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Australia wide
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ISBN 978 1 921106

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1 FinanciaPlanningCover_Sue.indd
FinanciaPlanningCover_Sue.indd
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13/3/06
13/3/06
4:45:22
4:45:22
4:45:22
PM
PMPM
 Want more quality career resources from Career FAQs for FREE? Click here

Financial
Planning
By Michael Toten

Australia

Published by Career FAQs Pty Ltd

FIN – 110106.indd i 13/3/06 3:51:29 PM

 Copyright Career FAQs Pty Ltd
First published in 2006

This book is copyright. Apart from any fair dealing for the purpose of private study,
research, criticism or review, as permitted under the Copyright Act 1968, no part
of this publication may be reproduced by any process or by any means, electronic,
photocopied, recorded or otherwise without prior written permission of the
copyright owner. Inquiries for reproduction should be addressed to the publisher.

Published by
Career FAQs Pty Ltd
Suite 76, The Hub
89–97 Jones Street
Ultimo NSW 2007
+61 2 9282 9383
www.careerfaqs.com.au

National Library of Australia

Cataloguing-in-Publication entry:

Toten, Michael.

Financial Planning.

ISBN 978 1 921106 30 1

1. Financial planning industry – Vocational guidance – Australia. 2. Financial

planners – Employment – Australia. I. Title. (Series : Career FAQs).

658.1502394

Publisher: Sue Stevens

Author: Michael Toten
Editor: Emma Hardman
Researchers: Louisa Veidelis, Emma Grahame
Design: Terri Marzullo, H2M Creative Services
Illustrations: Nigel Beard, Ainslie Beard Creative
Desktop Publisher: Helene Carroll
Proofreading: John Sims, Sims Editing & Proofreading
Printed by Paragon Printers Australasia

Advertising sales enquiries: Stef Harland

Career FAQs acknowledges the following copyright owners for permission to

reproduce their work.
Australian Securities & Investments Commission
Graduate Careers Council of Australia
StudyLink
The Godfrey Group

Every effort has been made to contact copyright owners and obtain permission.
However, should an infringement have occurred, Career FAQs apologises for the
omission and requests that the copyright owner make contact.

Disclaimer
The opinions and statements made by people who contributed to this book from
the financial planning profession are their own and are not those of Career FAQs.
The publishers do not claim to represent the entire extent of the financial planning
profession and career choices. The aim has always been to provide a broad overview
of the possibilities available. As such Career FAQs Financial Planning does not purport
to be a true and accurate record of the financial planning profession, relying on the
voices of those working in the industry to tell their stories. Inaccuracies may arise as
a result of the nature of this book. Users should follow the links to actual websites of
organisations to ascertain current financial planning practice.

FIN – 130306.indd ii 13/3/06 4:56:53 PM

 Foreword
In 1972 I submitted an idea for a very early view of financial planning
to one of our then major banks. The response was ‘ We don’t do such
things, sorry’. Nine years later I was able to establish, with a partner,
a financial planning business. In those days it was called investment
advice. A year later a group of us decided that this business needed
form and structure.

From quite humble beginnings via the creation and progressive

elevation of financial planners, the financial services revolution has
John Godfrey
taken hold in Australia. Indeed this is a worldwide phenomenon.
John Godfrey has worked in
Financial planning is now either part of other financial services groups financial services since 1961
and has experience in banking,
– banks, insurance companies, accountants, stockbrokers, trustees, accounting, stock broking,
treasury, financial planning,
superannuation funds and so on – or a boutique business in its own funds management, and
superannuation. He was the
right, with or without some of these other activities. founding chair of one of the two
originating associations of the
In the broadest of terms, financial planning covers wealth protection, Financial Planning Association
and was most recently their chair
wealth accumulation, wealth growth, wealth management and wealth in 2002. He is currently a director
of a number of companies within
disbursement. the financial services sector in
Australia and New Zealand.
I have regularly likened a financial planner to the bow of the ship. It
is the financial planner who meets with the client. It is the financial
planner who sizes up what is needed and then calls on the other
resources to deliver ongoing advice to the client. It is a business that
is very satisfying because you can make lifelong friends with clients.
It is a profession because of the trust clients must have that their
interests come first. It is an industry because it has a substantial
impact on the financial well being of Australians.

Financial planners can make a significant difference to the lives of

families. It is a long-term partnership between adviser and client,
which has good and bad times. I frequently reminded my clients that
some years they would think I was ‘the best’ and other years they
would question using my services. The planner’s role is to be a guiding
hand, an ‘honest broker’ for the family, a mentor and a minimiser of
mistakes over a long period of time. It is not about quick answers and
having a solution to everything and it is as much about educating the
client in financial affairs and skills.

iii

FIN – 110106.indd iii 13/3/06 3:51:37 PM

 Financial Planning

Being a good financial planner is a passport to a very satisfying life,

one that is never dull and one that delivers ‘a place in the world’.
Financial planning today offers a range of career possibilities, more
than I could have imagined back in 1972. If this book gives you the
smorgasbord, I hope that I have given you the appetite.

iv

FIN – 110106.indd iv 13/3/06 3:51:38 PM

 Contents
About Career FAQs ix
How to use this book xi

The big picture

Why financial planning? 1
What do financial planners do? 2
What does it take to be a good financial planner? 5
Why do people seek financial planning? 7
What’s happening right now? 7
Current size of the profession 9
What are the job opportunities? 10
What are the ‘hot jobs’? 10
Career paths 12
Working for a large employer 14
Working for a small employer 16
Men and women in financial planning 18
Equal opportunity awards 19
What about self-employment? 19
How much can I earn? 20
What do salary packages include? 23
Who are the main employers? 25
Large employers 25
Westpac Bank 25
ANZ Bank 26
Macquarie Bank 28
MLC 30
ING Financial Planning Pty Limited 32
St.George Private Bank 33
Small employers 34
Heraud Harrison Pty Ltd 35
Chick St Clair and Partners 35
Public sector 35

FIN – 110106.indd v 13/3/06 3:51:38 PM

 Financial Planning

FuturePlus Financial Services Pty Limited 35

Q Invest 36
Private sector vs public sector 37
What are employers looking for? 38
Meet some employers 39
Steve Thomson – ING Financial Planning 40
Paul Chick – Chick St Claire and Partners 42
What support organisations exist? 45
Financial Planning Association 45
Association of Financial Advisers 47
CPA Australia 48
Institute of Chartered Accountants in Australia 50
Financial Services Institute of Australasia 51
Who regulates the financial planning industry? 52

Insider info
What jobs could I do? 57
What do real people say about their jobs? 58
James* – Financial planning support officer 58
Craig* – Sales consultant 61
Elizabeth* – Customer service officer 63
Angelo* – Financial adviser 67
Luke* – Paraplanner 68
Amanda* – Paraplanner 70
Kath* – Senior paraplanner 73
Mohamed* – Consultant 76
Shannon Cosgrove – Financial planner 79
Jasmine* – Financial planner 83
Jamie McKay – Financial planner and director 87
Brian East – Self-employed financial planner 90
Brendan Oakes – Self-employed financial planner 94
Sandra Bowley – Director/self-employed financial planner 96
Samantha* – Practice manager 98
Tim* – Practice manager 100

vi

FIN – 110106.indd vi 13/3/06 3:51:39 PM

 Vicki* – Operations manager 101
Michael Foster – Senior wealth manager 105
John Gill – Mortgage broker 108

Ready, set, go for it!

What qualifications do I need? 117
Industry certifications 118
PS146 compliance 119
CFP certification program 121
University courses 123
What can I expect to learn? 125
A financial planning course 126
Other important questions 127
What are the entry requirements? 127
Can I study without going on campus? 127
How much does it cost? 128
TAFE courses 128
Financial Services (Financial Planning Support)
Certificate 129
Diploma of Financial Services
(Financial planning) 129
Industry-based courses 130
Financial Services Institute of Australasia 130
Tribeca Learning Limited 131
PS146 Training Australia 132
Other registered training organisations
listed by ASIC 133
Which program should I choose? 133
Other professional courses 134
FPA’s continuing professional development 134
Will employers pay course expenses? 135
How do I get that job? 136
How are people recruited? 137
Graduate recruitment 137

vii

FIN – 110106.indd vii 13/3/06 3:51:39 PM

 Financial Planning

Word of mouth 140

Recruitment agencies 140
Direct advertising 142
Careers seminars 143
What are recruiters looking for? 144
James Godfrey – The Godfrey Group 144
Stand out from the crowd 147
Create an outstanding application 148
The résumé 148
Tips: Résumé writing 150
The cover letter 151
Tips: The cover letter 153
Selection criteria 154
Tips: Responding to selection criteria 155
How can I stand out at the interview? 156
Preparing for the interview 157
Making an impact at the interview 159
After the interview 162
Tips: General rules for getting the job you want 163
What can I do right now? 164
Buzz words 169
Appendix 1
How the financial planning profession evolved 174
Appendix 2
Comparative starting salaries of various professions 176
Appendix 3
Summary of ASIC Policy Statement 146 (PS146) 177
Appendix 4
Financial planning courses offered by Australian universities 181
Appendix 5
Sample résumé 184
Appendix 6
Sample cover letters 185
Appendix 7
Sample job interview questions 190

viii

FIN – 110106.indd viii 13/3/06 3:51:39 PM

 About Career FAQs
Want to choose your ideal career but don’t
know where to start?
Will Santow, Managing Director, Career FAQs

Career FAQs publishes a diverse range of career books that focus on Career FAQs

different professions, industries and lifestyles to make the search for ■ real jobs
your perfect career that much easier. ■ real people
■ real experiences
Each book profiles real people doing
Don’t end up in
real jobs and talking about their real
someone else’s life, experiences – the good and the bad –
a career choice is as from the day-to-day routine of working
much a life choice as a life through to the more dynamic
vocational decision. aspects of a job. In addition to this,
Career FAQs’ books feature practical
information about qualification requirements, the key educational
and training institutions, industry bodies and support organisations,
earning capacity and job-hunting tips.

With all of the above covered in each book, it is easy to see why
Career FAQs provides a dynamic new approach to finding the
right career.

Career FAQs was conceived in 2004 as a result of my own quest

to settle on a particular career path through my 20s and early
30s. At times of career angst or just indecision about where I
should go for my next move, I would try to get my hands on
empowering, high-quality, up-to-date career information that
related specifically to the market in which I wanted to work. I
could find nothing. When I asked around, the only thing I found
was a shared frustration amongst many of my contemporaries.

The Career FAQs books will address this critical information and
educational gap and so reduce the future mismatches between
career–lifestyle aspirations and career–lifestyle realities.

ix

FIN – 110106.indd ix 13/3/06 3:51:40 PM

 Financial Planning

The range of Career FAQs titles is constantly expanding as we

continue to talk to people who have carved out interesting and
dynamic careers and to hear their stories in their own words.
For a list of current titles, please visit our website,
www.careerfaqs.com.au.

Best of luck with finding the right career for you!

Will Santow
Managing Director
Career FAQs

Thank you!
A special thanks from the team at Career FAQs to the many
people who have contributed their time and shared their
experiences and insights to help make this book possible.

It is always inspirational to find people who are willing

to give of themselves, particularly their time – a scarce
commodity for most people today – in order to help make a
difference to others.

That you all gave so willingly and provided such compelling

insights into your working lives so that others can make
better informed career choices is truly appreciated.

FIN – 110106.indd x 13/3/06 3:51:41 PM

 How to use this book
All Career FAQs books are structured with a similar layout, so if fyi
you are familiar with one book, you will be able to navigate easily Career FAQs books that
through all the others and find the information you need quickly are grouped by theme and
focus on a particular lifestyle
and easily. choice or personality type,
such as Xtreme, have the
Our books profile real jobs and the people doing them to provide
three sections covered for
a broad overview of possibilities. It is not a definitive list but is each of the extreme jobs
intended to provide some insights into what it can mean to work in listed.

these particular roles.

Career FAQs books are divided into three main sections.

‘The big picture’ provides an overview of the industry,

employment opportunities and salary scales. It provides
information about the main employers and the variety of support
organisations that exist.

‘Insider info’ profiles the personal experiences of people who are

currently working within the profession.

It allows you to discover what people working within the industry

say you should expect from working in different jobs at various
levels of seniority.

‘Ready, set, go for it!’ tells you how you can get the appropriate
fyi
training and experience to ultimately get that job you want and Many words, phrases and
guides you through the process of gaining employment. acronyms are defined in
buzz words at the back of
Style elements are used in Career FAQs books to help you navigate this book.

through the information.

is a snapshot of a person’s career pathway –

cv it shows some of the key job stepping stones
along an individual’s career path that led to
the current position

indicates that another Career FAQs title has

detour
more jobs of this type

find out gives you directions to find out more about a

more particular topic or organisation

xi

FIN – 110106.indd xi 13/3/06 3:51:41 PM

 Financial Planning

provides additional information or an interesting

fyi
fact and provides directions to relevant appendixes

is used as a margin note to help clarify the

glossary
meaning of a word (in bold typeface) within text
– also defined in buzz words

are jobs in the industry or profession that, at the

hotjobs time of writing, are in demand

in is a short profile of a specific job, with

brief characteristics such as salary, qualifications,
number of hours worked, the ability to balance
personal and work commitments and the flexibility
afforded by the employer

explodes popular myths surrounding a particular

MYTH career choice
fact

myweek is a day-by-day overview of the typical work-

specific activities required of an individual in a
particular job

jobs that have an unconventional, interesting

or out of the ordinary focus

tells the story of real experiences of people

q&a working in the industry

highlight some of the issues associated with a

tradeoffs particular career – such as difficulties or obstacles
that you might face in the featured industry

xii

FIN – 110106.indd xii 13/3/06 3:51:42 PM

 The big picture
Why financial planning?
Did you ever watch the show Money (with Paul Clitheroe) on
television? Ever read Noel Whittaker’s Making money made easy? Both
Paul and Noel are financial advisers who have had successful media
careers disseminating sound financial planning advice to Australians.
MYTH
Financial planning and the work that supports it is part of a financial planning is
rapidly-expanding profession that is becoming more and more mainly planning for
attractive as a career option. your retirement
fact

What is ‘financial planning’? The Financial Planning Association of It covers a wide range of
Australia (FPA) describes it as ‘the process of meeting your life goals issues that affect many
stages of your life.
through the proper management of your finances’.

Some people think this refers mainly to planning for retirement. While
that is an important part of financial planning for many people, the
scope of financial planning is broader than this. It may also cover life
planning issues such as financing a home purchase, investing your
income, saving money to achieve goals, managing a budget to meet
major expenses, paying off debts, insuring yourself against risks such
as unemployment or ill health, and minimising the tax you have to pay.

Want more quality career resources

from Career FAQs for FREE? Click here 1

FIN – 110106.indd Sec1:1 13/3/06 3:51:43 PM

 Financial Planning

Meeting your life goals is an ongoing process, and your needs will
change over time. This means that financial planners often establish
long-term business relationships with their clients, and have to
anticipate and adapt to the clients’ changing needs, circumstances
and expectations.

