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OPPORTUNITYAWAITS WITHA CAREERIN FINANCIALPLANNING
A R E WA R D I N G C A R E E RI N S O M A N Y WAY SFinancial planning is a valued profession that empowers people tomake informed financial decisions for themselves and their families.It’s been shown that Australians who consult financial planners becomemore optimistic about the future than those who don’t 1. If you decideto become a financial planner, you’ll be acting as a guardian whoseadvice and expertise will transform lives for the better.While being personally satisfying, it’s a career that’s also financiallyrewarding. As a financial planner, you can earn a great salary andhave the flexibility and freedom to work how you want – whetherthat’s with a small or large business, or setting up your own practice.So, while you’re helping secure the financial future of others,you’ll also be developing the career you want, the way you want.“ I LOVE TRAVEL,MEETING PEOPLEAND HAVING VARIETY IN MY WEEK SO IT IS THE IDEAL JOB FOR ME.”Jeff Yacoub CFP 1. Investment Trends research: Investment Trends August 2015 Financial Advice Report,based on a survey of 10,367 Australian adults.
A CAREER WITH DIVERSIT YThe role of a financial planner isn’t simply about investing money.At its core, financial planning is about guiding people to achieve theirown financial goals and security through personalised strategies.Every day will be as different as the clients you choose to work with.A diverse client base will motivate you to learn, grow and developa broad knowledge of the industry throughout your career.W O R K T H E WAY YO U WA N TFrom the fast pace of the CBD to your own office – the choice is yours.As a financial planner, you have the freedom to work at a largefinancial institution, a smaller boutique firm, or even start up your ownpractice in a location that suits you. Working overseas is also an optionwith financial planners in demand around the world.MAKE A REAL DIFFERENCEAs a financial planner you’re giving people a plan to ensure they canlead lives free from financial strain. You’re helping people become betterequipped to plan a secure future for themselves and their family.In addition to helping your clients, you may find that you want togive back to the community at large and help those at a disadvantage.One way to do that is by offering Pro Bono advice. Many financialplanners do this to give back to their communities.
THE ROLE OF AFINANCIAL PLANNERR E L AT I O N S H I P B U I L D I N GAs a financial planner you’ll spend a large amount of time gettingto know your clients, building trust and long-term relationships.From the outset you’ll be stepping into their lives as you begin tounderstand your client’s goals, hopes and dreams.F I N A N C I A L C OAC H I N GEach and every client’s needs and circumstances will differ.Each one will require a financial plan suited to their specificneeds. Financial planners help their clients in a variety of ways: Developing strategies to achieve financial goals Increasing savings Reducing debt Providing financial coaching and budgeting techniques Ensuring financial security in case of illness, disability or death Planning for taxation effectiveness Maximising returns from investments Securing retirementB U S I N E S S D E V E LO P M E N TAs a financial planner you’ll also spend your time growing yourclient base. The best way to do that is to capitalise on opportunitiesto make yourself visible to potential clients at industry events,seminars and networking opportunities.B U S I N E S S OW N E R S H I PSome financial planners prefer to set up their own practice andwork for themselves. Financial planners who run their own businesswill manage staff, their own clients as well as the day-to-dayoperations of the business.
“I F I CANSIG NI FI CANTLYI M PR OVE THE LI FEO F E VEN ONEDISADVANTAGE DPER SON, I W I LLF EE L I HAVESUCCE E DE D ”Christopher Moore CFP
W H AT S K I L L S D O I N E E D ?Financial planners are challenged to determine the best possiblestrategy for each client based on their individual needs and goals,so no two days will ever be the same. For a financial planner to delivergreat client outcomes they need to be able to develop strong clientrelationships. This requires certain skills:C R I T I C A L T H I N K I N G & P R O B L E M S O LV I N GThe role of a financial planner is to assess a client’s needs andanalyse their situation to deliver a personalised strategy.You’ll need lateral thinking, logic and reasoning to achieve this.M AT H E M AT I C SFinancial planners are required to analyse complex financial dataand will spend time crunching numbers, therefore, good mathsskills are necessary.CO M M U N I C AT I O NOften money matters are sensitive and complex so communicationand interpersonal skills are essential. As a financial planner the goalis to serve clients for life, so building rapport is crucial to success.AC T I V E L I S T E N I N GBeing able to listen and understand a client’s dreams, fears andgoals is what sets a great financial planner apart.
