Link Wealth expanding financial literacy program for students

The financial services business, which has offices in Melbourne, Adelaide and Hobart, said its Beyond School program provides free and practical financial literacy workshops to high school students in year 10 to 12.

Since it was first launched in late 2023, the program has reached more than 300 students. With adviser numbers lingering around the 15,600 mark – compared with a high of nearly 28,000 in 2018 – Link Wealth said it is looking to extend the program to more Australian schools and students in the coming years.

The initiative was developed to simultaneously address the national gap in financial literacy and the undersupply of new entrants in advice, the firm stated. Namely, it teaches students key issues around budgeting, superannuation, debt, investments and savings.

“The adviser shortage is real, and it’s not going to fix itself,” said Josh Lee, director of Link Wealth and leader of the program.

“We need to be proactive in showing young people that being a financial adviser is not just a job – it’s a profession where you can have a real impact on people’s lives.”

Lee added: “For many students, this is the first time they’ve had someone explain how money actually works. I want them to leave the room not only feeling more confident about managing their own finances but also realising that financial advice is a career where you can make a real difference.”

According to Wealth Data analysis, 511 new entrants joined the Financial Advisers Register in 2024, an improvement from 407 in 2023. The highest proportion of new entrants were hired by Entireti, followed by Count and WT Financial.

Other initiatives that seek to address the shortage in adviser numbers include careers platform Striver and wealth management firm BT teaming up last September to launch the Striver Career Pathways Program.

The course is aimed towards career changers, advice support staff looking to upskill and university graduates. In conjunction with Striver, BT’s mission is to introduce 5,000 new advisers to the profession over the next decade.

To help new entrants transition into the industry, it gives participants broad experience where they may find future employment opportunities within an advice firm’s support team, such as a client services manager or paraplanner.

Meanwhile, the Financial Advice Association Australia has long pushed the government to support the flow of new entrants into the profession. Its recommendations include a flexible education standard, financial support from the government for the employers of professional year candidates and reducing the cost of the adviser exam.