More than other areas of finance and accounting, you are dealing
MYTH with people face to face. You are helping people to manage their
financial planning is all
about money lives better by managing their finances. Many of your business
relationships with your clients will become long-term ones as they
The profession involves move through various stages of their lives.
a lot of contact with
clients, often on a long- People in the industry often say that you need to enjoy dealing with
term basis, and requires
good interpersonal
people face to face. You need to be able to guide and persuade them
fact

skills, including the to make decisions. This does not mean that the ‘figures’ part of the
ability to create a
job is not important – you need to be interested in that as well.
rapport with clients.
If you are a good money manager, or at least understand the
principles of money management, you might consider a career in
this rapidly growing profession. The strong growth prospects and
the ability to combine ‘people skills’ with analytical skills make it an
attractive career option.

What do financial planners do?

Financial planners take a ‘big picture’ look at the current financial
situation of their clients. Based on information the client provides,
they assess the client’s needs and circumstances and prepare and
implement financial strategies to help them put their goals into
practice.

Financial planning covers a broad range of issues, including:

■ retirement planning and income

■ superannuation

■ investment of funds

■ shares

■ risk management and risk profiling

■ debt management and reduction

■ savings plans and budgets

FIN – 110106.indd Sec1:2 13/3/06 3:51:44 PM

 T h e big pic ture

■ securities and futures markets

■ taxation, including income, capital gains tax, fringe benefits tax,

property taxes

■ salary packaging

■ social security

■ life insurance and death/disability cover

■ other insurance

■ legal compliance

■ small business financial planning and management

■ estate planning

■ family home and property finance and management, e.g. negative

gearing.

This list may look daunting, but remember two important things
about it. Firstly, you don’t need to be an expert in every area. You do,
however, need to have access to people or other resources that are
experts in particular fields, for example, dealer groups or licensors.
These roles are explained in detail later in this book. Secondly, there
are opportunities in the profession to specialise in particular topics,
such as superannuation or shares. Alternatively, some small financial
planning firms specialise in meeting the needs of particular types of
clients. Not all topics on the list will be relevant to those clients.

The FPA says that there are six basic steps in the financial planning
process:

1 Collecting financial information from clients. This may include

salary, other income, current debts, assets and liabilities, current
and future commitments (such as children’s education expenses),
and so on.

2 Identifying clients’ short-term and long-term goals. These may

include home purchase, overseas travel, employment or breaks
from employment, education/study, and retirement. This step may
also involve assessing clients’ profile and attitudes – for example
how comfortable are they about taking risks or going into debt?

3 Identifying the financial issues that will affect attaining these goals.
Are there any ‘gaps’ between where clients are now and where they
want to be in the future? How can these gaps be filled, or at least
managed?

FIN – 110106.indd Sec1:3 13/3/06 3:51:45 PM

 Financial Planning

4 Preparing a financial plan. Based on the three steps above, the

planner prepares a strategy that recommends actions the client
can take to move towards achieving their goals – investment and
budgeting strategies, for example.

5 Implementing the financial plan. The planner presents the strategy

to the client and discusses it with them. If the client agrees, the
plan is implemented.

6 Reviewing and revising the plan. Clients’ needs and lifestyles

change over time, as do legislation and the economic climate.
Plans need to be reviewed and modified to remain up-to-date and
cope with the changes.

These steps involve a series of meetings with the client, with research,
preparation and implementation work between those meetings.

A typical scenario is when a new client walks in and we analyse

their current situation, expenditure and goals – now and in the
future … We can assist the client to have enough funds for
detour when they retire, in the best structure. By using strategies …
they can live the lifestyle they wish to live. It is great to be
Interested in other careers in able to help people reach their goals.
finance? Check out Career
FAQs Accounting, Investment Jasmine*, Financial planner at small financial planning firm
Banking and Retail Banking.
From our interviews with people in the financial planning profession,
www.careerfaqs.com.au
it became clear that the role of financial planner goes beyond the
analytical and paperwork parts of the job. It has elements of each of
the following:

■ educator

■ counsellor

■ motivator

■ coach

■ information manager.

FIN – 130306.indd Sec1:4 13/3/06 4:56:57 PM

 T h e big pic ture

What does it take to be a good

financial planner?
We asked people who know what it takes to excel in this industry
– financial planners themselves. Here is a summary of the skills and
characteristics they said are important in a career in this industry.

■ networking skills

■ enjoying dealing with people – and being good at it

■ a willingness to constantly learn in an ever-changing environment

■ a positive attitude

■ being proactive

■ problem-solving skills

■ ability to be persuasive

■ a down-to-earth attitude

■ great communication skills

■ strong organisational abilities

■ customer service skills

■ time management skills

■ honesty

■ ability to be analytical

■ ability to listen, and learn from experience

■ a strong interest and belief in financial planning

■ paying attention to detail

■ ability to think outside the square

■ being well presented

■ being able to describe complex issues in simple, easy-to-

understand terms

■ being ethical

■ being energetic

■ the desire and determination to help others reach their goals.

FIN – 110106.indd Sec1:5 13/3/06 3:51:46 PM

 Financial Planning
tradeoffs
As in any profession, there
are aspects of financial
planning which some may
consider drawbacks, such
as:
– complying with industry
legislative requirements
– keeping up with legislative
changes
– long working hours.
glossary
Compliance means:
– meeting relevant legislation,
procedures, standards and
codes of practice.
FIN – 110106.indd Sec1:6
According to people we interviewed for this book, the most frequently
mentioned negative aspect of financial planning was the need to
meet administrative and compliance requirements. More stringent
requirements created by the Financial Services Reform legislation
have resulted in a lot more administrative tasks and paperwork, which
adds to the workload and is clearly quite tedious for some people.
It’s fair to say, however, that a similar trend is evident in various other
professions, such as accountancy, and it may have the long-term
benefit of improving the reputation and competency standards of
financial planners.
Along with compliance comes the need to keep studying in order to
keep up with legislation and other developments, and also to comply
with the Financial Planning Association’s membership requirements.
You need to factor study time into your life on an ongoing basis.
What else is irritating? Some financial planners mentioned the
practice of ‘shopping’ by prospective clients – that is, they spend a lot
of time doing research for clients and preparing draft plans for them,
only to have the client play them off against other planning firms and
go elsewhere in search of a better deal. Convincing clients to accept
the recommendations offered to them is also a challenge for some
planners.
A few people working in large organisations such as banks
commented that their jobs placed more emphasis on achieving sales
than they would have preferred, and this added to the pressures of
the job and made it less enjoyable for them.
There were a few complaints about long working hours, but this
does not seem to apply across the board. Few people complained
about life–work balance issues, and those who did usually added
that their salary compensated them for the hours they put in. No-one
commented that their salary was inadequate.
This book contains advice from many people working in the industry
that shows how each of these roles works in practice. Here are some
examples of the role of financial planners:
You are giving more than investment advice, you are giving
clients peace of mind.
Peter Richards, PKF, quotes from presentation at ‘Financial planning careers night’,
26 May 2005.
13/3/06 3:51:46 PM
 T h e big pic ture

Why do people seek financial

planning?
The following are common reasons why people seek help with their
financial planning:

■ to manage their income and expenses better to reduce debt, save

to achieve goals, or arrange the timing of major cash flows

■ to prepare for and manage retirement

■ to create wealth through growth of assets and income

■ to protect themselves against losses caused by major catastrophes

■ to minimise their taxation

■ to protect income and wealth over time; for example, against the
impact of inflation and loss of earning capacity or opportunities

■ to achieve optimal returns and income, taking into account the

person’s attitude towards taking risks

■ to provide financial security for the individual and/or their family.

While people may be better informed about financial matters than

they used to be, financial planners can help them to evaluate their
options, avoid obstacles and select the best overall strategies for
themselves.

What’s happening right now?

Financial planning and financial advice are part of a growth industry. glossary
It is also a fairly new one.
Financial planning means:
You will see both these terms in common use. There are technical – preparing information that
enables a client to make
differences between them: while ‘planning’ involves preparing
a decision about what is
information for a client about a financial course of action, ‘advice’ best for them
involves making suggestions, but not making the decision for the Financial advice means:
client. – making suggestions and
recommendations to the
In practice, however, the terms ‘financial planning’ and ‘financial client about what to do.
advice’ are interchangeable. For example, Jobsearch, the Australian
Government website for job-seekers (www.jobsearch.gov.au), contains
category headings for both terms, but presents the same information
link under each one.

FIN – 110106.indd Sec1:7 13/3/06 3:51:47 PM

 Financial Planning
find out
more
The origins and evolution
of financial planning and
demographic and workforce
trends that have influenced it
are explained in greater detail
in Appendix 1.
fyi
The owner–manager of a
small financial planning firm in
Sydney specialises in meeting
the needs of high earners
aged 25 to 45 who have few
assets. She helps them save
money, manage expenditure
and accumulate assets and
wealth. She describes her role
as ‘a combination of financial
planner and coach’.
FIN – 110106.indd Sec1:8
The term ‘financial services’ is also widely used. However, it is a
broader term, and financial planning/advice is only a component of it.
For instance, most services provided by a bank can be called ‘financial
services’.
The combination of demographic and legislative changes means
that employment opportunities are expanding quite rapidly in this
industry, with shortages apparent in some job categories (such as
paraplanners) and new job roles – so new opportunities are evolving.
Recruitment agencies that were contacted when writing this book
generally reported a shortage of good candidates for vacancies in the
industry.
Another trend is that, as the industry expands, there will be more
opportunities to specialise in particular topic areas, or in handling
particular types of clients.
Some people believe the industry is also starting to go through a
generational change. Many of the people who set themselves up
in the industry in its early days – the ‘pioneers’ – are now retiring.
Businesses, particularly small planning/advice firms, are changing
hands more. This is likely to have the ‘trickle-down’ effect of creating
more entry-level vacancies as people advance their careers.
One current issue affecting work for financial planners is the
superannuation ‘choice of funds’ legislation: since 1 July 2005,
employers have been required to provide their employees with a
choice of superannuation fund for superannuation contributions.
Employers may need to seek advice to ensure they comply with the
new legal obligations. Employees may need to seek advice on how to
select a fund from the choice provided.
Financial planners therefore need to be up to speed with the
requirements of the new law for both employers and employees. They
need to understand the range of superannuation products available
and help employees to make the right choice. As well as existing
employees on 1 July 2005, employees who join a new employer after
that date will be subject to the ‘choice law’.
13/3/06 3:51:48 PM
 T h e big pic ture

Current size of the profession

Financial planning is still a small industry, with an estimated
14 000 – 16 000 people Australia wide. As a comparison, accounting
had over 140 000 at the same time. As of mid-2005, the Financial
Planning Association of Australia had over 12 000 members.

The good news is that financial planning is considered to be a

growth industry. Over the past 10 years, growth was rated as ‘very
strong’. Growth projections for the industry to 2010–2011 are also
rated ‘strong’. This is despite the fact that the employment level in
the industry fell in 2003–2004 for the first time since data collection
commenced in 1990. More importantly, the number of people working
in financial planning has risen from 10 000 to 12 000 for the period
1990 to 1996. For the 10 years up to 2004, the average growth rate
was 9.4 per cent per year, but it was lower (2.6 per cent) for the five
years up to 2004.

The projected growth of the industry is driven by the aging baby-

boomer generation (those born between 1946 and 1960) and a
growing awareness by younger generations that financial planning is
important to their future wealth.

Kerrie Kelly, Chief Executive Officer of the Financial Planning

Association reported in www.moneymanagement.com.au on
15 February 2006 that, in the current environment, Australians are
expecting more from their financial planners, and the FPA and its
members have been working hard to ensure they deliver what is being
asked of them. She says, ‘I believe there has been a discernable shift
by member practitioners to greater professionalism, combined with fyi
increased expectations from advisers that their colleagues will uphold
moneymanagement.com.au
the high standards that clients are now expecting.’ is a part of the publishing arm
of Reed Business Information
In addition Kerrie says that the ‘FPA initiatives have lifted the (RBI) and reports extensively
professional standards of members and led to a more positive on the financial services
community attitude to professional financial planning advice.’ sector in Australia.

FIN – 110106.indd Sec1:9 13/3/06 3:51:48 PM

 Financial Planning
fyi
Many companies are now
using the terms ‘wealth
management’ and ‘wealth
creation’ in job titles, and
in the titles of what might
otherwise be called their
‘financial planning’ sections.
The terms reflect the wider
role that financial planning
is adopting as the industry
expands.
10
FIN – 110106.indd Sec1:10
What are the job opportunities?
Job prospects in the industry are rated by Jobsearch as eight out of ten
– meaning that it has better job prospects than 80 per cent of all other
industries. Most (87 per cent) jobs in the industry are full-time and the
average working hours are estimated to be slightly longer (by about
one hour per week) than the average for all occupations.
The vacancy level for financial advisers is rated as ‘high’. Most
vacancies (72 per cent) arise from people changing employers or
jobs within the industry, but 19 per cent arise from people leaving the
industry and 9 per cent are new jobs created by growth in the industry.
About 7.5 per cent of people employed in the industry leave it each
year.
The vast majority of jobs (about 85 per cent) are in the
finance/insurance industry sector, with a further 10 per cent in
property/business services. Only about 1.6 per cent of financial
planning/advice jobs are in the public sector.
Unemployment level in the industry is rated as ‘average’ at
five per cent.
Job opportunities in financial planning can be found in banks,
insurance companies, building societies, credit unions, accounting
firms, specialised financial planning firms or other types of financial
institutions.
What are the ‘hot jobs’?
When a profession is expanding as rapidly as financial planning,
it’s tempting to say that the whole industry is ‘hot’ at present.
One growth area that is apparent is being driven by the view that
financial planning is not just for one-off events such as retirement,
home finance or handling inheritances, but an ongoing process that
adapts to clients’ changing needs. To emphasise this, terms such as
‘relationship manager’ and ‘wealth management/wealth creation’ are
being used more widely as they imply a longer-term holistic approach
and looking after a wider range of client needs.
Large organisations such as banks and insurance companies have
discovered that financial planning services can be a good earner for
them, so it is likely that more opportunities will emerge there as they
expand their services.
13/3/06 3:51:49 PM
 T h e big pic ture

The following illustration shows some of the jobs you could do in

financial planning.

11

FIN – 110106.indd Sec1:11 13/3/06 3:51:50 PM

 Financial Planning

As the range and complexity of financial planning services continue

to expand, opportunities in the development of software to assist
financial planners are likely to increase.

Finally, the increasingly stringent compliance requirements that the

industry must meet are creating more opportunities for people who
train other financial planning staff, as well as for ‘compliance’ jobs
themselves.

Career paths
There are different career paths you can take in becoming a financial
planner. A typical career path is to start with a large organisation and
move to a smaller firm specialising in financial planning. This path
assumes that over time you will build up a client base to sustain
yourself, and have enough resources to buy into a business.

Alternatively, you could join a small financial planning firm in an

administrative or low-level role, gain experience and qualifications
and work your way up.

Typical career path Alternative career path

(large employer) (small employer)
Join large employer Join small financial planning firm
in entry-level role in basic administrative role

Do financial planning qualifications Do financial planning qualifications

Minimum – PS146 compliance Minimum – PS146 compliance
Diploma of Financial Services (FP) Diploma of Financial Services (FP)
Bachelor Course (FP) Bachelor Course (FP)

Promoted to paraplanner or Promoted to paraplanner or financial

financial planner position planner position, either in same firm
or another one
Join small financial planning firm
or dealer group as paraplanner Self-employment as financial
or financial planner planner, or partnership in financial
planning firm
Self-employment as financial
planner, or partnership in financial
planning firm

12

FIN – 110106.indd Sec1:12 13/3/06 3:51:51 PM

 T h e big pic ture

On entering the industry, it is far more common for people to start at

large employers. Large organisations, for various reasons (discussed
later in this section), are a breeding ground for people who later join
specialist financial planning firms or go into business for themselves.