JOB OPPORTUNITIES22% more financialplanners will be employedin Australia by 20202According to global recruiter Hays, financial planners with relevantdegrees will continue to be in high demand in the coming years.3Continuing growth of the profession means a very bright future forprofessional and educated financial planners.J O B G R OW T H OV E R L A S T F I V E Y E A R S 439.5%6.9%Financial Investment Advisers and ManagersAll OccupationsG R E AT S A L A RYThe average salary of a financial planner in Australia is 97,500.5Some financial planners also go on to run their own practices, so thesky is the limit with what you can earn.2.3.4.5.Australian Government: Department of Employment, LMIP Employment projections 2016Hays, Quarterly Report, January – March 2017Australian Government: Department of Employment, Financial Investment Advisers and Managers: StatisticsHays, The 2016 Hays Salary Guide
“IT’S NOT JUSTABOUT THENUMBERS”
JOHN MOLNARFINANCIAL PLANNERW H AT M A D E YO U D E C I D E T OB ECOM E A FINANCIAL PL AN N E R?Towards the end of my high school education,W H AT H A S B E E N YO U RPROUDEST MOMENT WHENDEALING WITH A CLIENT ?I knew I wanted a career that fulfilled my twoI am proud of all my clients’ achievements.passions: finance and people. I also wantedHowever, I can recall one instance of a youngto be challenged and a career that seemedcouple who I was able to successfully coachto tick these boxes was financial planning.and guide to their stated goals. As with mostFinancial planning allows me to stay highlyyoung couples, they were trying to jugglemotivated and to grow as a professional.a young family and continue to developWhether I’m focusing on my client’s goalstheir careers while also trying to get into theor creating an investment strategy, there isproperty market. Over the course of a numberalways something to learn and improve.of meetings we were able to put in place a planthat helped them make smart financial decisionsW H AT D O E S A T Y P I C A L DAYAT T H E O F F I C E L O O K L I K E ?with confidence and clarity. They eventuallyI spend the bulk of my day building andof their most important goals – a goal that theymanaging relationships with my clients. Whenthought would never happen without the rightI’m not with clients, I’m either reviewing clientadvice. To me, this is where I was able to seefinancial strategies or taking on professionalthe difference I can make as a financial planner.bought their dream home and achieved onedevelopment activities, which in turn benefit myclients. This entails my current studies, readingfinancial planning-related articles, attendingconferences, or networking with other peers.W H AT A DV I C E WO U L DYO U G I V E S O M E O N ECO N S I D E R I N G A C A R E E RIN FINANCIAL PLANNING?W H AT I S T H E B E S T PA R T O FYO U R J O B ?I highly recommend seeking out a financialTo me, it’s not just about the numbers.or work experience. This will allow you theFinance is often a private and emotionalopportunity to get a hands-on idea of whattopic of conversation for most people;a typical day involves for financial plannerstherefore communication and the client-adviserand to determine if it’s something you’rerelationship is key. You not only become theirinterested in. The exciting news is that thefinancial adviser but often their confidantefinancial planning profession has a veryand financial sounding board for most aspectsstrong job outlook ahead. More people areof their lives. Engaging with them on a personalbecoming aware of the need for qualitylevel and getting them to open up, whilstfinancial planning advice and this growinggaining their trust, is one of the most satisfyingneed will only see an increase in opportunitiesparts of my job.for new and upcoming financial planners.planner or firm directly for an internship
A CAREER WITHG LOBAL RECOG NITIONOnce you’ve become a financial planner,you’ll want to take your career to the nextlevel by completing the CFP CertificationProgram and becoming a CERTIFIEDFINANCIAL PLANNER professional.The program involves a series of learning modules designed toadvance existing knowledge and expertise.CFP certification is the highest recognised financial planningdesignation in the world, allowing you to work in 26 countries andjoin a growing community of over 5,600 CFP professionals inAustralia and over 170,000 globally.Becoming a CFP professional opens up further employmentopportunities, with a growing number of firms looking to recruitspecialised CERTIFIED FINANCIAL PLANNER professionals.6Added to that, CFP professionals earn up to 65,000 p.a. morethan other financial planners.76. Hays Quarterly Report January – March 20167. Investment Trends FPA Member Satisfaction Report 2015
THE FINANCIALP L A N N I N G PAT H WAYB E C O M E A N F PA S T U D E N T M E M B E RAs a student member of the FPA you’ll gain valuable insight into theprofession, access networking events and impress your future employer.Become a student member today, it’s free and it’s easy: fpa.com.au/studentC O M P L E T E A N A P P R OV E D D E G R E EComplete an undergraduate degree in financial planning, commerce or anotherbusiness-related discipline to start your journey to becoming a qualifiedfinancial planner. Starting from 1 January 2019 new degree requirementswill commence.Tip: It’s a good idea to check if your chosen degree qualifies you for entry intothe CFP Certification Program. You can do this by visiting the FPA website atfpa.com.au/cfp or emailing our education team at education@fpa.com.auGAIN PROFESSIONAL EXPERIENCEBecome an Allied Professional or Associate member of the FPA to accesstraining and events and continue learning. At this point we recommend youlook for a role as soon as you can to gain 12 months’ experience, also referredto as your professional year.BECOME A FINANCIAL PLANNER AFP Once you have gained enough experience and passed an entry exam, youcan register with ASIC as a licensed financial planner. At this point, you canupgrade to the Financial Planner AFP membership category.B E C O M E G L O B A L LY R E C O G N I S E DTo achieve the highest designation for financial planning world wide,you can complete the CFP Certification Program. Structured over five units,the course is delivered by distance learning, thereby offering the freedomand flexibility to study at your own pace, around your other commitments.
