The growing interest and potential changes to superannuation rules is driving the growth of advisers at FuturePlus Financial Services.
“Certainly, there has been an increase in the number of financial planners in the organisation as more members become interested in wealth creation and estate planning,” FuturePlus general manager, advisory, Jim Thomas says.
“As we have a strong emphasis on service, that has meant putting more financial planners on as we are a service organisation.”
The increase of 43 financial planning staff at FuturePlus, however, is slightly misleading, as changes in legislation means more support staff have to be licensed.
“Some of the growth in licence numbers is due to regulatory changes, as we licence account mangers and call centre staff,” he says.
“This includes ensuring people are PS 146 compliant.”
Thomas says the demand for financial services in the superannuation fund organisation is also due to members taking a greater interest in planning their future.
The fund organises about 50 public seminars a year on subjects such as wealth creation, retirement and estate planning for members.
This is in addition to another 20 seminars organised at member workplaces on specific topics.
Recruiting planners is mainly sourced internally, he says.
“Usually, it is a natural progression from working in the call centre to being a paraplanner, and then to becoming a financial planner,” Thomas says.
“Out of the 20 financial planners we have at present, 13 come from internal positions.”
He argues recruiting internally is attractive as the candidates have the right cultural fit and they understand the members and organisation’s goals.
“Just being technically qualified does not mean a financial planner will fit into our culture,” Thomas says.
The forthcoming changes in superannuation legislation will increase the demand for advice, which means FuturePlus will be looking to steadily increase its financial planner numbers.
“It will be incremental growth,” he says.
FuturePlus also provides financial planning support to other superannuation funds, and Thomas says if the organisation picked up another large fund’s planning requirements, then he would have to look at increasing planner numbers.