An unusual aspect of the financial planning industry is the movement

of employees from large to small organisations, rather than the
reverse. While small employers generally offer more mentoring and find out
chances to multitask, large employers provide greater access to
more
qualifications, training and resources, and the opportunity to build up www.jobsearch.gov.au/
joboutlook
contacts and clients.

Small companies and large companies have their pros and cons.
Deciding which workplace suits your personality and skills is the first
step to getting started in your career.

The choices we explore here are:

■ working for a large employer

■ working for a small employer

■ self-employment.

Autonomy in a small business vs. Teamwork with the power

of a larger organisation

13

FIN – 110106.indd Sec1:13 13/3/06 3:51:51 PM

 Financial Planning
fyi
For the pros and cons of
working for small employers
see page 16.
14
FIN – 110106.indd Sec1:14
Working for a large employer
Larger employers (such as banks, insurance companies, building
societies, credit unions, accounting firms and other financial
institutions) can certainly give you a career path to becoming a
financial planner. The question is whether the workplace in such a job
appeals to you, or if a smaller, specialised financial planning company
is more your style.
Positives of working Negatives of working
for a large employer for a large employer
■ More opportunities within the ■ You can get lost within a huge
organisation – if you don’t like the bureaucracy
section or job you are in, there
is a chance you can transfer to
■ Less direct exposure to clients,
something more suitable so harder to build up a name for
yourself
■ Training opportunities are better
■ Less opportunity for multitasking,
■ More networking opportunities as you may end up in a specialist
area or role
■ More likely to receive support
with study and qualifications, e.g. ■ Less ‘hands-on’ involvement in
payment of course fees, study the whole financial planning role
leave, sponsorship of Financial
Planning Association membership
■ Less opportunity to learn business
management skills on the job
■ More client referrals, e.g. from call
centres
■ Greater competition for
promotions
■ Job security
■ Other than company shares, no
■ More in-house resources/experts opportunity to gain equity in the
to seek help from business
■ Recognition through being
associated with a widely known
company and brand name
■ Graduate recruitment and
development programs give you
an overview of the whole business
and a broader background
■ On the whole, there are more
opportunities to enter the industry
in large firms
■ Easier to locate and apply for
vacancies, e.g. via the company’s
website
13/3/06 3:51:52 PM
 T h e big pic ture

There are many standard roles within larger financial institutions.

Sometimes there are different terms for what is basically the same
role. You should also be aware that the same title may have a different
meaning in different organisations – depending on the size of the
employer, types of clients and the nature of the employer’s business.

Positions in large financial planning institutions include:

fyi
■ entry-level positions
Always seek a copy of the
■ call-centre positions job description when applying
for a job, so you have a good
■ paraplanner idea of what the work actually
involves.
■ commissions officer

■ compliance manager and related roles

■ portfolio manager

■ business development manager (BDM)

■ relationship manager

■ financial adviser/planner

■ practice manager.

15

FIN – 110106.indd Sec1:15 13/3/06 3:51:53 PM

 Financial Planning

Working for a small employer

While the roles available working for a small employer are similar to
those under large employers, the day-to-day work at a smaller firm
may be more ‘hands on’ and tend to overlap more. This is good if you
want variety and the chance to gain broader experience.

Another trend is that many small firms tend to operate ‘lean’ – which
in busy periods may mean long working hours.

Positives of working Negatives of working

for a small employer
■ Multitasking – you have the
chance to see how the whole
financial planning process comes
together and may become
involved in each stage
■ Direct mentoring available from the
manager or a partner
■ Opportunity to learn general
business skills – important if your
goal is to have your own business
later on
■ A small business is unlikely to be
owned by a fund manager, so you
are not restricted to promoting
the manager’s own products and
services ahead of others
■ Things happen faster – less red
tape
■ You are likely to make faster
career progress
■ Potential for equity in the firm if you
stay with it
■ Managers and partners in small
firms also added that it was
possible to arrange their working
hours flexibly and achieve a good
work–life balance.
for a small employer
■ Fewer people to learn from – if the
manager/partner is not a good
mentor, there are few alternatives
■ Fewer in-house resources to help
you – you are more reliant on
outsiders who may have vested
interests
■ Less in-house training available,
e.g. when changes in laws and/or
taxation occur
■ Less likely to receive financial
support with external training and
qualifications
■ Harder to obtain client referrals,
because you and the business
have a lower profile
■ More reliant on other organisations
– for instance you may prepare
a financial plan for the client, but
the client then has to approach
a separate financial institution to
obtain a loan
■ If you don’t ‘get on’ with someone,
it is much harder to manage
around the situation

16

FIN – 110106.indd Sec1:16 13/3/06 3:51:54 PM

 T h e big pic ture

Typical positions found in small financial planning firms include:

■ entry-level positions

■ paraplanners
fyi
■ financial planner/adviser
Jobs in small financial
■ managers/partners. planning firms are less
structured and overlap more.
Other positions that are possible with a financial planning background This gives you the chance to
learn extra skills.
can include:

■ commentator

■ journalist/writer

■ educator

■ financial planning recruiter

■ jobs with professional organisations and regulatory agencies.

17

FIN – 110106.indd Sec1:17 13/3/06 3:51:55 PM

 Financial Planning
MYTH
managers of financial
planning firms aren’t
involved in day-to-
day client work
In most cases they
still work as hands-on
fact
financial planners and
have a management
role as well.
18
FIN – 110106.indd Sec1:18
Men and women in financial planning
Information from Australian Job Search suggests that financial
planning is currently more of a male-dominated profession than
the average for all industries (www.jobsearch.gov.au). Overall,
71.5 per cent of employees are male and 28.5 per cent are
female, compared to an average for all industries of 55.3 per
cent males. Part-time employment for women in this profession
is much less common than average – 7.8 per cent versus 20.3
per cent overall (by comparison, the male part-time rate of 8.2
per cent is the same as the overall average). Of the employees
working full-time in financial advice/planning, less than one-
quarter are women (20.7 per cent versus 63.3 per cent for
males).
100%
80%
60%
40%
20%
Male
Female
0%
Financial Average across
planning industries
Male and female employment in financial planning and in all
industries
Source: www.jobsearch.gov.au
13/3/06 3:51:56 PM
 T h e big pic ture

Equal opportunity awards

find out
The 2005 Business Achievement Awards made by the Equal
Opportunity for Women in the Workplace Agency (a Federal
more
See ‘Comparative
Government agency) gave the following awards to businesses, starting salaries of various
or individuals in businesses whose operations include financial professions’ in Appendix 2.
planning.

Leading CEO for the Advancement of Women

Giam Swiegers, Deloitte Touche Tohmatsu

Diversity Leader for the Advancement of Women

Sara Rasmussen, Insurance Australia Group (IAG)

Leading Organisation for the Advancement of Women

(fewer than 500 employees)
Overnewton Anglican Community College

Leading Organisation for the Advancement of Women

(more than 500 employees)
ANZ Banking Group Limited

What about self-employment?

There are many people working as self-employed financial planners,
or running firms with only basic administrative support.

Self-employed planners have generally had several years’ experience

in a large financial organisation such as a bank or an independent
financial planning practice. They will have built up a network of
contacts, including potential clients, during that time (although it is
also possible to purchase a client base and obtain ‘orphan’ clients
from larger organisations).

Starting your own business, either from scratch or by purchasing

an existing one, will require some capital, and you will need to join
a dealer group and have a licence. As a rough estimate, you should
assume that you will require a minimum of $50 000 per year to cover
business operating expenses.

19

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 Financial Planning

How much can I earn?

The growth rate of the financial planning industry means that earnings
prospects are higher than many other industries, and likely to stay
that way in at least the foreseeable future.

The following table shows the age bracket, position, income and years
of experience of the people interviewed for this book.

No.
Income No. yrs in yrs in
Age Position ($’000) job industry
Early Financial planner support 35–45 1 1
20s officer, large bank
Late 20s Sales consultant, large 45–55 2 weeks 3
financial institution
Late 20s Paraplanner, large financial 55–80 15 months 8
institution
Late 20s Operations manager, large 95–120 9 months 9
financial institution
glossary 28 Paraplanner, small financial 65 2 6
Salary packaging means: planning business
30s Financial planner and director, 80–150 8 15
– structuring an employee’s
financial planning firm
remuneration to make it more
tax-effective and more suited 30s Financial planner and CEO, 100+ 12 15
to the employee’s needs. small financial planning firm
30s Senior paraplanner, large retail 55–65 20 months 6
– a package can be a mixture
bank
of cash salary, variable
bonuses and incentive 31 Customer service officer, large 70 16 months 8
payments, company shares investment bank
and various benefits such 34 Self-employed financial 100 3 10
as cars, loans, payment of planner
education expenses. 36 Financial planner, small 80–150 5 7
financial planning firm
39 Practice manager, large retail 120 18 months 19
bank
43 Mortgage broker, large 100+ 6 6
mortgage company
50 Self-employed certified 120 6 30
financial planner
50+ Senior wealth partner, large 150–400 4 8
bank
50+ Director, financial planning 80 8 25
practice

Career FAQs salary survey, 2005

20
 T h e big pic ture

From the Career FAQs table you can see that salaries generally get
higher as a person gains more experience in the industry. Directors
and CEOs of financial planning industries, managers and people in
senior positions also make significantly more than recent graduates.

Data collected by recruitment consulting firm the Godfrey Group

provides comparisons between salaries for the following groups:

■ entry-level versus established positions

■ regional versus metropolitan areas

■ bank versus non-bank positions – note with this comparison

that the positions in bank and non-bank employers may not be
equivalent – bank jobs are generally narrower in scope and may
have fewer opportunities to expand your earnings.

The website, www.moneymanagement.com.au, is a valuable source of

information about current salaries. The website reports that studies
compiled by eJobs Recruitment Specialists for the period up to
30 January 2006 show that experienced financial planners are
regularly attracting salaries of $50 000 and more. Paraplanners are
being offered between $40 000 and $70 000 in Victoria and between
$40 000 and $80 000 in Queensland.

Salaries of between $50 000 and $55 000 were most common in both
markets. Significantly, prospective employers want advisers with
at least three years’ experience (www.moneymanagement.com.au,
‘Adviser job ads rising, but not for juniors’ by Darin Tyson-Chan,
2 March 2006).

The table on the next page shows income ranges (2005 figures) for
many financial planning jobs.

21

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 Financial Planning

Financial Financial
Senior Planner Planner Financial
Paraplanner Paraplanner Associate (DFP (DFP Planner
(studying (DFP Financial qualified) qualified) (CFP†
DFP*) qualified) Planner (bank) (practice) qualified)
Location ($’000) ($’000) ($’000) ($’000) ($’000) ($’000)
Average Remuneration Package (including 9% superannuation)
Sydney CBD 50 65 60 92 85 100
(range) 45–55 55–85 57–70 85–125 65–105 90–140
NSW Metro. 45 46 46
(range) 38–50 38–54 38–52
NSW Country 34 38 35
(range) 29–39 34–42 33–40
Melbourne CBD 45 60 50 80 80 85
(range) 40–55 50–70 45–60 70–90 70–90 80–100
Vic. Metro. 41 50 39
(range) 37–48 45–60 34–44
Vic. Country 35 40 35
(range) 30–40 35–49 30–40
Brisbane CBD 45 50 50 80 80 80
(range) 40–50 40–70 48–52 75–100 75–100 70–100
Qld Metro. 35 41 38
(range) 33–40 38–44 33–47
Qld Country 31 36 35
(range) 29–35 32–40 30–45
Adelaide CBD 40 50 48 80 75 85
(range) 35–45 45–55 42–55 65–100 55–90 75–100
SA Metro. 32 40 39
(range) 30–35 36–43 34–43
SA Country 28 35 34
(range) 27–30 32–38 30–34
Canberra 40 50 Z2 85 65 75
(range) 35–45 45–55 45–60 65–90 55–75 65–85
Perth 50 60 45 70 70 80
(range) 45–55 55–65 40–55 60–90 60–90 70–110

Source: Godfrey Group – Wealth Management Recruitment and Advice, last quarter 2005
find out Planning People – Professional Practice Recruitment and Advice, last quarter

more 2005
*Diploma of Financial Planning
†
www.godfreygroup.com.au Certified Financial Planner

www.planningpeople.com.au From the above data we can conclude that, for equivalent jobs,
salaries are slightly higher in Sydney than in Melbourne, which in

22

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 T h e big pic ture

turn is slightly ahead of rates in other capital cities. Within each state,
rates are higher in CBD locations of the capital cities than in their
suburbs, and jobs in country areas are less well paid than both.

These trends appear to be typical of most occupations. They reflect

employment market supply and demand, cost of living in different
locations, and the fact that most large players in the financial planning
industry have their head offices in Sydney or Melbourne.

If you would like to see more on salaries, other recruitment

consultants, particularly those that specialise in recruitment for the
financial planning industry, can also provide information. See the
list of recruitment consultants in the ‘Ready, set, go for it!’ section of
this book. Some provide information such as salary tables on their
fyi
websites, while others will provide a typical range if you submit
details of a particular job to them. Salaries for financial planners
tend to be lower in banks
Surveys of starting salaries for graduates tend to be more general. and large financial institutions
than in specialist financial
Financial planning jobs tend to be included in general industry job
planning firms. The jobs are
categories such as ‘banking’, ‘finance’ or ‘accounting’, and it is not directly comparable in
difficult to isolate data specific to financial planning. For example, most cases, as the bank/
financial institution jobs tend
the annual ‘Survey of graduate starting salaries and destinations’ to lower-level jobs that are
published by the Graduate Careers Council of Australia (GCCA) does more restricted and less
not have a category for financial planning graduates, although specific demanding in their content.

information may be available by contacting the GCCA directly

(www.gradlink.edu.au). This situation may change as more people
enrol in financial planning degree courses and more data becomes
available.

What do salary packages include?

Salary packaging is a method of remunerating people for their work
that can include a number of incentives for the employee. A salary
package may include a misture of cash salary, superannuation
contributions, bonuses and commissions, company shares, provision
of car, mobile phone and/or computer, and payment of health-care
benefits and educational expenses.

Salary packages for financial planners in particular vary widely, more

so for those who work for small financial planning firms than big
organisations such as banks. For example, the financial planners who
completed questionnaires as part of the research for this book quoted
their salaries in ranges such as ‘$80 000 to $150 000’.

23

FIN – 110106.indd Sec1:23 13/3/06 3:51:59 PM

 Financial Planning

Employees in the financial planning industry may receive

remuneration in the following ways:

■ they are paid a base salary

■ they may charge clients for their time, for example on an hourly
basis

■ they may receive commissions from providers of financial products

and services if their clients purchase the products/services – note
that if this occurs planners must declare the payment to their
client.

fyi
Remuneration is not
confined to cash salary,
bonuses and commission
payments. Permanent
employees are legally
entitled to certain other
benefits. Casual employees
may be entitled to some of
them, but not annual leave
or sick leave.

In general, the larger the employer, the higher the percentage of

remuneration will be a fixed base salary. When applying for jobs, it is
important to find out how your remuneration will be calculated and
what a typical amount is likely to be. If an employer says that there
is ‘the potential to earn up to $(amount), find out what you would
actually have to do to achieve that amount.

