A career in financial advice: Making a genuine difference in people’s lives

It’s no secret that the introduction of FASEA’s education requirements alongside changing industry dynamics has resulted in the financial advice landscape being significantly disrupted. This has been a contributing factor to the substantial decline in the number of advisers operating today.

Running alongside the reduction in the number of advisers operating, we have also seen an elevated and growing demand for financial advice. Consequently, there are many opportunities for existing advisers, who, with those entering the industry, can look forward to a busy and very rewarding work life.

Promoting a career in financial advice to inspire others to excel

A challenge faced by the industry is that financial advice as a career is not often spoken about, or even known about. For us to start to see more emerging advisers, and to ensure we are attracting the best talent to this industry to continue to bolster its reputation, it’s important that advisers are shining a light on what a career in advice looks like and are readily talking about the benefits of being an adviser.

Aside from the potential benefits of flexible work hours and ways of working, being self-employed or employed, there are so many other reasons for advisers to be passionate about their jobs. In the first instance, they are in a rare position to be able to say that their work has an invaluable impact on the community. More than that, a long-term advice journey with clients can enable financial security for those clients as advisers play a leading role in helping people meet and exceed their financial goals.

While financial advice is not traditionally a well-understood sector, it is one that plays a critical role in the ongoing wellbeing of both individuals and the community as a whole. For the industry to continue to move forward, and to accelerate the pace at which we move forward, we all have a shared responsibility to find ways of better explaining the value of financial advice.

Current advisers and prospective advisers working together for the benefit of the community and the industry

One positive from current advisers taking an active role and working closely with future advisers is that they can shape and influence their thinking and ultimately enhance the future of the industry.

Many of us have experienced the impact that mentoring can have on our lives and careers, and advisers who have been in the industry for many years can make a huge difference to advisers who are just joining the great profession of being a financial adviser. We also know that new advisers entering the industry for the first time can offer a fresh perspective and help the current advisers potentially change the way they do things. I hope that many new advisers have worked in other industries so they can bring with them knowledge from that industry – this knowledge could see the introduction of technology, for example, that advisers could take back to use in their business and with their clients.

As the advice industry continues to evolve and change, it’s essential that we bring in more aspiring advisers and we help them to embark on a journey that will enable them to meet changing client needs and differentiate their personal offerings. With the growing demand for advice, the environment for advisers is very promising indeed. It’s a great time for Australians to pursue a career in financial advice, and we all know how rewarding it can truly be, so let’s share that.

Niall McConville, general manager retail distribution, TAL

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.