An advice practice has called for incentives to be implemented as a way to attract younger advisers into financial planning.
KDM Financial and Estate Planning managing director Kris Martin used the group’s own adoption program as an example, which sees a senior adviser provide an information seminar to local tertiary providers.
“On the back of the seminar, we will then look to employ university graduates into our intern program, where they are placed into a ‘POD’ management style program which includes training for 12 months from a senior adviser,” Mr Martin said.
It comes after Synchron director Don Trapnell noted during a House of Representatives standing committee last week that 6,500 advisers have left the sector in the last two years, while only 163 have joined in that period.
Mr Martin added that the new requirement to hold a bachelor’s degree by January 2026 “will grow greater respect among the public, and will make financial planning a more desirable career choice for those entering the workforce”.
“In the past financial planners have been treated with contempt due to our reputation of being more concerned about own interests than that of our clients,” he said.
“I expect this will change.”
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