24

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 T h e big pic ture

Who are the main employers? fyi

Information on some of the
There are major differences between what small and large smaller employers follows
organisations are offering employees in the financial planning the discussion of larger
profession. Following are profiles of some of the employers in the employers.

financial planning industry. Although the public sector represents only

a small fraction of the financial planning profession, its opportunities
are also explored.

Large employers
Many banks and other financial institutions have financial planning
divisions. We profile six large employers to give you an idea of how
the structures of the companies work.

Westpac Bank
Westpac’s Advice unit operates within the BT Financial Group (a
division of Westpac). BT Financial Group provides the financial
planning products and services and Westpac’s FPS team distributes
them and other financial planning products. Financial planning staff
are employed by BT.

FPS staff work with both the wealth management and retail banking
sectors, thus having access to two distinct career paths.

Westpac/BT employs 500 to 600 financial planners. There are three

job levels, based on level of experience, complexity of the work and
value of the customers:

1 Financial planner

2 Senior financial planner

3 Executive financial planner.

Planners who work in the business rather than the consumer/retail

stream are known as ‘business financial planners’ or ‘senior business
financial planners’.

A senior planner requires at least an Advanced Diploma of Financial

Services qualification. Executive planners must be Certified Financial
Planners (CFP).

25

FIN – 110106.indd Sec1:25 13/3/06 3:52:01 PM

 Financial Planning

Within FPS there are also 100 to 200 people in the following roles:

■ paraplanners

■ compliance staff

■ product and research staff (developing and promoting new

products).

There are also planner assistants, an administrative/personal

assistant type of role. This can be an entry role into financial planning
if a person is motivated in that direction and undertakes the relevant
qualifications.
find out
more A new entry-level role is Investment representative. The first people
www.westpac.com.au, were appointed to this role in 2005 and Westpac/BT expects to have
click on ‘Westpac Info’, then
about 60 people in this role in 2006. An investment representative
‘Careers’
receives financial planning leads and referrals, mainly from Westpac
retail bank branch staff. They decide how each lead will be followed
up and by whom, and can also make direct sales. PS146 compliance is
the minimum qualification for this role. An investment representative
is likely to perform the role for 18 months to two years before moving
into a financial planner role.

Because Westpac/BT places strong emphasis on coaching and

mentoring by managers, it is common for financial planners to
be promoted to managerial roles in FPS or within other divisions
of Westpac. It is less common for managers outside this division
to transfer into it due to the need for specific qualifications and
experience in financial planning to be successful in a managerial role.

ANZ Bank
ANZ employs approximately 400 staff in financial planning. Of these,
about 300 are financial planners, about 40 are paraplanners and
about 40 are client-service officers. These people are spread among
four geographic regions and 21 teams within the regions. Each team
has a business manager (in charge of operations) and a practice
manager (in charge of sales and the overall team). The practice
managers report to one of the four regional managers.

Client service officer is basically an administrative role, although

someone in this role who obtained financial planning qualifications
could progress to a financial planning role.

A more typical entry-level job is financial planning support officer

(FPSO). This is not a specific planning role with direct customer

26

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 T h e big pic ture

consultation, but an FPSO will do follow-ups with clients and generally glossary
assist the financial planners. PS146 compliance is required for this PS146 compliance means:
role. – the qualification required to
work as a financial planner
Next level is financial planning associate, effectively a trainee financial in Australia. More on this in
planner’s role. An associate works with a designated planner who Appendix 3.
provides mentoring and development assistance. Associates typically
spend about 12–18 months in this role before they become financial
planners.

Financial planner, the next level, is the role with the largest number of
people. The job content is similar to that of financial planners in other
large organisations.

The highest level of financial planner is financial planner relationship

(about 30 people). These people are expected to generate their own
client base, as they do not receive any leads from ANZ Bank branches.
Their role is broadly similar to that of an independent financial adviser,
except that they are paid a salary.

For paraplanners, there are three levels. The entry-level role involves
inputting data only and is typically held for about six months. At the
next stage, employees prepare fairly basic financial plans, and after
about one year may progress to a job that requires preparing complex
plans. Some paraplanners move to financial planning roles, usually to
the financial planning associate level. However, the stumbling block
for many is that they lack experience at dealing with customers face to
face, which is important for the financial planning jobs.

About 90 per cent of financial planning employees serve the retail

market, the rest serve the small business market.

It is possible for financial planners to be promoted into management

roles, mainly as business planning managers or practice managers.
There are also some head office project manager positions. These
people work on new initiatives to support the financial planning
business.

ANZ fully reimburses employees who study for the Diploma or

Advanced Diploma of Financial Service or for CFP certification, and
pays the majority of costs for Master’s courses. find out
ANZ Private Bank is a separate entity that caters for customers on high
more
www.anz.com.au, click on
salaries or with high levels of investment funds. It employs about 15
‘Careers’
financial planning staff Australia-wide.

27

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 Financial Planning

Macquarie Bank
Established in 2000, Macquarie Financial Services is a division of the
Macquarie Bank Group. This division incorporates a financial planning
service.

There are three main roles within the financial planning area of
Macquarie Financial Services. In increasing order of seniority, they are:

1 client service executives

2 paraplanners

3 financial advisers.

As the name implies, client service executives have direct contact

with the bank’s financial planning clients. In many ways they have a
go-between role. They perform various administrative tasks to support
and assist financial advisers and liaise with advisers and clients. They
are sometimes allocated to a specific financial adviser. They may
prepare reviews under the direction of the adviser, and if a client’s
situation is relatively simple, the adviser may hand over some clients
for them to manage.

This is a customer-focused role and therefore it is important to have

empathy with clients. Other important skills include good written
communication skills and numeracy skills.

The Bank prefers to hire graduates for this role, and supports and
encourages them to complete formal financial planning qualifications,
generally through the Financial Planning Association.

Paraplanners prepare detailed plans and strategies in response to

client information provided by the financial advisers. The financial
adviser identifies the client’s needs and issues, then the paraplanner
conducts research and prepares information and options for the
financial adviser to consider. The paraplanner may attend meetings
with clients to support the financial adviser by answering technical
questions, e.g. relating to legislation.

When employees in Macquarie’s graduate recruitment and

development program spend part of their time in financial planning, it
is typically in a paraplanning role.

Otherwise, paraplanners are mainly appointed through external

recruitment. Relevant formal academic qualifications are essential for
this role.

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 T h e big pic ture

Financial advisers deal directly with clients. They meet with them,
assess their needs, prepare plans and strategies to meet those needs
(with assistance from paraplanners), discuss them with the clients and
implement the plans with the clients’ agreement.

Macquarie employs about 14 financial advisers in New South Wales

and a total of 48 Australia-wide.

Almost all of Macquarie’s financial advisers are CFP-certified. About

half are also qualified as accountants.

It is possible to progress from being a client service executive or a

paraplanner to a financial adviser, provided you have the necessary
qualifications and training.

However, it is rare for a graduate to come into Macquarie directly as a

financial adviser.

It is unusual for a financial adviser to be promoted to a management

position – managers tend to come from elsewhere within the Bank.
Advisers may become senior advisers and may specialise in an area of
find out
work or customer type that particularly interests them – for example,
not-for-profit organisations or clients in a specific industry. In that
more
www.macquarie.com.au,
way, they receive greater recognition and a more interesting job as a click on ‘Careers’
reward for their achievements.

29

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 Financial Planning

MLC
MLC is a large player in the financial planning industry. It is the ‘wealth
management’ arm of the National Australia Bank Limited. MLC has
two clients: financial planners and advisers, and the client or investor
who seeks advice from these planners and advisers. Thus, it provides
a range of products and services to enable financial planners to meet
their customers’ needs. Examples include the MasterKey range of
investment products, software to prepare statements of financial
advice for customers, tools to help explain complex strategies and
concepts to clients, and marketing and seminar material.

Through its network of aligned self-employed, salaried and external

financial advisers, it provides financial planning and advice services,
wealth creation (investments, financial planning, private banking),
wealth protection (insurance) and succession (superannuation)
solutions to retail and corporate customers.

As a business partner to financial advisers, MLC supports the delivery

of advice in the following areas:

■ practice management – guidance on managing the business

■ investment platforms – systems that provide a platform for wealth

management

■ integrated financial solutions – technological solutions for financial

planners

■ dealership infrastructure – providing employment, education and

training programs to retain and attract quality advisers; technical,
compliance and marketing resources; paraplanning support,
investment research and professional development support.

Entry-level positions for financial planning careers at MLC occur in two

areas:

1 Salaried positions – this is one of four ‘adviser segments’

within MLC. Salaried financial planners operate within the
National Australia Bank’s banking network, servicing the wealth
management needs of the bank’s customers. They have usually
completed a Diploma or Advanced Diploma of Financial Services.

2 Adviser business services. In a business unit trading as ThreeSixty,

which is part of the national sales division, there are about

30

FIN – 110106.indd Sec1:30 13/3/06 3:52:04 PM

 T h e big pic ture

300 employees of whom around 30 provide paraplanning and

associated support, that is preparation of Statements of Advice
and financial modelling. Many of these can be described as ‘career
paraplanners’. Generally, they are graduates of the Advanced
Diploma of Financial Services or a degree that specialises in
financial planning. At least 12 months’ experience in the industry is
considered necessary to work in this section, and a further two to
three years working here is regarded as necessary to learn the MLC
financial planning business.

The adviser unit of MLC is supported by various administrative roles

and a customer call centre.

Within MLC, employees from these sections often advance to work in

two of the other three adviser segments:

1 dealing with self-employed practitioners – that is financial

planners who have their own businesses but are licensed to one
of three MLC-operated licensees (Garvan/MLC Financial Planning,
Apogee and Godfrey Pembroke). Each of these licensees offers
comprehensive financial planning services to different segments of
the market

2 MLC Alliances – this section deals with financial planners or

businesses that have their own licences.

Alternatively, many employees progress their careers externally in the

following ways:

1 forming work relationships with financial advisers, they may obtain

jobs in an adviser’s business

2 if they have sufficient capital and technical knowledge, they may

set up their own financial planning/advice business.

Administrative support positions also exist within each segment of

the adviser unit. These roles generally assist advisers to set up client
appointments, complete paperwork and application forms required to
execute financial plans, and liaise with fund managers. The positions
provide the opportunity to learn all about the practical aspects of
find out
financial planning first-hand – how the industry works and who the
key players are. They also help people to develop strong client service
more
www.mlc.com.au
and office administration skills.

31

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 Financial Planning

ING Financial Planning Pty Limited

ING Financial Planning (‘INGFP’) is a unit within ING Australia, which in
turn is 49 per cent owned by ANZ Bank.

INGFP operates within a division known as ING Advice, which owns

three dealer groups – RetireInvest, Tandem Financial Advice and
Millennium 3, each of which tends to specialise in particular areas of
financial planning.

In mid-2005, INGFP had plans to expand its operations. By early 2006,

it intends to employ 30 to 40 financial planners Australia-wide. It has
introduced a scholarship scheme that will sponsor new recruits to
obtain financial planning qualifications.

The ING customer service call centre is regarded as a good starting

point for a career in financial planning with INGFP. Staff handle sales
and other enquiries from the public, and may refer them to financial
planners (either ING’s or the customer’s own planner), but cannot give
them financial advice. They must, however, have a good knowledge
of the relevant laws and of financial planning products and services.
While working in the call centre, they are expected to complete,
or at least commence, studying for their formal financial planning
qualifications.

A typical career path from there is to transfer to INGFP, which has a

separate call centre that handles more specialised enquiries. As well
as experience in this call centre, employees spend a few years in
INGFP as a financial adviser. As their knowledge, qualifications and
experience increase, they may become senior advisers or planners
and may specialise in particular areas. There is an emphasis on
expanding the role over time, and INGFP strongly emphasises using
senior planners to train and mentor newer ones.

For someone who seeks progression from that level, the main
opportunities are:

■ Finding a job with the assistance of INGFP, within their dealer

groups within separate financial practices (some of which
are owned by ING) or possibly setting themselves up in self-
employment.

■ The possibility of promotion to managerial roles within the ING

group. It is also possible to move from the dealer groups to ING
managerial positions.

32

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 T h e big pic ture

Another option is to move into financial planning roles from sales,

marketing or business development roles within ING, for example
to become a practice development manager within a dealership.
However, remuneration opportunities tend to be greater in these areas
than in financial planning, so not many people make such a move.

ING Advice employs about 180 people altogether. This includes a

Dealer Services section. Roles within that section include: dealership
and management support staff, in-house research, technical support
for advisers using ING products (who may for example conduct
seminars and training/information sessions), acquisitions (looking to
buy practices and dealerships to grow ING’s business), finance and
special projects.

INGFP’s overall ‘grow your own’ approach to financial planners is

shown by the resources provided in this area. The ongoing mentoring
by senior financial planners is combined with mentoring when
required by experts in particular areas (such as strategy development,
product use, compliance). Extensive in-house training, access to
external accreditation programs and support (including financial
assistance) with ongoing professional/tertiary education is also
provided. find out
INGFP pays a base salary plus standard benefits plus a share of profits more
based around the volume of revenue generated by the employee. To www.ing.com.au, click on
‘About us’, then ‘Careers
qualify for the latter, the employee has to generate revenue in excess with ING’.
of an agreed level.

St.George Private Bank

St.George Private Bank is a business division within St.George Bank
Pty Limited and operates independently from the retail bank division.
In terms of financial planning services, St.George Bank Pty Limited
segments its customers into three areas dependent upon their needs
or the amount of investment funds the customer has. St.George
Private Bank handles high net worth customers.

Of approximately 80 staff in the Private Bank, about 30 are in financial

planning/advice roles. The roles are as follows.

1 Client coordinators – assist advisers with administrative work for

clients, including buying and selling shares

2 Paraplanners – perform analytical and technical work for advisers

33

FIN – 110106.indd Sec1:33 13/3/06 3:52:06 PM

 Financial Planning
find out
more
www.stgeorge.privatebank.
com.au
www.stgeorge.com.au
find out
more
www.hhpl.com.au
www.tandemadvice.com.au
www.fpa.asn.au/home/
findaplanner.asp
34
FIN – 110106.indd Sec1:34
3 Portfolio managers – make investment recommendations
4 Product managers – put recommended list together for managed
funds, portfolio manager, and so on
5 Assistant advisers – help advisers with preparation work for
dealing with their clients
6 Advisers – deal directly with clients
A team of three people is assigned to every client: a director, an
adviser and a banker.
Some of the advice parameters performed by advisers in the Private
Bank are not done by equivalent staff in the retail bank division, for
example dealing directly in shares.
While it is possible to progress from lower to higher roles, typically
the progression time tends to be longer than in equivalent roles. This
is because of the high level of investment funds associated with each
customer, which in turn creates a more demanding and sophisticated
customer base. For example, to become a financial adviser in the
Private Bank, at least three to five years’ experience as a financial
adviser would be considered a minimum requirement.
Recruitment to positions in the Private Bank is handled externally by
recruitment agencies.
To summarise, St.George Private Bank is not an entry-level job
source for financial planners other than through the avenue of client
coordinator. It is however included in this book as an example of the
opportunities to deal with high-level and specialised clients that may
become available as people gain expertise and experience in the
industry.
Small employers
Two examples of small financial planning businesses are described
here as examples of how such businesses are structured. One
employs 20 staff, the other employs five. Organisations such as the
Financial Planning Association have a ‘find a financial planner’ link on
their websites if you wish to find other examples. The two businesses
profiled here are:
■ Heraud Harrison Pty Ltd
■ Chick St Clair and Partners
13/3/06 3:52:06 PM
 T h e big pic ture

Heraud Harrison Pty Ltd

Heraud Harrison Pty Ltd is a long-established firm in Melbourne that
employs 20 staff. Eight of these are Authorised Representatives – the
financial planners. This group includes the business partners. There
are three trainee financial planners, three financial planning assistants
and seven administrative staff. Titles of the administrative roles are:
receptionist, office manager, office assistant, client services manager,
database manager, accounts manager and word processing/network
administration manager.

