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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Yea good luck with that- more crap from the education sector trying to sell more BS courses
Well, Dr Sinclair would know, if you can’t do it, teach it.
ASIC won’t let you practice it, but it will let you mentor it …?
Surely a base qualification to mentor must be to hold the prerequisite qualifications?
When will ASIC show some basic common sense? From what we have seen at the RC it’s ASIC’s senior leadership team that needs to upgrade its work skills. Plus a pack of No Doze so they can stay awake at the wheel.
OK, so let me get this straight. The government, ASIC, FASEA, special interest groups et al have pronounced that an adviser with, say, 30 years of experience is not good enough to keep advising and protecting their clients like they have for 3+ decades UNLESS the adviser now does exams and university courses (to learn what exactly??) and waste dozens of hours and thousands of dollars ($15K++?). HOWEVER, those same self-congratulatory geniuses insisting on this reckon those same advisers are just fine to train the new advisers coming into the industry. All joking aside, somebody, please, tell me what I am missing. This is just ridiculous and reeks of double convenient standards. I’m all for helping the new kids but isn’t everyone saying I can’t be trusted to deal with clients now as I am ‘uneducated’ uner the new ‘rele/standards’. What the hell type of drugs are these legislators smoking? This borders on neglect of fiduciary duty these pollies and board members have. FASEA et al should be ashamed of themselves for this abject mess they’ve created and the fear and uncertainty they’ve engendered.
What a joke! I just got out of it altogether and now enjoy retirement.
Who would want to hang around and show others how to cope with all the crap.
Take me sage advice folks, retire as soon as you can and enjoy life!
or retire and be bored shi$@33 and read trade publications ?
…and post stupid comments in forums
One of the stupidest articles ever written!! Next Sinclair will be saying advisers exiting the industry can also sell steak knives and Uber drive to supplement their earnings in addition to mentoring and we should all see this as an opportunity.
i think i’d go for (f), that would be the easiest thing to do. you get paid, can recruit your mates to join, pay each other huge salaries and bonuses, do nothing, be accountable to no one and carry on
where else can you get a ticket like that?
Yes but at least weekly you’d have to meet with AMP and NAB etc and say “give us more members and we’ll ignore all your troubles.”:
Mentoring works in mortgage broking because it’s not bureaucratically onerous, and the trainee can be generating revenue for their employer while still being mentored. Neither of those conditions apply to the financial planning professional year.
The only financial planning firms willing to take on professional year candidates will be those large enough to wear the costs of extra bureaucratic overhead and non productive employees. Firms of that size are diminishing by the day. If there is a ban on vertical integration, there will be very few left at all.
Have to say what a cynical article this was
So we want those not committed enough to do some overdue work to stay an adviser, teaching the next crop of advisers?
Alrighty then.
Great idea. Train your replacement. Don’t worry about feeding your family or how you are going to live on the old age pension.
This has to be one of the most ridiculous statements I have ever read. I’ll add that to my FASEA practice exam question of the day.
You’re a Tired worn out but highly experienced Adviser, having devoted a lifetime to building a business and helping ordinary Australians. You’ve recently been driven out of business due to a never ending chain of Government over regulation and stock market crashes, you now however have the opportunity to chin up and embark on the following career change;
(A) Be a mentor and charge for it
(B) selling text books to Universities
(C) Working for Uni’s, AMP the FPA selling courses to planners.
(D) Consultant on everything else
(F) Professional Association role
(E) Go fishing.
(G) Suck it up and get qualified instead of complaining for years on end.