Industry experts stress the significance of acquiring entry-level experience before pursuing a career as a financial adviser. While many graduates are eager to jump into the professional realm after completing their studies, a recent event in Sydney highlighted the importance of gaining several years of experience in roles such as paraplanner or client services officer.
The upcoming Delivering Better Financial Outcomes legislation is expected to introduce a new class of limited advisers known as “qualified advisers.” These individuals, often in call center roles at superannuation funds, are envisioned to progress to providing comprehensive financial advice over time.
Minister for Financial Services, Stephen Jones, envisions a structured pathway for individuals to transition from partial qualifications to becoming fully-fledged financial planners. This progression involves starting at a super fund and later moving to a licensee, creating a logical career trajectory.
Speakers at the event emphasized the value of starting in entry-level positions to lay a strong foundation for future success. Melinda Brown from UniSuper highlighted the importance of seizing opportunities within organizations and working towards career advancement.
Panelist Tonya Ripley from BT echoed the sentiment, underlining the benefits of learning industry intricacies gradually and building a network of mentors. She emphasized the value of entry-level roles in providing comprehensive industry knowledge.
Ben Smith, head of advice propositions at Zurich Assure, recognized the pivotal role of administration teams in any business. He emphasized that these roles offer direct customer exposure, facilitating a deeper understanding of processes, products, and client interactions.
Transitioning from entry-level roles to owning an advice practice was also discussed at the event. Rachel Bell from Sustainable Life Solutions highlighted the growing need for financial advice and the potential for new entrants to eventually become business owners.
Experienced professionals in the field also shared insights on the importance of gaining experience before progressing to advisory roles. Joel Perryman from Integritas Wealth Advisers stressed the value of understanding implementation processes and gaining practical experience in roles like CRM or CSO.
While some individuals may be eager to fast-track their progression to becoming advisers, seasoned professionals advise against rushing through the learning process. Taking the time to learn and gain experience is often more beneficial in the long run, providing a solid foundation for a successful advisory career.
Ultimately, the consensus among industry experts is that entry-level experience, such as working as a paraplanner or in client services, is invaluable for aspiring advisers. Building a strong foundation through practical roles and gaining comprehensive industry knowledge can significantly enhance one’s ability to succeed in the financial advisory sector.
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