Chick St Clair and Partners

This small firm in Sydney has three full-time financial planners and
two full-time support employees. The three partners are qualified
financial planners (the two Principals are both CFP-qualified), who
cover the full range of financial planning issues. The founder of this
business is currently phasing into his retirement. The partners are also
supported by a paraplanner and a full-time office manager who does
most of the administrative work. The business is a member of a dealer
group through a large financial institution.

Chick St Clair and Partners has no institutional ownership – the

advisers are the shareholders. It has been providing financial planning
services to individuals and companies for over 30 years.

Public sector
Job opportunities in financial planning roles are limited in the public
sector. This is due to only 1.6 per cent of financial planners working in
government jobs. However FuturePlus Financial Services Pty Limited
(FuturePlus) and Q Invest are included in this book as examples of the
financial planning career opportunities available in the public sector,
most of which are in government superannuation schemes.

FuturePlus Financial Services Pty Limited

FuturePlus is owned by the NSW Local Government Superannuation
Scheme and NSW Energy Industries Superannuation Scheme, both
of which cover public sector employees. It describes superannuation
as its core business, but provides other financial planning/advice
services to members of the two superannuation schemes. FuturePlus
also has a two-thirds interest in Chifley Financial Services Limited

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 Financial Planning

and provides financial planning/advice services to that company’s

corporate and retail clients. (The remaining share of Chifley is owned
by Unions NSW.) It also provides services through the Australian
Public Superannuation Fund, which is a public offer superannuation
scheme for smaller employers.

The financial planning team at FuturePlus includes telephone

advisory staff, paraplanners and financial planners. About 20 staff are
employed as salaried employees.

The head office is in Sydney, with regional offices in Lismore,

Newcastle, Orange, Wagga Wagga and Wollongong, and part-time
satellite offices in Albury and Goulburn.

Q Invest
Q Invest is jointly owned by QSuper (the superannuation fund for
Queensland Public Service employees) and QIC (formerly Queensland
Investment Corporation) which is a funds manager. QSuper has
420 000 members and Q Invest provides financial planning and advice
services to those members and also to clients outside the public
service. It claims to provide these services to about 10 000 people per
year and further claims that it is one of the largest financial planning
organisations in Queensland.

find out About 70 financial planning staff are employed as salaried employees
more at Q Invest. There are three levels of jobs: the customer service team,
www.futureplus.com.au who handle telephone enquiries, make appointments and perform
other administrative tasks; Associate financial planners, who perform
www.chifley.com
basically a paraplanning role; and financial planners.
www.firstatesuper.nsw.gov.au
www.qsuper.qld.gov.au Q Invest has offices in Brisbane and Townsville, but clients can also
www.qinvest.com.au arrange appointments for visits to regional centres within Queensland.

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 T h e big pic ture

Private sector vs public sector

What’s different about financial planning in the public sector
versus the private sector? There is little difference in job
structures and content at government jobs and jobs at private
companies. Employees provide financial advice and services to
clients in much the same way as they do elsewhere, with the
difference that the majority of their clients are public service
employees whose superannuation is managed by a related
organisation. Other differences are:

■ as the employer is more ‘independent’ than a private sector

firm affiliated with a private sector dealer group, so there
might be less pressure to focus on sales and achieving
targets

■ the emphasis on providing service to regional areas,

particularly in Queensland which has a high regional
population, means that employees have more opportunities
to travel around the state, which may appeal to some people

■ recruitment and selection processes for jobs may be different,

although that is a matter for the individual organisation.

On the other hand, public sector employment comprises only

1.6 per cent of the financial planning profession – about 450
jobs Australia-wide. It is a fair comment that opportunities in
financial planning are far greater in the private sector.

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 Financial Planning

What are employers looking for?

Financial planners require more than just good numeracy skills. An
integral part of the job is interacting with clients, in ascertaining their
needs, explaining the options and persuading them of their preferred
choice. A client may stay with a trusted financial planner for much
of their adult life, so it is in the planner’s interest to create a strong
rapport.

[The] greatest skill is getting on with people so they trust

you, by taking an interest in them. Also, being able to describe
complex issues in simple, easy-to-understand terms.
Brian East, Self-employed financial planner

Energetic, committed and intelligent individuals will be best able

to cope with the demands of clients, the need to build a base
of clients and the constantly changing legislative environment in
which we work.
Michael Foster, Senior wealth manager, Macquarie Financial Services

[Financial planning suits] an individual who is down to earth, a

great communicator who is able to build rapport/trust and who
is prepared to listen to clients. The individual needs to also be
well organised, with exceptional customer-service skills. They
also need to be able to deal with all types of people from mums
and dads, to pensioners, to high-flying professionals.
Angelo*, Financial adviser, large financial institution

We are interested in enthusiastic and self-motivated individuals

who enjoy learning and working as part of a high performing
team. We also look for people who are customer focused,
innovative and thrive on problem solving.
ING website, www.ing.com.au

Even most of the ‘backroom’ jobs require communication and people

skills.

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 T h e big pic ture

In terms of technical skills and competencies, it is important to

demonstrate the following:

■ mathematical/numeracy skills

■ IT skills

■ budgeting and money management skills

■ problem-solving skills

■ knowledge of share markets and investments

■ customer service skills and a client-focused approach

■ planning skills

■ attention to detail

■ flexibility

■ analytical skills – for example, able to evaluate different courses of

action and choose the best option.

Job applicants need to ensure they have the appropriate financial

planning qualifications, or commitment towards achieving them, and a
commitment to learning and development.

Meet some employers

We spoke to two employers about working in financial planning
– an employer from a large company and an employer from a small
company:

■ Steve Thomson, General manager, ING Financial Planning

■ Paul Chick, CEO of Chick St Clair and Partners.

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 Financial Planning

Steve Thomson – ING Financial Planning

As general manager, Steve manages 25 staff in ING Financial Planning,
a business unit he has built from the ground up. He joined Westpac
Financial Services (now BT Financial Group) in 1988 and held various
positions there and in Westpac Bank, the final two being financial
adviser and sales training manager. Managerial roles at ANZ, NRMA
Life, NRMA Financial Services (now ClearView), Zurich Financial
Services and RetireInvest followed, before he joined ING Advice as
‘head of dealership strategy’ in 2004, and subsequently moved to
his present role. His qualifications include an Advanced Diploma
in Financial Services (Financial Planning) and a Certificate IV in
Workplace Training.

Steve comments on what employers are looking for in financial

planning employees and the types of jobs that are available. He
also provides an insight into the importance of organisation culture
– that is ‘the way we do things around here’ – in influencing what an
employer is like to work for.

q&a
What type of person best suits this industry?
Someone who likes people, is willing to learn constantly and
appreciates that if you work hard and put the effort in the rewards will
eventually flow.

What are the best aspects of working in your industry?

Working with people, both staff and clients. Being able to change
people’s futures for the better. Never having to sit at a desk all day.
Travelling interstate. Helping young people get a start.

What are the disadvantages?

The responsibility (although this is compensated for by the
remuneration) of running a Licensee and having staff to feed. Keeping
abreast of legislation means you are constantly studying something.
Sometimes the hours are long.

What is a common industry myth? What is the reality – based

on your knowledge?
That great planners and salespeople make great sales managers. The
reality is that great people managers make great sales managers, and
by putting a great planner into the wrong job for them just because
they were a good planner is like making the best player the coach of
the team. The good people in both roles have different skill sets.

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 T h e big pic ture

Tell us about a particularly interesting matter or project you

have been involved in.
I have built ING Financial Planning from the ground up. There are
only six of my 25 staff that I did not hire personally. The culture of my
team is important to me and I have hired people who were not only
qualified to do their job, but who also met the cultural requirements of
the team. Our people work hard, play hard, turn up and perform.

What types of jobs are in demand? What specialities are yu

most interested in for your business?
People who want to become financial planners and eventually own
their own business. They are in demand and are also what we are
interested in.

In your opinion, what are job opportunities like in the

industry right now?
Fantastic. The demand for advice is increasing, and a lot of older
planners are leaving the industry, meaning that entry-level
opportunities are becoming more common.

What do you feel young people contemplating a career in this

industry should know?
That gaining the qualifications only opens the door for you. This
industry is about people, and none of the study equips you for dealing
with them.

How has the industry changed in the time you’ve been in it?
It has become far more focused on compliance and advisers have lost
the ability to sell.

What types of financial planning jobs can people do at ING?

The range is broad. Typical entry-level positions include working
in ING’s general call centre or ING Financial Planning’s separate
financial planning call centre. People in those roles are expected to
complete, or at least commence, studying formal financial planning
qualifications. After that, the range of jobs available as people
progress includes paraplanners, financial advisers, financial planners,
technical specialists and researchers. There are also opportunities
within ING’s dealer groups, such as dealer services and business
development roles.

How does ING’s graduate recruitment and development

program work?
ING is increasing its number of graduate recruits, to help overcome
emerging shortages in the financial planning profession. We use
online recruitment via ING’s website and recruit graduates directly
into ING Financial Planning. They are provided with a variety of work
experience, mentoring and training in financial planning roles. We also
have a scholarship that we are expanding. We then look to place them
into roles within our dealer groups, or possibly assist them to set up
their own financial planning businesses.

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 Financial Planning

Paul Chick – Chick St Clair and Partners

Chick St Clair and Partners is a small financial planning business
located on Sydney’s north shore. It has four to five employees, so Paul
has a ‘hands-on’ role as a financial planner as well as being the CEO
of the business. The business was started by Paul’s father under a
different name and Paul has since taken it over.

Paul’s studies comprise a Bachelor of Economics at University of New

England and certified financial planner studies through the Financial
Planning Association. He has 15 years’ experience in the industry, the
last 12 as a financial planner.

q&a
What do you think are the job prospects for financial
planners right now?
The prospects are brilliant. There is a big shortage of younger financial
planners in industry with necessary skills. Importantly, the majority of
planners are approaching retirement and wishing to sell businesses.
There are not many young people with the capacity to buy these
businesses.

What do you look for in financial planners in terms of

qualifications, experience, fit in the work culture and so on?
DFP qualifications with intention to be CFP accredited – to become
a Certified Financial Planner. This is on top of a University degree,
normally economics or finance focused. Experience in planning is not
essential, however some background in the industry is very important.
Normally a stint inside a fund manager, insurer or bank is looked
upon highly. Culture will vary, as a small business we look towards
strong ethics and ability to work unassisted. The bank planners have a
different culture, much more corporate-sales focused.

What do you like best about your career?

Seeing clients, running my own business.

What do you like least?

Paperwork.

Tell us about an interesting matter or project you have been

involved in.
Tender for a 3000-employee company superannuation fund. Dealing
with large company, complexity.

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 T h e big pic ture

What differences have you noticed between the financial

priorities of different generations?
For the under 30s, the number one priority is financing a home
purchase. For people aged 30 to 50, apathy about financial planning
is a common problem – they think they have their finances under
control, so persuading them to take responsibility for financial issues
can be a challenge. For baby boomers nearing retirement, the biggest
issue is uncertainty – the social security system is becoming less
accessible and less generous, and if they don’t have enough assets
maintaining long-term cash flow is a big issue.

How has the industry changed in the time you’ve been in it?
When I started there were basically insurance agents and investment
advisers – and a lot of them. The only financial planners were tied to
one or two particular companies.
Most planners now have access to a much wider range of products
and services compared to 12 years ago. The regulatory requirements
are now much more onerous on the planner, however this is a very
good thing for the industry – products are more sophisticated,
remuneration per client is less on the product sale, more on the fee for
service model.

What do you wish someone had told you about the industry
before you started on this career path?
It has hang-ups from the past reputation of insurance salesmen.

What type of person do you think best suits your sector of the
industry in terms of personal attributes, skills and aptitude?
Confident, intelligent, ‘people person’.

What should students know about your industry before

choosing it as a career?
There are a lot of competing opinions on what the industry is within
the industry itself.

What, in your opinion, is a commonly held myth about

working in your industry and what is the reality?
It’s a myth that it’s easy.
The reality is that it takes a while to become established and have
your own presence.

What is something you had to learn the hard way?

Some clients will play you off against other planners.

What do you think is the most important thing you can do to

advance your career?
Develop good listening skills.

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 Financial Planning

Which subjects or aspects of your study did you enjoy or not

enjoy? Have your formal qualifications equipped you for the
reality of working life?
BEc yes, provides understanding of how economies work. Parts of CFP
program very good, other parts are nothing like real world.

Are there any ways of getting into the industry or your

position apart from getting the qualifications mentioned
above?
Difficult to do, large amount of capital also required to buy a financial
planning practice.

What jobs have you had that led to this position?

Client services for fund managers.

Are there any particular recruitment processes, practices

or systems for this industry that candidates should know
about?
Channels to learn planning through the big banks.

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 T h e big pic ture

What support organisations exist?

To work as a financial planner, you need to belong to a professional
organisation that has a formal complaint-handling process that
customers can use if required.

The main organisations supporting financial planning are:

■ Financial Planning Association

■ Association of Financial Advisers

■ CPA Australia

■ Institute of Chartered Accountants in Australia

■ Finsia

The main regulatory organisation for the profession is the Australian

Securities and Investments Commission (ASIC), which is described
later in this section.

Financial Planning Association

The Financial Planning Association (FPA) is the major professional
organisation in the financial planning industry. It has over 12 000
members including financial planners from a variety of backgrounds
and disciplines, and companies that provide products and services to
the sector. Its national office is in Melbourne and there are offices in
each state capital and 31 chapters around Australia.

Its website states that its main aims are to:

■ build public awareness of the need for objective and professional

advice in making secure financial decisions

■ provide members with education, training, and information to

enhance their provision of objective and professional financial
advice

■ develop and maintain high ethical standards for members

■ represent FPA views to government, media and key stakeholders

to ensure effective input into major policy and regulatory issues
affecting the financial planning industry.

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 Financial Planning

These aims are supported by a code of ethics, and rules of

professional conduct.

Membership is open to both individuals and companies. The following

categories of membership exist for financial planning practitioners,
according to their level of qualifications, experience and job role:

■ principal (for AFS licence holders)

■ Certified Financial Planner™ – see further details of CFP under

‘What qualifications do I need?’ in the ‘Ready, set, go for it!’ section

■ associate

■ associate academic

■ affiliate.

Can you join the FPA without being a practitioner? Yes, Student or
General membership will provide you with an affiliation to the FPA
that will give you access to networking and educational opportunities,
along with member rates for all FPA events and services. However, you
cannot promote yourself as an FPA member if in these categories.

If you are planning to enter the financial planning profession, applying

for Student or General membership is strongly recommended because
of the opportunities it provides.

The FPA also holds a career expo in Sydney for people who are
considering joining the industry. This event is a good source for
making contacts, as various people in different roles in the industry
discuss their jobs and experiences and provide practical advice for
newcomers. Also, many employers send representatives along and
you can obtain first-hand information on career opportunities with
them.

