With many of Australia’s young people anxiously awaiting their Higher School Certificate (HSC) results, set to be released on 18 December, decisions regarding future studies and subsequent careers will be top of mind.
To this point, Viridian Advisory has called on the cohort to contemplate taking the path of financial advice.
After years of “significant transformation” following the mass exodus of advisers as a result of the royal commission, the firm said “the need for new talent has never been greater”.
“The profession is poised for a new era, driven by innovation and fresh perspectives, making it an ideal time for HSC graduates to explore financial planning as a career choice,” Viridian said.
Though the lack of universities offering a degree specifically in financial planning has been an issue over the years, making it hard for prospective students to even see it as an option, Viridian suggested that specialist degree programs have now cropped up at more institutions.
Otherwise, students have the option of pursuing a more traditional finance or business-related degree as a springboard into the career and then supplement their studies with specialist qualifications offered by Kaplan or other such industry institutions.
The co-founder and general manager of Viridian Financial Group, Brett Arnol, said after years of development, the profession is poised to grow and take on new talent.
“The industry has undergone significant transformation in recent years, and with an increasing need for financial advice, there’s never been a better time for young talent to join and help shape the future,” Arnol said.
“This is a unique moment for young talent to step into an industry on the rise. The financial advice sector is ready for the next generation to bring fresh ideas, meet increasing demand, and shape its future for years to come.”
PY pathways
To accommodate the inflow of young talent to the profession, Viridian offers a Professional Year (PY) program, providing them with a “comprehensive blend of technical training, mentorship, and skill development”, giving them the tools to thrive in their future career.
Notably, Viridian said the program is specifically designed to develop participants’ soft skills, such as emotional intelligence, collaboration and client engagement.
A report by Kaplan released in April suggested that new entrants are lacking key soft skills and practical experience to the detriment of clients’ experiences, likely as a result of traditional higher education institutions favouring theoretical classroom learning.
“Our PY program is about more than meeting regulatory requirements – it’s about empowering young people to succeed in a dynamic and evolving industry,” Arnol said.
Viridian PY graduate, Vega Yan, said the program helped her towards her career as an adviser.
“The industry is evolving, and there’s a growing need for advisers who bring new ideas and diverse perspectives. Viridian gave me the tools to succeed and contribute meaningfully to this transformation,” Yan said.
Other organisations have also developed programs to help new entrants find their footing in the profession, something that has become particularly vital following the exit of institutions after the royal commission, which subsequently saw the removal of what was traditionally the training grounds for new advisers.
Wilsons Advisory, for example, launched its new Associate Adviser Program last month, providing budding advisers with practical client experience under the watchful eye of a mentor, in addition to providing structured training sessions to develop their skills.
Meanwhile, careers platform Striver and wealth management firm BT have partnered up to launch the Striver Career Pathways Program, announced in September, aimed at helping career changers, advice support staff, and university graduates develop their skills through online-based training and development to support their path into the profession and address the persistent struggle to bolster adviser numbers.
Dumbest suggestion ever from Viridian.
– Financial advisers need life experience. Becoming a financial adviser is much better suited to career changers than career starters.
– Until the massive regulatory problems are sorted out, no-one should become a financial adviser. You will be miserable as hell, regret your decision, and quickly switch to something else.
The sensible option is to do something else now. In several years time, if the regulatory problems in financial advice have finally been fixed, that’s the time to consider switching to financial advice as a career. (Based on current progress, it will take at least several years to fix the regulatory mess.)
limit the number of advisors to career changers, in a world where more Australians need advice to tell people to sit on the sidelines until regulation improves? Yeah sure, trying to get more graduates to consider advice as a profession seems like a dumb suggestion….
How many other professions tell the next generation not to join their professions, this is the main issue with financial advice, experienced advisors saying only people with life experience should follow the pathway and not encouraging the next generation to help push through change and get advice to the millions of Australians who desperately need it.
How many other professions have been decimated by a 45% exodus, are regulated by moronic government bureaucrats and are about to be overrun by an army of unqualified sales people, offering largely the same service as we offer for FREE? Are you suggesting we should lie to the next generation?
That is clearly not what I am suggesting. I am just confused by why there is such a negative view on the future of the industry, yes it has it challenges but don’t all professions? What I am saying is we are better to work together as an industry to try and encourage a better environment and then support others to join it, perhaps just a difference of opinion but I don’t feel like now is the time to give up.
No-one is telling the next generation not to join the financial planning profession ever. But honest, responsible people are telling them not to join until the mess is sorted out. Like going on a holiday to Vanuatu or Lebanon. Potentially attractive at some point, but stay away for now.
It takes 3 to 4 years to complete a degree and then could be another 5 or 6 before these High school graduates actually become advisors post uni, therefore we are talking potentially 10 year from now. Kicking the can until someone says it’s attractive to join will be too late.
Advice from a 25 year veteran. Don’t do it. Stay clear. Stay very well clear. Nothing to see here except hoops of fire & a dead end career funded by corrupt & conflicted corporation, politicians & supposedly regulated by a circus & clowns called ASIC.