Qld adviser targets younger entrants to industry
A Queensland-based financial planning firm has launched an ‘adoption programme’ to boost the number of younger entrants into the industry.
Kris Martin, managing director of KDM Financial and Estate Planning, in Lutwyche, Queensland, was concerned about the number of adviser exits and the reputation of the industry.
Only 163 new and provisional advisers had entered the market since 2019, according to research by Wealth Data.
To combat this, the firm had launched an ‘adoption program’ where a senior adviser gave an information seminar at local education providers. This was aimed at those studying finance or economics and covered why it made a rewarding career choice.
It also looked to employ university graduates in its intern programme where they were placed into a training program for 12 months with a senior adviser.
“Because of these stringent educational requirements, many financial planners are leaving the industry, because they are unwilling or unable to adhere to them,” Martin said.
“I am concerned we are in big trouble and see it as the time to make changes in order to ensure longevity of the financial planning sector in Australia.”
He said planners had previously been “treated with contempt” but that the higher educational standards that had come about as a result of the Royal Commission meant this would change in the future.
AUTHOR
Laura Dew
Recommended for you
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a property via a SMSF, according to court documents.
Private wealth manager Escala Partners has launched an end-to-end investment platform to strengthen its alternatives capability as clients seek sophisticated vehicles.
Perpetual Wealth Management has hired two advisers from Ord Minnett as part of five hires, just weeks after the rival firm announced it had picked up six from Perpetual Private.
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