“IT’S ABOUTHELPING ANDEMPOWERINGCLIENTS”
E R I N C OY L E C F P FINANCIAL PLANNERW H AT M A D E YO U D E C I D E T OBECOME A FINANCIAL PLANNER?W H AT I S T H E B E S T PA R TO F YO U R J O B ?I’ve been involved with finance since I wasI love that sense of progress we get. We seta kid, but what ultimately motivated me toa plan in place; we get the implementationpursue a career in financial planning was beingdone as smoothly and efficiently as possible;able to make a difference.and then it’s a case of keeping on track.So, you do get to know your clients quiteintimately. You feel like you’re stepping into“ F inancial planningtheir lives. I really love that aspect of whatI do. Financial planning is so much more thanactually enables spreadsheets and running investment returnyou to make a realto know the people you are trying to help.difference to the lives of people and their families. There are very few professions that allow you to do that.”models for clients. It’s about really gettingW H AT T Y P E O F P E R S O N A L I T YWO U L D YO U S AY WO U L DBE BEST SUITED FORA FINANCIAL PLANNER?It’s crucial you have empathy for other people’ssituations. I’m certainly very people-orientatedand that’s what I love about being a planner.It’s that sense of accomplishment you get byworking in collaboration with clients. You alsoneed to be trustworthy. It all comes down totrust; that your clients trust you to do the rightthing by them.WHAT ADVICE WOULD YOU HAVEFOR SOMEONE LOOKING TOBECOME A FINANCIAL PL ANNER?I would encourage young people to get involvedIt’s a fantastic way to combine your technicalexpertise with the really satisfying element ofhelping people.in the industry by taking on an internship.While at university, I took on an internship andlooking back, it was during my internship thatI really developed my love for financial planningand the work we do for clients.
DA N T E D E G O R I C F P CEO, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIAW H Y S H O U L D I CO N S I D E RFINANCIAL PLANNING ASA CAREER?Working in a more regional practice you factorThere is no better time to get into financialof living and convenience of commuting.planning. Financial planning has traditionallybeen characterised as an industry but is wellon its way to becoming a widely respectedprofession. In the future those that do nothave a degree or equivalent qualificationwill be required to complete further studiesin other benefits too like joining a small and tightknit community, increased autonomy, lower costThere are many opportunities in the profession,so it really comes down to the lifestyle you arelooking for as to where you want your careerto take you.at the required standard. This will increaseW H AT A R E YO U R T O PTIPS FOR BUDDINGFINANCIAL PLANNERS?the standard of financial planning andThe first thing to do is become a studentwith it, a greater level of professionalismmember of the FPA, it’s free and you canand consumer trust.sign up on the FPA website. As a memberto catch up to those already formally educatedof the FPA, students have access to a tonW H AT J O B O P P O R T U N I T I E SARE THERE?Given the growth projections of the future andthat more businesses are looking for highlyqualified financial planners, there are definitelyopportunities across the board. We alsoregularly hear from regional practices who arein search of more financial planners, so thereis already great job opportunity available.of resources.Get involved in the local FPA chapter asthis will provide opportunities to networkwith financial planners who are eitherrunning or working at practices of varioussizes. Joining a chapter will also increase thechance of securing either part-time work oran internship, which means gaining valuableon-the-job experience while completingThere are benefits to working in both regionalyour coursework.areas and the big cities around Australia.Both provide exposure to great mentors,however often working in more regional areasyoung planners have the opportunity to workdirectly with practice principals and thisexposure is priceless.I hope to welcome you into our growingprofessional community soon.
“THERE IS NOBETTER TIMETO GET INTOFINANCIALPLANNING”
BECOME AN FPA STUDENT MEMBERS I G N U P F O R F R E E T O D AYF PA . C O M . A U / S T U D E N TCFP , CERTIFIED FINANCIAL PLANNER and CFP Logo are certification marks owned outside the U.S.by Financial Planning Standards Board Ltd (FPSB). Financial Planning Association of Australia Limited is the markslicensing authority for the CFP marks in Australia, through agreement with FPSB.
based on a survey of 10,367 Australian adults. CFPF , EFRTI E DF NEERPALFaE,a EF IAnFdI PALFF . Hays, Quarterly Report, January - March 2017 . 4. Australian Government: Department of Employment, Financial Investment Advisers and Managers: Statistics 5. Hays, The 2016 Hays Salary Guide JOHN MOLNAR FINANCIAL PLANNER BUSINES ONWRHN OPL .