The expos are held, along with other events, during Financial Planning
Week in May each year.

The FPA offers a wide range of networking and development

opportunities. These include a national conference (usually November
each year), separate State conferences, professional development
days at which experts in particular topic areas will attend and
discounts on various relevant courses (see also under Continuing
Professional Development below). Other benefits include discounts
on various consumer goods and services, discounted advertising
rates for financial planning businesses, listing of businesses on the

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 T h e big pic ture

‘Find a Financial Planner’ link on the website, and discount rates

for membership of other professional organisations such as the
Australian Human Resources Institute.

The FPA publishes a monthly magazine, Financial Planning (also

available online) which members receive free of charge.

It is a condition of retaining your FPA membership that you complete a

specified minimum level of ongoing training requirements. Continuing
Professional Development (CPD) points are awarded for each training
course or activity and members must achieve a required points over
each three-year period.

The FPA runs CPD Online, which provides a wide range of courses that
members can complete online to comply with the requirements. A
list of current courses appears on the FPA website under the links of
‘Education’, then ‘CPD online’. Accreditation guidelines and a list of
accredited training course providers also appear under the CPD link.

CPD requirements apply to all members and are additional to the basic
qualifications required to work in the industry, and separate from the
requirements for Certified Financial Planner accreditation. The latter
appear under the links ‘Education’, then ‘CFP Certification Program’.

Association of Financial Advisers

The Association of Financial Advisers (AFA) is smaller than the FPA,
with about 1000 members.

Its members tend to be smaller ‘boutique’ dealers and financial

planning firms, whereas the larger firms are more likely to be
affiliated with the FPA. The majority of members appear to deal in risk
management and investment products.

AFA’s website states that its primary objectives are:

■ to improve the ethical standards of financial advisers in the interest

of the public, the financial adviser and the life insurance industry in
general

■ to improve the educational standards of the financial adviser for

the benefit of the public, the financial adviser and the industry

■ to represent generally the views and interests of professional

financial advisers

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 Financial Planning
detour
Interested in other careers in
finance? Check out Career
FAQs Accounting, Investment
Banking and Retail Banking.
www.careerfaqs.com.au
48
FIN – 130306.indd Sec1:48
■ to promote a knowledge of the value and importance in the
community of the services of qualified financial advisers
■ to cooperate with life insurance and financial services companies in
the best interests of the public and the financial services industry
■ to promote a spirit of professional good fellowship.
It claims that its members provide financial advice in areas of risk
management (life and general insurance), superannuation, estate
planning and investment planning.
AFA states that:
‘Our members are self-employed small business people, providing
advice to over three million Australians each year. Advisers form a
major link in the distribution process of financial service industry
products. Advisers may be an agent for one of the major distributors,
or multi-agents who advise on a variety of products from a number of
manufacturers.’
Main categories of membership are:
■ associate members – those who are not practising and/or are yet to
meet the qualifying standards
■ ordinary members
■ accredited members – who have at least three years’ industry
experience and sufficient credit points.
AFA publishes a quarterly magazine, Financial Adviser.
CPA Australia
With a membership of more than 108 000 finance, accounting and
business professionals across the globe, CPA Australia is the sixth
largest accounting body in the world.
It is relevant here because many financial planners come from areas of
the accounting profession. For example, they may complete financial
planning qualifications and then move into the industry. Also, some
accounting firms offer financial planning and advice services as well as
their standard accounting services.
CPA Australia advises that more than 450 of its members are recorded
as ‘financial planning specialists’, which is a designation only available
to those members who can demonstrate their eligibility through
experience and education within the financial services industry.
13/3/06 4:56:58 PM
 T h e big pic ture

The CPA Australia website covers financial planning under the

‘technical resources’ link on its home page. The website also has a
‘Find a financial planner’ facility.

CPA Australia commenced running financial planning courses in 2005

on a distance learning basis. Only full members of CPA Australia may
complete these courses. Details regarding the course and enrolment
are available at the CPA Australia website. CPA Australia members
receive a monthly magazine, In The Black. Other benefits include the
following:

■ access to CPA Australia’s library – the third largest accounting

library in the world and the largest accounting library in the
southern hemisphere

■ access to the CPA Australia website, which includes about 7500

member-only pages covering resources such as industry reports
and business tools

■ discounts on industry-related publications, including textbooks find out

more
■ graduate recruitment evenings that provide access to employers www.cpaaustralia.com.au
and recruitment agencies, as well as job-hunting tips.

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 Financial Planning

Institute of Chartered Accountants in

Australia
The Institute of Chartered Accountants in Australia is a major
professional organisation that represents accountants with over
43 000 members. Many of these members are involved in the financial
services industries, including financial planning.

Accountants generally provide a wide range of services to their clients.

Many accountants now incorporate financial planning in with the
services they offer, and some specialise in financial planning. Financial
planners often come from the accounting profession.

The Institute includes special interest groups such as forensic

accounting, and has a Financial Planning Chapter, which has about
1400 members. Members can join this chapter either as a general
member or as a chartered accountant – financial planning specialist.
About 600 of the 1400 members have the latter status and are
financial planning practitioners.

Members and specialists of the financial planning chapter receive

a quarterly financial planning newsletter as well as the Institute’s
monthly magazine Charter. Other membership benefits include:

■ access to various seminars and courses

■ marketing and practice management support

■ a library and information/research service

■ various special offers and discounts on a range of products and

services.

The Institute’s website covers financial planning under the links of

‘Technical Resources’ (on home page), then ‘Financial Planning’. The
website also has a ‘Find a Chartered Accountant – Financial Planning
Specialist’ facility.

As a professional body, the Institute develops standards for members

to follow and be guided by. In 2005 the Institute and CPA jointly
developed a specific professional standard for those members who
provide Financial Advisory Services.

For members of the Institute who wish to complete the required

formal qualifications for financial planning, the Institute provides
details of courses through the Financial Services Institute of
Australasia (Finsia).

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Financial Services Institute of Australasia

The Financial Services Institute of Australasia (Finsia) describes itself
as the leading educator and membership body for financial services
professionals. It has more than 11 000 members and 14 000 students.
A major difference between it and the Financial Planning Association
is that it caters for a wide range of financial services professions
that includes financial advice and planning. For example, it also
covers treasury/financial markets, corporate finance, investment
management, foreign exchange and equity markets. The FPA, on the
other hand, caters solely for the financial planning profession.

Finsia conducts a wide range of courses that are directly relevant to

financial advice and planning. These include courses that provide the
mandatory qualifications necessary to work as a financial planner.
Those courses are therefore a direct alternative to those provided
by Tribeca on behalf of the FPA. The FPA recognises the Institute’s
courses for entry to its own professional program and progress
towards CFP certification. The Institute’s courses are discussed in
detail under ‘What qualifications do I need?’.

PD Direct is an online training program that provides access to courses

on individual topics.

Membership of Finisa also provides the following benefits:

■ formal recognition of qualifications

■ discounted fees for professional development courses

■ discounts on magazines and books relevant to the profession

■ a free quarterly journal, JASSA, and industry news five times a year
in Infinsia

■ a careers referral service

■ an ethics advisory service

■ seminars on current issues, for example new compliance

requirements.

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 Financial Planning

find out Finsia also holds careers expos for people who are considering joining
more the industry. These events are a good source for making contacts,
www.fpa.asn.au as various people in different roles in financial planning and other
www.afa.asn.au
financial services industries discuss their jobs and experiences and
provide practical advice for newcomers. Also, many employers send
www.cpaaustralia.com.au
representatives along and you can obtain first-hand information on
www.icaa.org.au
career opportunities with them.
www.finsia.edu.au
Finsia’s head office is in Sydney, but it also has state branches.

Who regulates the financial

planning industry?
The regulatory agency for financial planning is the Australian
Securities and Investment Commission (ASIC). ASIC has offices and
service centres in each state and territory.

ASIC is an independent arm of the Australian Government and

reports to Parliament. It enforces and regulates company and
financial services laws to protect consumers, investors and creditors.
Its regulation covers financial markets, securities, futures and
corporations, as well as consumer protection in superannuation,
insurance, deposit taking and credit. ASIC’s role in regulation of the
financial planning industry was strengthened when the Financial
Services Reform legislation commenced.

Matters relating to regulation of financial planning/advice are covered

under the website’s ‘Financial services’ link. These matters include
licensing, compliance, relief, disclosure (such as product disclosure
statements) and training, all of which are covered by sub-links.
Another useful link on the site is ‘Laws we administer’.

ASIC issues Policy Statements that set out requirements for financial
planners/advisers. The most important one is compliance with PS146
(see ‘Ready, set, go for it!’ and Appendix 3).
find out
more The Training sub-link also contains a list of training courses and
individual assessment services approved by ASIC as meeting PS146
www.asic.gov.au
requirements – see under ‘ASIC Training Register’.

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 Looking
for a job?
Or looking
for a
career?
To pursue a career
in financial planning,
turn to page 113.
PS146 Ad_Correct.indd 1 15/3/06 5:32:50 PM
 PP_FAQad.pdf 17/3/06 5:38:53 PM

CM

MY

CY

CMY

K
 Insider info
What jobs could I do?
The profiles in this book start with entry-level financial planning jobs,
gradually working up towards the most senior positions, presenting
an overview of the career options in small and large organisations.
The positions covered in this section are:

■ financial planner support officer

■ sales consultant

■ customer service officer (team leader)

■ financial adviser

■ paraplanners (in both small and large organisations) glossary

■ senior paraplanner Paraplanner means:

■ consultant (training paraplanners) – person who does technical/

background/research work
■ financial planner for a financial planner and
may prepare financial plans
■ financial planner/partner for them.

■ financial planner/CEO of small firm

■ self-employed financial planner

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 Financial Planning
cv casual retail
assistant >> data-entry
clerk >> business support
officer, dealer group >>
financial planning support
officer
58
FIN – 110106.indd Sec1:58
■ practice manager
■ operations manager
■ senior wealth manager
■ out-of-the-box: mortgage broker.
The profiles go behind the stereotypes and false assumptions to
reveal what really happens and how it really works in the financial
planning profession. They tell us what people actually do in their jobs,
how they got there, what they like and don’t like about the work, how
much they earn, and what advice they have for people considering a
career in financial planning.
What do real people say about
their jobs?
What do people currently working in financial planning and related
jobs say about their careers and day-to-day work? We sought
comments from people in a wide range of jobs and organisations in
the profession. Some of them elected to remain anonymous, so that
they could talk more freely about what things are really like. In this
section an asterisk (*) alongside the person’s name indicates that
their name has been changed.
James* – Financial planning support officer
James works as a financial planning support officer in a large bank.
He entered the industry via the bank’s graduate recruitment program
and has worked in the industry for one year. He completed a Bachelor
of Commerce degree at Melbourne University, followed by a Graduate
Diploma of Applied Finance and Investments at the Securities Institute
of Australia (now Finsia).
James’ comments provide an insight into the mundane nature of some
aspects of entry-level jobs – you may have to balance this against the
opportunities and levels of support that large companies can provide.
q&a
What does your job involve?
Entering a customer’s details into a software program and generating
a financial plan accordingly. Also providing administrative support.
13/3/06 3:52:19 PM
 In s ide r in fo

Tell us about an interesting matter or project you have been

involved in.
Devising financial plans for customers that involve interesting, more
risky investment strategies such as gearing.

What is a typical salary package in your job?

$35 000 to $45 000.

What do you like best about your career?

Very reasonable hours. Allows for life–work balance.

What do you like least?

Minimal human contact, monotonous nature of tasks, extensive travel
between bank branches.

What do you wish someone had told you about the industry
before you started on this career path?
The focus on meeting sales targets is unrelenting and seemingly at
odds with the customer’s best interests. Sales targets are paramount,
sadly. The office environment can be clinical.

What, in your opinion, is a commonly held myth about

working in your industry and what is the reality?
A commonly held myth is that financial planners advise according to
which products will generate the most commission for themselves. In
reality, I think this is a valid concern. There are, however, some honest
planners.

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 Financial Planning

What is something you had to learn the hard way?

Interacting with moody managers!

What do you think is the most important thing you can do to

advance your career?
Networking is important.

Which subjects or aspects of your study did you enjoy or not

enjoy? Have your formal qualifications equipped you for the
reality of working life?
I did not enjoy the heavy focus on theory at university. It was
ultimately the theoretical style of teaching that failed to equip me for
the reality of working life.

Are there any ways of getting into the industry or your position
apart from getting the qualifications mentioned above?
It is possible to simply study a diploma of financial planning through
either the Securities Institute of Australia (now Finsia) or
Tribeca Education.

What jobs have you had that led to this position?

Casual retail sales assistant, casual data entry, full-time temp job in
data entry at the bank after graduating from university, full-time job as
business support officer at financial planning dealer group.

Are there any particular recruitment processes, practices

or systems for this industry that candidates should know
about?
in Be prepared for all or any of the following: one-on-one interviews,
brief panel interviews, group interviews and aptitude testing (numerical,
Financial planning verbal and abstract reasoning).
support officer
What are your tips for preparing an outstanding job
$$$ 35K–45K
application?
quals Bachelor of
Commerce, Seek publications and advice from your university’s careers centre, take
Graduate Diploma time in completing your cover letter and résumé and have other people
of Applied Finance
and Investments review it. Visit the company’s website to obtain company info and show
hrs/wk 35 off your knowledge in the interview (and in your covering letter).
life–work good, reasonable Can you recall anything you did or said at interview that you
hours
feel made you stand out from other candidates?
In responding to questions concerning examples of my personal
experiences, I managed to regularly tie my answer back to the
company’s values.

Have industry networking, personal contacts and

professional organisations helped you to get to your current
position?
Networking is only starting to help me now that I am working for a
company that has a huge network of people. I think the professional
student organisations at university that purport to assist networking
were slightly overrated.

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myweek

9.00 Emails and administrative work
9.30 Use software to construct a
financial plan for a client
1.30 Construct another plan
5.00 Go home
9.00 Emails and administrative work
9.30 Use software to construct a
financial plan for a client
1.30 Construct another plan
5.00 Go home

9.00 Emails and administrative work
9.30 Use software to construct a
financial plan for a client
1.30 Construct another plan
5.00 Go home
9.00 Emails and administrative work
9.30 Use software to construct a
financial plan for a client
1.30 Construct another plan
5.00 Go home

9.00 Emails and administrative work Saturday: 10.00–5.00 Music

9.30 Use software to construct a recording session
financial plan for a client Sunday: Relaxing and socialising
1.30 Construct another plan
5.00 Go home

Craig* – Sales consultant cv casual shop

assistant >> event
Craig works as a sales consultant in a large financial institution. He
has worked in the industry for three years and had been in his current management (Olympics

job for only two weeks when contacted. His comments emphasise the and overseas) >> barman,

importance of enjoying dealing with people and being good at it. bar manager >> financial
planning sales consultant

q&a
What does your job involve?
Selling new business enquiries and identifying leads for advisers.

Tell us about an interesting matter or project you have been

involved in.
I was previously a customer-retention specialist and found it
interesting by finding different ways to retain customers through
different areas in the business.

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 Financial Planning

What is a typical salary package in your job?

$45 000 to $55 000.

What do you like best about your career?

Providing information to clients on investments, superannuation and
life insurance.

