Starting a career as a financial adviser involves more than just passing exams. According to Mitchell Harrison, an associate adviser at LBW Business and Wealth Advisors, it is essential for new entrants to prioritize junior roles to bridge the gap between theory and practice in the financial advisory field.
In a recent podcast hosted by the Financial Planning Association of Australia (FPA), Harrison emphasized the importance of taking time to learn the ropes before diving into advisory roles. He advised graduates to consider beginner positions such as client service officer (CSO) or administrative support roles as crucial stepping stones towards becoming a successful adviser.
Sharing his own experience, Harrison highlighted the value of starting as a CSO and gradually transitioning into paraplanning before pursuing an adviser role. He stressed that each role offers unique learning opportunities that contribute to professional growth in the industry.
Reflecting on his career path, Harrison admitted that initially, he was eager to fast-track his journey to becoming an adviser. However, he soon realized the significance of gaining practical experience through intermediate roles like paraplanning, which enhanced his technical skills and prepared him for client-facing responsibilities.
While academic qualifications provide a solid foundation, Harrison underscored the importance of applying theoretical knowledge in a real-world setting. He mentioned that his university education laid the groundwork, but it was the hands-on experience in a financial firm that truly shaped his advisory skills.
Comparing the benefits of working in small to medium-sized businesses versus larger corporations, Harrison noted that while smaller firms offer more technical learning opportunities, career progression may be less structured. In contrast, larger institutions provide a more defined career path but may lack the personalized support available in smaller settings.
According to Harrison, new advisers should demonstrate a clear career trajectory, enthusiasm for the industry, and a proactive approach to self-improvement to stand out among their peers. He emphasized the importance of setting oneself apart by showcasing a genuine passion for financial advisory services.
Transitioning from a CSO to a paraplanner, Harrison highlighted the significance of mastering essential tasks like drafting statements of advice (SOAs) and honing technical expertise. These intermediate roles not only build technical proficiency but also prepare individuals for the complexities of advising clients on financial matters.
In conclusion, Harrison’s insights shed light on the strategic approach new entrants can take to navigate the financial advisory landscape successfully. By recognizing the value of incremental career progression and embracing diverse roles within the industry, aspiring advisers can lay a solid foundation for a fulfilling and impactful career in financial planning.
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