Ongoing education key for young planners
Straight-talking Sharyn Besch is more pragmatic than her peers when it comes to the big issues in the profession she’s always wanted to get into.
“I think soft dollar is always going to be around just due to the nature of the industry as fund managers promote their products and compete for business.”
So for Besch it’s not so much a matter of whether to accept soft dollar or not. It’s more a matter of disclosure.
“Soft dollar should always be fully disclosed.”
Planners taking commissions are alright in Besch’s book too, just as long as they’ve got their client in mind.
“As a paraplanner, I haven’t been in a position where I have been pressured to recommend particular products.
“But I think, as a professional, planners should make product recommendations based on the needs and objectives of the client’s, rather than being influenced by product provider incentives.”
Not surprisingly then, Besch is a supporter of Financial Services Reform.
“FSR has been beneficial for the industry, providing uniform compliance and standards. I think it has raised the professionalism within the industry and consumer awareness.”
Hailing from Brisbane, Besch has always wanted to work in the finance sector, but she didn’t narrow it down to financial planning until she’d finished her undergraduate degree.
“Once I completed my degree I knew I wanted to work in financial planning because I just thought it was a more interesting career choice within the finance sector.”
When she left high school, Besch started a bachelor of business majoring in banking and finance at the Queensland University of Technology.
After completing her degree, she did a diploma of financial planning at Deakin University back when it was still the major provider of entry-level financial planning education.
Now 30, Besch is already working towards CFP status, which she would encourage more planners to consider because it “makes us a more professional industry”.
In fact, Besch is at her most outspoken on the subject of education.
“Ongoing education should be required for all planners working in the industry to ensure the industry continues to retain its professionalism within the finance sector.”
When she leaves her paraplanning duties behind to become a full-time financial planner, Besch says ideally she would like to work in an independent dealer group with a client base of wealth accumulators and pre-retirees.
She would like to offer all facets of financial advice — especially in the area of superannuation and self-funding for retirement.
How will she get paid? Besch says it will depend on her client base.
“Fee for service is a clear method of remuneration for clients as they know what they are required to outlay and know what their planner is being paid.”
Besch says she wouldn’t mind taking the odd bonus too, just as long as it’s driven by her employer and not product providers.
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