Financial Planners - I Need Your Say

everydollacounts on 27/10/2017 - 07:54

My Context: I will start looking for jobs related to financial planning ( As an adviser or a paraplanner) right after I finish my Finance degree this year. I already finished DFP and currently doing ADFP at the same time as my degree. As a 21 year old, I am deeply inexperienced in the business financial sector ( currently working as a hotel receptionist ) and was not able to get in to grad programs in Perth that are actually lacking as well as very competitive ( I averaged 78% at UNI and still didn't get pass through stage 1).

So here's a few things I want to ask:

  1. Do I have higher chances of getting in to paraplanning rather than financial planning for entry-level?
  2. If I do get into financial planning, (I already know no one will trust a 21 year old to manage their finances) what type of responsibilities will I be getting?
  3. Should I apply to jobs that asks for 2-max years of experience regardless of my inexperience in that field?
  4. I know the industry is changing and that soon financial planners will need to have a degree to be qualified - does that mean their will shortage in the future? or does it imply higher salary?

Let me know your thoughts and any other advises :)

Education & Work

Comments

  • huybo on 27/10/2017 - 10:14
    +1

    in the indurty for 7 years or so at various levels working my way up.

    succinctly,

    1. yes
    2. people skills, technical expertise, compliance, sales. hopefully in that order.
    3. jobs that asks for 2 years experience usually want someone who will hit the ground running with minimal training, so might not be best use of your time applying unless it is a small boutique firm.
    4. it will mean attrition of current advisers who are not degree qualified over a period of time as well as an implied higher salary.

    pm me if you have any other question or queries and i might even be able to give you a few leads on roles depending on the area.

  • tsunamisurfer on 27/10/2017 - 12:57

    OP..

    Typically a new recruit would cut their teeth in paraplanning for a couple of years. Here you gain experience in the available products in the market, the rules and reg (they change), taxation and preparing professional Statements of Advice.

    Then if you demonstrate your abilities and a measure of salesmanship / gift of the gab, you can move onto being a financial planner.

    Don't apply for jobs that you don't meet the experience requirements of, its just wasting your and the companies' time. There are openings for raw recuits just got to look.

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