday and return on Monday as a coach, supervisor or mentor,” he said.
“Industry, business knowledge, know-how and expertise need to be structured and delivered within a framework to facilitate the best outcomes for the client mentee and mentor/coach/supervisor.
“I’m confident that the opportunity to commercialise decades of knowledge and SME business experience will attract advice practitioners in rapidly growing numbers in the years to come.”
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