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Stephen Crowe

Managing Director

Ph: 02 8042 8907

[email protected]

graduate

As a Specialist in Finance Recruitment, I screen hundreds of resumes a day from people looking to break into the Banking and Finance industry. My inspiration for this blog comes from a trend I have noticed recently. That is there has been a significant increase in the number of people looking to break into one specific area: Financial Planning.

The RG146 qualification has become more prevalent on resumes even for applications to roles which are not related to Financial Planning. This inspired me to uncover my candidate’s motivations and understand; what is so attractive about Financial Planning?

The vast majority of candidates I speak to are recent graduates in the field of Business, Commerce, Finance or Accounting. Financial Planning is one of many paths that a graduate from these subjects can choose to go down. Based on my research and insights, a candidate’s attraction to Financial Planning can be summarised into three main points:

• An opportunity to use their degree and pursue their field of interest
• Personal Financial reward
• The opportunity to directly help people with their financial goals

So how fulfilling is Financial Planning in reality? I spoke to Bill Gilroy, Ryan Sparks and Gabrielle Bell of Ipac Securities to get the inside story on how to get into Financial Planning and what to expect.

Both Ryan and Gabrielle are relatively early in their Financial Planning careers; they both studied Business and Commerce at University and were successful in gaining experience from a graduate program: one with Macquarie Bank and the other with Dixon Advisory. Their initial attractions to the industry were much the same as those of most of the candidates I spoke to; with the main motivation being the opportunity to help people. Working with Ipac securities has given them firsthand experience of Financial Planning beginning with a specialism and more recently branching out into more holistic advice.

They advised that the type of Financial Planning you go into depends on your own choices and the type of firm you work with. You could specialise in a certain area of advice such as investments, insurance, retirement preparation, tax management or Self-Managed Super Funds, or offer more holistic advice. There is a stigma that Financial Planners are all about sales however the recent FoFA legislative changes which came about mid-2013 have meant enhanced clarity on charges for advice and products. This has put greater emphasis on Financial Planners actually helping their customers achieve their financial goals rather than product placement.

As a Financial Planner, the salary and bonus structure can vary dependent on the company you work for. Some Financial Planners receive a base salary with a modest incentive structure others will place more emphasis on a generous commission structure. Both create very different cultures within a firm so make sure to find a structure that matches your motivations.

Gabrielle and Ryan’s best bits of the job were centered around engaging with people and using their privileged position to be able to understand their situation and provide a solution. They both enjoy the personal aspect of the role, being empathetic to a client’s needs but remaining professional. They have flexible working arrangements and are happy with their remuneration structure.

Any negatives? Pressure; being responsible for a client’s finances, particularly following a redundancy or the loss of a loved one can be intense. It is important to maintain an emotional distance from a client’s situation and provide impartial advice.

Overall the expectations and reality explored for this article were closely matched. Working as a Financial Planner is rewarding. This comes with a caveat however; the industry is broad and there are a wide variety of firms out there all operating in very different ways, with different salary structures, cultures, specialisms and motivations. It is up to you to work out where your strengths and motivations lie to allow you to become the most successful Financial Planner you can be.