Course offers hope for ‘crisis’ planner shortage
A further 22 trainee financial planners were inducted into the MLC Adviser Scholarship Program yesterday, taking the program’s current enrolment to 63.
Yesterday’s intake, the fourth since the launch of the two-year program in 2005, follows the graduation of 17 students in March this year, which brought the total number of student enrolments to 80 so far.
Wayne Handley, general manager adviser growth and succession, said yesterday’s intake was occurring in the midst of a shortage of quality financial planners in the Australian market that had “reached crisis point”.
“A rapidly increasing number of Australians are seeking quality advice, and there are simply not enough advisers to meet the demand,” Handley said.
“It’s incumbent on the industry to develop programs that will not only attract new people to the industry, but will also set them up with the right skills to become quality financial advisers.”
Students undertake MLC’s scholarship program in conjunction with studying either an Advanced Diploma of Financial Services or Certified Financial Planner accreditation.
The program teaches client relationship management, focusing on interpersonal skills, negotiation, communication, leadership and time management. It also enhances practice management skills and strategic advice and technical skills.
Recommended for you
Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.
