Starting a career in Financial Planning: Change will strengthen profession

New entrants should welcome change for the benefits it brings for clients 

Why would someone choose to enter a profession that is undergoing rolling change, increased education requirements and also suffers from a poor image in the eyes of the public? While the profession in question could be politics or even journalism it is, of course, financial planning. And from the increasing levels of enrolments at education providers across the country it appears more people are ready to embrace professional advice as a career.  

In a time when some industry veterans are questioning their ongoing commitment to financial planning it also appears that many new entrants see the current state of flux as a reason to enter the industry and work through the challenges instead of finding safer paths into other related professions. 

One of these new entrants is Jeremy Khattar, who has just transitioned from being an intern as part of a graduate mentoring program to a full time role with an inner-city practice in Sydney. 

Prior to participating in the program Khattar had completed the Advance Diploma of Financial Planning at Tafe NSW, having already finished the prerequisite undergraduate degree that will soon be required of all new entrants into the sector. 

He said that while the initial and continuing education requirements can appear daunting at first they are the keys required to enter the profession at a standard expected by the public and his planning peers. 

“It is a good thing for the profession to have better education and I have come to see it not as a challenge I have to meet but as a way of strengthening the profession and a goal that people can meet for themselves and be encouraged when they have achieved that goal,” Khattar said. 

“Compliance is a good thing for clients to know and understand and see that we are working in their best interest. If we have surrounded ourselves with good compliance and practice then it builds a better business.” 

Despite having a well worked pathway into advice, first via an undergraduate degree in accounting and finance, then the Advanced DFP and finally an internship with an AMP licensed practice, Khattar said it was not easy to get a role working as a graduate financial planner. 

He says out of 500 students who were interested in the graduate mentoring program offered at the end of his course only 20 were chosen, with the benefit of being able to avoid the rigours of job hunting. 

Despite this he says there are no short-cuts to gaining experience and at present he is taking the traditional path followed by many planners, that is cutting his teeth with paraplanning. While some of his fellow graduates may choose to continue in this area Khattar says he has plans to engage with clients in a front line advice role. 

“I was raised to be a person who helps other people and advice is how I can do that while using my studies and my personality,” he said. 

Khattar’s advice for prospective and current students working to achieve their entry level education also rings true for established advisers seeking to build a career. 

“Do your work in time and make sure you understand what you are doing. If you can’t or won’t keep up then you will be in trouble,” he advised. 

“At the same time, you should enjoy it. People who give advice don’t usually do it for themself; they do it for the benefit of others.”