Does this job allow you to achieve the life–work balance you
want?
Yes, hours are not too demanding. Still able to socialise as well as
exercise throughout the week.

What type of person do you think best suits your sector of the
industry in terms of personal attributes, skills and aptitude?
Someone who is personable, that is able to get along with a broad
range of people. Good social skills at the same time having a good
technical knowledge of the industry and willing to constantly learn in
an ever changing environment.

What should students know about your industry before

choosing it as a career?
The study doesn’t stop when you finish university. As the industry
is constantly changing, you have to keep up with the developments
through study.

What do you think is the most important thing you can do to

advance your career?
Obtain experience in the field that you are interested in at the same
time obtaining the qualifications necessary.

What are your formal qualifications?

Degree in Commerce through Macquarie University. Currently studying
a Graduate Diploma in Financial Planning through the Securities
Institute of Australia.

What jobs have you had that led to this position?

in Throughout university I worked as a shop assistant. Worked in event
brief management both at the Olympics and overseas. Also worked as a
Sales consultant barman and bar manager.

$$$ 45K–55K Have industry networking, personal contacts and

quals Bachelor of professional organisations helped you to get to your current
Commerce,
Graduate Diploma position?
in Financial Planning It has helped in the company by initially showing my interest in the
(currently studying)
relevant position and introducing myself. My previous managers were
life–work OK
also very helpful in pointing me in the right direction.

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Elizabeth* – Customer service officer cv casual french and

business studies teacher
Elizabeth works as a customer service officer (team leader) in a large
>> client services (finance
investment bank. She has worked in the financial planning industry
company) >> customer
since 1997 and currently works in the bank’s wealth management
service officer
client service team. Her job entails supporting two financial planners,
mainly in the areas of risk and compliance.

Elizabeth regards an investment bank as providing better earning

and career opportunities than a retail bank, and she emphasises the
importance of developing and maintaining personal contacts in the
industry.

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FIN – 110106.indd Sec1:63 13/3/06 3:52:23 PM

 Financial Planning
MYTH
all staff in financial
planning firms earn
huge salaries
You earn lots only if you
are a planner/broker or
fact
in the upper echelons
of management.
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FIN – 110106.indd Sec1:64
q&a
What do you like best about your career?
Diversity of daily tasks and the projects with which I am involved.
What do you like least?
Staff turnover in other departments.
Tell us about an interesting matter or project you have been
involved in.
I have been involved in an ongoing project to revise our CRM (client
relationship maintenance) system. This application holds all our client
information, their accounts, and file notes. We recently replaced this
system and added new features to it, which assisted the planners and
their support staff immensely in servicing clients.
What do you wish someone had told you about the industry
before you started on this career path?
To do more practical university study before entering the industry. My
BA (Hons) Marketing was not practical enough to facilitate the career
progression that I would have preferred.
Does this job allow you to achieve the life–work balance you
want?
At the beginning it didn’t, but now that I have settled into the role and
know what I am doing, I have a good life–work balance. However, I am
conscious that if I move to other areas of the bank I may not achieve
this balance as other areas work longer hours.
What type of person do you think best suits your sector of the
industry in terms of personal attributes, skills and aptitude?
Must be positive (as dealing with clients), proactive (as confronted
with problems every day and must resolve them), assertive. Must also
be willing to do further study to understand the mechanics of financial
planning.
What is your current salary?
About $70 000.
What did you want to do for a career when you were a kid?
I originally wanted to be a police officer, working in the area of
business fraud until I realised how badly paid they are! I enjoy
working in finance, especially the area of risk management, but I think
that I fell into this role by pure chance.
What is something you had to learn the hard way?
I came into this job with only limited experience in financial planning,
having previously come from an equities related role. There were no
procedures in place and I was left to learn the job by trial and error
with little or no support. I found the first nine months in this role to be
very stressful.
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 In s ide r in fo

What do you think is the most important thing you can do to

advance your career?
I am currently engaged in further study – Advanced Diploma in
Financial Planning. This, to me is the most important thing that I can
do as, even though I don’t want to be a planner, the diploma will help
me further my career in the industry.

What are your formal qualifications?

BA (Hons) Marketing, Diploma in Financial Planning.

What jobs have you had that led to this position?

Teacher of French and business studies – during and after university,
client service at a finance company – dealing with finance for cars and
office equipment.

What are your tips for preparing an outstanding job

application?
Be honest about your abilities but don’t sell yourself short. Make sure
all examples of abilities and previous work history relate to the job
you are currently applying for.

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 Financial Planning

Can you recall anything you did or said at interview that you
feel made you stand out from other candidates?
I think, that because I worked for this bank in the past it was easier
for me to come back here as I knew the company culture. I recall
in
brief saying that I wanted the next step in my career and that was financial
planning – I wanted a broader exposure to the industry compared to
Customer service
officer (team leader)
what I had in the past, such as in funds management, margin lending,
car finance.
$$$ 70K
quals Bachelor of Arts Have industry networking, personal contacts and
(Marketing),
Diploma of Financial professional organisations helped you to get to your current
Planning, Advanced position?
Diploma of Financial
Personal contacts have definitely helped. Always leave a job on a
Planning (currently
studying) good note, regardless of how much you have not enjoyed it! Never
life–work OK once I gained burn your bridges as you never know when you will need a reference
experience or contact again! My former boss at this bank sent me the job spec for
in the role
my current role and gave me a glowing reference when I applied for it!

myweek

Check daily reports from adviser Attend risk management meeting to

trading activity – ensure all trades discuss any issues around the country
have settled. If any have not, chase up
with adviser
Resolve client issues
Contact relevant departments for
assistance if needed

Liaise with relationship manager re Attend financial planning meeting

training, conflicts, reporting issues – give an update on any issues re client
Send work to client or other service and risk management
departments to be signed – follow up
Print and bind financial plans
Prepare and log invoices

Answer emails from clients, or self-

managed super fund administrators
and other departments
Log clients’ complaints – attempt to
resolve
Liaise with relationship manager re
training, conflicts, reporting issues

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Angelo* – Financial adviser cv casual service

After seven years in the financial services industry, Angelo station attendant >>

commenced his current job as a financial adviser in a large financial customer service officer

institution in early 2005. He completed a Bachelor of Business in (bank) >> client service
Banking and Finance followed by a Diploma of Financial Services officer (call centre) >>
– Financial Planning. At school and university, he wanted to become administrator (investment
an accountant or financial adviser. company) >> client

Angelo worked as a casual service station attendant while at relationship manager >>

university. His first role in the financial services industry was as financial adviser
a customer service officer with a bank. He was then promoted to
customer care manager. He then moved to an insurance and financial
services company as a client service officer in the risk and savings
call centre, then moved into the personal investments team as an
administrator. He was then promoted into the support services team
as a client relationship manager.

Angelo explains that communication skills alone are not enough. You
need to earn clients’ trust and confidence, and be able to persuade
them to follow your recommendations.

q&a
What are the best aspects of working in your industry? MYTH
Assisting individuals to meet their financial requirements/goals to it’s easy to make a lot
better their life. of money
What are the disadvantages?
As a financial adviser
Dealing with people who are not prepared to follow/listen to the you need to work hard
fact

strategies that you have provided them with in the statement of and put in long hours
advice. just to reach your
minimum targets.
What type of person best suits this industry?
An individual who is down to earth, a great communicator who is able
to build rapport/trust and who is prepared to listen to clients. The
individual needs to also be well organised, with exceptional customer
service skills.
They also need to be able to deal with all types of people from mums
and dads, to pensioners, to high-flying professionals.

Tell us about an interesting matter or project you have been

involved in.
In my previous role as a client relationship manager, I was involved
in a transition project. This project involved setting up procedures
and processes to assist financial advisers in transferring their book of
business from one financial service provider to my previous employer.

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 Financial Planning

What do you feel young people contemplating a career in this

industry should know?
Young people need to know that clients don’t just come to you. In
order to meet your targets, you need to be proactive and you need
to sell yourself in order to receive business. This involves working
outside your standard working hours. You also need to constantly
keep up to date with studying in order to keep your knowledge up to
date with changes in the industry.

cv accounts clerk >> Luke* – Paraplanner

customer service officer
Luke, a paraplanner in a small financial planning business, has
>> sales representative >> worked in the industry for six years. He was an accounts clerk,
paraplanner customer service officer and sales representative with large employers
before word-of-mouth referral enabled him to move to a small
financial planning firm (four to five staff ) on Sydney’s north shore in
the role of paraplanner. He has now been there for two years. Luke
has completed a Bachelor of Business degree at the University of
Newcastle and a Diploma of Financial Services through
Tribeca/Financial Planning Association.

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 In s ide r in fo

Luke is an example of how, if you gain a background in a large

organisation and develop networking skills, opportunities to move to
‘boutique’ financial planning firms can open up.

q&a
What does your job involve?
Developing statements of advice, compliance, strategy development,
assisting advisers, client administration.

What is your current salary?

$65 000.

What do you like best about your career?

Helping clients to build and create wealth.

What do you like least?

The paper trail involved.

Tell us about a particularly interesting matter or project you

have been involved in.
Superannuation choice of funds. This will give clients the opportunity
to choose their own superannuation fund, and hopefully get rid of the
expensive and inflexible funds in the market.

What do you wish someone had told you about the industry
before you started on this career path?
It requires a lot of hard work and time management.

What type of person do you think best suits your sector of the
industry in terms of personal attributes, skills and aptitude?
A good time manager and, most importantly, honesty.

What should students know about your industry before

choosing it as a career?
Ensure you are prepared to put in the hard yards.

What, in your opinion, is a commonly held myth about

working in your industry and what is the reality?
The myth about the financial planning industry is that it is shonky.
Sure there are bad apples, but this applies to every industry. The
reality is that you need to find an adviser that you can trust.

Has your current career choice lived up to your expectations?

What did you want to do for a career when you were a kid?
I’m glad I chose this career as I can apply what I have learnt to my own
circumstances. What I wanted to do, and still want to do, is be a motor
mechanic; I have an interest in cars.

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 Financial Planning

What do you think is the most important thing you can do to

advance your career?
Continue to learn and update your skills. Don’t look for a lifetime job,
look for lifetime employability.
in Are there any ways of getting into the industry or your
brief position apart from getting the qualifications mentioned
Paraplanner above?
$$$ 65K Work experience, but you will also need at least PS146 subjects.
quals Bachelor of
Business, Diploma What are your tips for preparing an outstanding job
of Financial Services application?
hrs/wk 40 Sell yourself, but be honest.
life–work some client
strategies may help Have industry networking, personal contacts and
your own situation
professional organisations helped you to get to your current
position?
Yes, I was referred to this company by a good friend.

Amanda* – Paraplanner
cv clerical traineeship
>> personal assistant >> Amanda recalls that when she was a kid she wanted to become a
paraplanner singer or an actress. Instead, she entered the financial planning
industry eight years ago and completed a Diploma of Financial
Planning through Deakin University, Melbourne. She has been in
her current role as a paraplanner in a large financial institution for
15 months, and she loves her job. She enjoys the intellectual and
analytical challenges of work as a paraplanner.

q&a
What does your job involve?
Writing financial plans and developing strategies.

Tell us about an interesting matter or project you have been

involved in.
I was assigned a project where I trained other paraplanners to
write plans the way our unit does. It was interesting to see others’
standards of practice, deal with management, and balance my own
workload.

What is a typical salary package in your job?

$55 000 to $80 000.

What do you like best about your career?

It allows you to use your brain.

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What do you like least?

Workflow fluctuates.

What do you wish someone had told you about the industry
before you started on this career path?
Older financial planners have a real boys’ club mentality.

Does this job allow you to achieve the life–work balance you
want?
Yes, there is some flexibility in working hours.

What type of person do you think best suits your sector of the
industry in terms of personal attributes, skills and aptitude?
Someone who is bright, analytical and easygoing.

What should students know about your industry before

choosing it as a career?
That it takes a while to build up a reputation. There is a lot of study
involved (which can be boring).

What, in your opinion, is a commonly held myth about

working in your industry and what is the reality?
It is a myth that you can make heaps of money. Reality: you can make
heaps of money, but you have to be dedicated and work for it, and
sometimes that involves working more than you want to.

What is something you had to learn the hard way?

That you should always own up to your mistakes.

What do you think is the most important thing you can do to

advance your career?
Listen to those around you, and learn from their experience.

Which subjects or aspects of your study did you enjoy or not

enjoy? Have your formal qualifications equipped you for the
reality of working life?
I enjoyed the investment fundamentals and planning side, I did not
enjoy the ethics and compliance side. Yes, my qualifications have
equipped me for the reality of working life, but it was important that I
was working in the field when studying, otherwise a lot of it would not
have made sense.

Are there any ways of getting into the industry or your

position apart from getting the qualifications mentioned
above?
I started off as a PA (personal assistant). It is possible to get
promotion, but it is now an industry standard that a minimum level of
study is done.

What jobs have you had that led to this position?

Clerical traineeship, personal assistant.

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 Financial Planning

in Are there any particular recruitment processes, practices

brief or systems for this industry that candidates should know
Paraplanner about?
$$$ 55K–80K
In a good firm, they will give you a technical test (i.e. a strategy/maths
quals Diploma of test) to make sure you can do what you say you can.
Financial Planning
hrs/wk 37.5
What are your tips for preparing an outstanding job
life–work some flexibility application?
possible Be technically proficient. Show you have excellent written skills with
your resume.

Can you recall anything you did or said at interview that you
feel made you stand out from other candidates?
That I had experience with a range of financial planners and
strategies, and that I had a good reputation with previous employers.

myweek

Prepare statements of advice (SOAs) Prepare SOAs

Monday night: dinner with friends Liaise with advisers
Liaise with advisers Attend church meetings

Prepare SOAs Prepare SOAs

Liaise with advisers Liaise with advisers
Attend technical presentations Go out with friends

Prepare SOAs Saturday: Housework, socialising

Liaise with advisers with friends, music

Do phone shift Sunday: Church and family

commitments
Evening: run youth program

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Kath* – Senior paraplanner cv administrative

As a senior paraplanner in a large retail bank, Kath has had longer assistant >> after-school
experience as a paraplanner than Luke or Amanda (see above). She care coordinator >> school
describes her job in Melbourne in one of Australia’s largest banks as holiday program worker >>
‘writing complex financial plans’. Her case study is an example of how senior paraplanner
the role of a paraplanner can broaden and develop with experience.

Kath obtained a Bachelor of Social Science through Royal Melbourne

Institute of Technology and later completed a Diploma of Financial
Planning through Deakin University and the Financial Planning
Association. Previous jobs have included administrative assistant,
after school care coordinator and school holiday program worker. She
has worked in the financial planning industry for more than six years,
including 20 months in her current role.

q&a
What do you like best about your career?
Technical analysis of issues affecting clients and ensuring that their
best financial position is maintained.

What do you like least?

Repetitiveness of plan writing.

Tell us about an interesting matter or project you have been

involved in.
Detailed plan with many issues, RBL (Reasonable Benefit Limits) – it
was challenging and I had to do research and learn more on the area.

What is your current salary?

$55 000 to $65 000.

Does this job allow you to achieve the life–work balance you
want?
Yes, as you simply meet your plan targets within work hours, then you
can go home around five.

What type of person do you think best suits your sector of the
industry in terms of personal attributes, skills and aptitude?
Ability to analyse situations. Personable. Strong interest and belief in
financial planning. Technically knowledgeable.

