It may surprise you to learn that a career in financial planning isn’t just about advising people on how to invest their money. So what does a career as a financial planner really look like?
At its core, the role of a financial planner focuses on helping people recognise and achieve their financial goals using personalised strategies and recommendations based on a client’s individual financial situation.
‘As well as developing strategies and recommendations, financial planners act as life coaches, educators and mentors. It’s about creating close and trusted connections with clients and a desire to help people move towards a better life,’ says Deakin Senior Lecturer in Financial Planning, Marc Olynyk.
What does the job involve?
You could be working with clients of all ages with varying levels of financial experience to provide advice on how to budget for a first home, designing personalised strategies on how to save for retirement, or giving advice on how to get shaky finances back on track.
And depending on your experience and individual preference, working as a financial planner is just one potential career path within the profession. There are a variety of different roles that you may experience as part of your career progression or that you may wish to specialise in including positions as a client services administrator, a paraplanner, compliance or training manager, part of an investment team, as well as advising clients. You may aspire to managing your own business one day – all career options that are both personally and financially rewarding.
Understanding the financial planning industry
The financial planning profession has undergone a major transformation over the past few years with the development of a new financial planning standards body, the Financial Adviser Standards. As Olynyk explains, the industry has seen big changes in recent years to regulate education, training and ethical standards with the aim of providing clients with an enhanced level of confidence and advice and greater levels of client satisfaction.
‘Financial planners now need to be degree qualified, adhere to a strict Code of Ethics and professional standards, and above all, ensure that the client’s interests are looked after ahead of anyone else’s, including their own.’
When it comes to meeting the professional requirements and obtaining a relevant degree, students come from all walks of life, and go on to fulfill varied and exciting careers.
‘Most graduates are initially employed as client services administrators with a wide range of different financial planning organisations including banks, financial institutions and small financial planning practices,’ Olynyk says. ‘Other graduates move into related areas within the broad financial services sector including roles in training, business development, practice management, compliance, superannuation consulting and FinTech.’
According to Olynyk, about a third of students that choose to study a Deakin postgraduate financial planning degree are career-changers looking to make the transition into the profession.
‘Given the maturity and life skills of career-changers, they are typically in hot demand by employers. Recently, we had a teacher with no background in financial planning complete a Graduate Diploma of Financial Planning and very soon after graduation was recruited into a boutique financial planning practice,’ Olynyk says.
How to become a financial planner
Completing a postgraduate qualification in financial planning is generally the quickest way to complete a degree compliant with Financial Adviser Standards, before completing a year of work and training (known as a Professional Year), and undertaking the Financial Adviser Exam.
If you’re new to financial planning, looking for a career change, or are an existing adviser wanting to complete the Financial Adviser Standards education requirements, you can choose between a Graduate Diploma of Financial Planning or a Master of Financial Planning. Or, if you’re already in the profession and just want to add to your qualifications, the Graduate Certificate of Financial Planning may be what you’re looking for.
‘A postgraduate qualification will provide you with specialist knowledge in the field, industry best practice and transferable skills that will enable new advisers to be better placed to take advantage of career opportunities when they arise, and existing advisers to attract a higher salary and be more marketable,’ Olynyk says.
As part of the Master of Financial Planning degree, you can also opt to complete a Work Integrated Learning unit to gain additional exposure to the industry and hands-on experience before you graduate. There’s also an opportunity within the Masters course to complete the certification program of a number of professional associations including the Financial Planning Association, Association of Financial Advisers and Society of Trust and Estate Practitioners.
But no matter which pathway you choose, completing an approved degree means more opportunities to make a real difference to someone’s financial wellbeing and future. So whether you’re looking to make a career switch, or are interested in stepping up your current career in the profession, the options are endless.
Empower people to feel more positive about their financial future. Study Deakin’s industry-led postgraduate degree in financial planning and get Financial Adviser Standards-compliant sooner.