What should students know about your industry before

choosing it as a career?
Exciting industry, ever-changing, regulatory requirements and the
ability to earn a good salary.

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 Financial Planning

What is something you had to learn the hard way?

What I really liked in the working world, to decide which area to take
my career.

Which subjects or aspects of your study did you enjoy or not

enjoy? Have your formal qualifications equipped you for the
reality of working life?
I did not altogether enjoy my first course (Bachelor of Social Science),
as it was all theory-based and hard to relate to the field. I thoroughly
enjoyed the Diploma of Financial Planning (DFP) as I was interested
in the topics, it was current, I was working in the field and it was
information that I could use and share to help others understand
investments. The DFP studies gave me more detailed technical
knowledge required to perform my day-to-day duties.

Are there any ways of getting into the industry or your

position apart from getting the qualifications mentioned
above?
Generally a degree in economics/accounting/finance is preferred and
then the willingness to undertake further study in financial planning.
You could start work in a financial planning firm if keen and willing to
do the administrative tasks and study part-time.

Are there any particular recruitment processes, practices

or systems for this industry that candidates should know
about?
Recruitment usually includes a technical ability test, Word and Excel
test. If commencing in the field with no study, probably just Word and
Excel.

What are your tips for preparing an outstanding job

application?
Make it clear and sell your achievements.
in
brief Can you recall anything you did or said at interview that you
feel made you stand out from other candidates?
Paraplanner
Excellent technical, Word and Excel skills. Friendly nature and great
$$$ 55K–80K
quals Bachelor of Social
industry referees!
Science, Diploma of
Financial Planning
Have industry networking, personal contacts and
hrs/wk 40–45 professional organisations helped you to get to your current
life–work OK, I can meet position?
my targets within Yes, by developing good relationships with the staff at my old dealer
work hours
group I was able to get a good referee.

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FIN – 110106.indd Sec1:74 13/3/06 3:52:32 PM


myweek
8.30 Plan writing, contact financial
planners with queries
1.00 Lunch
1.30 Plan writing, contact financial
planners with queries
5.30 Go home
8.30 Plan writing, contact financial
planners with queries
1.00 Lunch
1.30 Plan writing, contact financial
planners with queries
5.30 Go home
8.30 Plan writing, contact financial
planners with queries
1.00 Lunch
1.30 Plan writing, contact financial
planners with queries
5.30 Go home
FIN – 110106.indd Sec1:75
In s ide r in fo
8.30 Plan writing, contact financial
planners with queries
1.00 Lunch
1.30 Plan writing, contact financial
planners with queries
5.30 Go home
8.00 Breakfast with work colleagues
9.00 Plan writing, contact financial
planners with queries
1.00 Lunch
1.30 Develop tools/text for paras
3.00 Plan following week’s work
5.00 Drinks with work colleagues
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13/3/06 3:52:32 PM
 Financial Planning

cv casual shop
Mohamed* – Consultant
assistant >> casual work Mohamed’s role as a consultant at a large financial institution includes
in amusement park >> training paraplanners in plan writing and use of the employer’s
consultant software. He is also involved in recruitment of new employees.
His job is an example of how a role within a large organisation can
become broader, more interesting and challenging as someone gains
experience.

He has worked in the financial planning industry for more than eight
years, after casual/holiday jobs at Australia’s Wonderland and as a
shop assistant. He has a Bachelor of Commerce – Accounting from
University of Western Sydney and a Diploma of Financial Planning
from Deakin University.

q&a
What do you like best about your career?
The flexibility and changing nature of the role.

What do you like least?

The lack of career progression once you reach a certain point of
experience.

Tell us about an interesting matter or project you have been

involved in.
Working on a new initiative where I am recruiting and training
paraplanners to place in adviser businesses. It is interesting because
I have autonomy and it involves many different types of skills, such as
selling the idea and package to the adviser, conducting an analysis of
the adviser business, recruitment of the right type of person, creating
a specialised training package and then training and placing the
person into the business.

What do you wish someone had told you about the industry
before you started on this career path?
That you either are a salesperson or a back office person. You need to
find out which you enjoy best and follow that path.

Does this job allow you to achieve the life–work balance you
want?
Yes. Due to the flexibility and responsibility you are not monitored
second by second, you have a workload that you must finish and it
is up to you to manage it. So if you need extra time for family and
yourself you can take it so long as you manage to complete the work
set out for you.

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What type of person do you think best suits your sector of the
industry in terms of personal attributes, skills and aptitude?
A person who is analytical, has attention to detail, and can think
outside the square.

What should students know about your industry before

choosing it as a career?
They should really endeavour to get some practical experience using
the most up-to-date software and work in some office, even if it is
without pay, as it will reap a lot more benefits down the track and
provide them with a real foot in the door.

What, in your opinion, is a commonly held myth about

working in your industry and what is the reality?
That everyone who has completed the minimum subjects required
to enter the industry has a good platform of knowledge required
for financial planning. This is not true: they are still very green and
require a lot more knowledge just to get to the basic platform.

Has your current career choice lived up to your expectations?

Yes I believe it has. I always saw myself as someone who would
end up working as some sort of executive and I was satisfied that it
worked out like that. I wanted to travel, have a flexible lifestyle and
also reach a position of seniority, and I have been able to achieve
these goals.

What is something you had to learn the hard way?

That when you get into this industry you have to start with an
extremely low salary. This is something very hard for someone just out
of university to grasp.

What do you think is the most important thing you can do to

advance your career?
Experience in the right organisation. This far outstrips the education
aspect.

Which subjects or aspects of your study did you enjoy or not

enjoy? Have your formal qualifications equipped you for the
reality of working life?
I enjoyed the practical aspect or subjects the most. My formal
qualifications through Deakin have helped me with the technical
aspect of my career and my university education helped me with the
understanding and being able to think outside the square.

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Are there any ways of getting into the industry or your

position apart from getting the qualifications mentioned
above?
The minimum qualification required is called PS146 compliance,
which is essentially four initial subjects that give an introduction
into financial planning. This is what is needed to get in. After that,
experience can definitely supersede qualifications.

Are there any particular recruitment processes, practices

or systems for this industry that candidates should know
about?
Recruitment agents usually administer a technical competency test
for candidates. For more senior roles, a more in-depth technical test is
provided. This tests financial planning knowledge.

What are your tips for preparing an outstanding job

application?
Include a cover letter that shows how enthusiastic the person is for
the job.

Can you recall anything you did or said at interview that you
feel made you stand out from other candidates?
Telling the interviewers that if they didn’t gauge how serious I was
about wanting the job from my interview then they should know that
I am.

If you are involved in the recruitment process, briefly

in describe your role.
brief I advertise, or work with recruitment agents to advertise, then screen
Consultant applications, interview and then either offer a job for an internal
quals Bachelor of
Commerce
position or make a recommendation for an external client.
(Accounting),
Diploma of
Have industry networking, personal contacts and
Financial Planning professional organisations helped you to get to your current
hrs/wk 40 position?
life–work OK, due to flexibility Yes, for my first job the interviewer had attended the same university
and responsibility
as me and this helped to give me the foot in the door.

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myweek

9.00 Check what needs to be 9.00 Continue with yesterday’s tasks

attended to from last week
11.00 Interview people for placement
9.30 Meet with manager – find out into adviser offices
major issues for this week
7.30 Attend an evening language class
10.00–5.00 Training of candidates
5.00 Review emails and prioritise

9.00 Continue with yesterday’s tasks
11.00 Interview people for placement
into adviser offices
7.30 Gym training
9.00 Continue with yesterday’s tasks
11.00 Interview people for placement
into adviser offices
7.30 Attend an evening language
class; spend time with the
family in the evening

9.00 Continue with yesterday’s tasks Saturday: Gym in the morning,

11.00 Interview people for placement
into adviser offices
7.30 Attend an evening language class
chores, language class in the evening
Sunday: 8.30–1.00 Attend college
Meet with a friend for lunch
Gym training
Dinner with family

Shannon Cosgrove – Financial planner cv cashier, McDonalds

Shannon has been working as a financial planner at ING Financial >> retail assistant >>

Planning for nine months. She enjoys the opportunities her job gives investment accountant >>

her to meet many different people and help them reach their goals. relationship manager >>
financial planner

q&a
Briefly describe what you do in your current job?
My job as a financial planner involves working with clients to create
a financial plan that will help them achieve their future goals and
objectives from a financial perspective. The majority of my time is
spent meeting with clients and working with them to create their
financial plans. This also involves liaising with our technical and
research departments as well as researching and analysing the
appropriate strategies for them.

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Once the plan has been presented to them I also need to make sure
it is implemented properly, which involves ensuring that applications
for investments are received and entered by the fund managers. As a
result, I am spending a large proportion of my time at the moment on
administration.
As people and businesses goals and objectives can be very different,
I need to be up-to-date on any new legislation, technical changes in
areas such as superannuation, estate planning and insurance that
may affect them, as well as undertaking research on the investment
products that I offer them. This means that a lot of my time is spent in
ongoing education.
I also spend time talking and meeting with prospective clients, both
individuals and businesses. An important part of my job is building up
a new client base as well as well as looking after my clients.

What is the average salary package for someone in your

position?
$60 000+.

Can you tell us something about your working environment?

How many people do you work with and how do roles
intersect?
In our company we have a pod concept so there are four to five
planners who have a senior financial planner to discuss strategy and
ideas for clients with. Each pod will also have administration staff to
support them. While there is a significant amount of liaising between
colleagues, each planner still has their own client base for which they
are responsible.

What do you like most about your job?

The thing I like most about my job is the wide variety of people I get to
meet, as well as being able to help someone meet their goals.

What do you like least?

The area I like the least is the amount of administration. As I become
more involved in planning however, this administration is more likely
to be outsourced.

What aspects of the industry interest you in particular, and

where do you see the growth opportunities?
I think the growth areas of the industry are both superannuation
and insurance. I am quite interested in insurance, as recent studies
have indicated that a large proportion of the Australian population is
underinsured. One of the challenges as a planner is not only selecting
the right investment strategies for your client but to also make sure
that these same investments are protected as well as their ongoing
income if something were to happen to them.

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Does your job allow you to achieve the life–work balance that
suits you?
This job is very results focused as opposed to time focused. I have
certain targets to reach in my role, and it is up to me to arrange my
work life balance best so I meet those. I think that this is a good
arrangement as it encourages you to be more focused. It also allows
me to have a good life–work balance. I do however need to be flexible
as not all clients can meet with you within working hours.

How many hours per week do you work?

On average about 40 to 45 hours. You need to be flexible because
some clients may need to see you outside of work hours.

What are your ambitions? Where to from here?

My ambition is to develop my knowledge, skills and client base to
become a better financial planner. I wouldn’t say that I would want to
change roles however as I think being a financial planner is something
you want to be in for the long term.

What university did you attend? What qualifications do you

have? Do you feel they are necessary for your job?
I am a degree-qualified accountant and have my CPA. I have also
completed a number of subjects with the Securities Institute to
become PS146 compliant, which you are required to have under
government legislation. While it isn’t necessary to be an accountant
to become a financial planner my previous on-the-job experience,
particularly in public practise accounting provided me with a lot of
the technical knowledge that I use as a planner. The PS146 is also
essential, as I would not be employed as a planner without it. It is
also really practical as the subjects cover areas such as insurance,
superannuation, and even writing a financial plan.

Are there any particular recruitment processes, practices or

systems for this industry/profession that candidates should
know about?
ASIC have a policy standard (PS146) that sets out the training
standards for people who want to provide advice to retail clients. As
a financial planner you need to meet the minimum training standards
which will involve completing certain generic knowledge subjects
and specialist courses in areas such as superannuation, managed
investments, and financial planning. At ING, before you consider
applying for a role as a financial planner, you will need to have these
qualifications as well as the specialist qualification in insurance.
These courses can be internal or external and are flexible in the
amount of time taken to complete them.

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What are your tips for preparing an outstanding job

in application?
brief My tip is to go through your application letter and CV and make sure
Financial planner that each requirement in the job advertisement has been addressed.
$$$ 60K What do you think that you said or did at interview that
quals Degree qualified helped you get the job?
accountant, have
a CPA, completed I think what really helped is that before the interview I went through
subjects at the the position description and for each requirement they had I linked it
Securities Institute
and is a PS146
to something in my previous job or life experience. For example sales
compliant experience was a major requirement so I made sure I had two or three
hrs/wk 40–45 relevant points to demonstrate my competence in this area.
life–work The best work-life
balance I have Is there any other comment that you think young people
had in any job considering this career path would like to know about the
flexibility You enjoy flexibility industry?
but sometimes
you may have to A lot of older planners are leaving the industry, meaning that as a
provide it to your young or new financial planner there is a lot of opportunity for growth
clients as well
and success in the industry.

myweek

Meet with new clients Meet with new clients

Present financial plans to existing Follow up enquiries by clients and
clients prospective clients to our Lead
Management Centre

Work on financial plans to be Involve in education of some kind

presented including coming up with – could be a seminar or just reading
the correct technical and product provided by our technical section
strategies

Meet with new clients All mine! Generally you are not
required to work, but you may need
Perform administrative tasks – follow to be flexible if busier than normal
up on applications being processed,
talk to our underwriting department
about current insurance applications

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Jasmine* – Financial planner cv casual swimming

Jasmine entered the workforce as a secretary, then personal assistant, teacher >> casual shop

then studied part-time and was employed by a small financial cashier >> secretary >>
planning company in the Sydney CBD. Her first role there was client personal assistant >>
services assistance, then paraplanner. As her studies progressed and client services assistant >>
she gained experience, she was then promoted to her current role paraplanner >> financial
of financial planner, at the same firm. All up, she has now worked in planner
financial planning for seven years.

Her profile is an example of how someone can start at a small financial

planning firm instead of a large organisation, then progress to more
senior roles. Casual jobs prior to permanent work included swimming
teacher and department store cashier.

q&a
What do you like best about your career?
Varied, being able to assist people – communicating with different
people.

What do you like least?

Compliance!

Tell us about an interesting matter or project you have been

involved in.
A typical scenario is when a new client walks in and we analyse their
current situation, expenditure now and in the future, and goals. Quite
often, clients will not be able to live the lifestyle that they wish to
live during retirement. By reviewing structures (e.g. superannuation,
family trusts, what name the assets are held in – often majority are in
one person’s name) we can assist the client to be able to have enough
funds for when they retire in the best structure. By using strategies
such as salary sacrificing, and repaying non-deductible debt, they can
live the lifestyle they wish to live. It is great to be able to help people
reach their goals.

What is a typical salary package in your job?

$80 000 to $150 000.

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What differences have you noticed between the financial

priorities of different generations?
Generations X and Y are in their ‘accumulation’ phases and often in
debt. They need help with debt management, in particular to save
money for a home. Baby boomers are thinking about retirement. If
they have enough assets, many prefer to work for enjoyment rather
than necessity and are looking to work fewer hours and phase into
retirement. Many don’t understand how superannuation works and
need strategic advice on how to manage it. With retirees, the priority
is managing their wealth in order to live the lifestyle they prefer.

What do you wish someone had told you about the industry
before you started on this career path?
It can be very rewarding, and you do need to keep yourself up to date
with current legislation.

Does this job allow you to achieve the life–work balance you
want?
Yes. It can allow you to work the hours you wish and from home or the
office. However this is generally after you have been in the industry
for a while.

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What type of person do you think best suits your sector of the
industry in terms of personal attributes, skills and aptitude?
A ‘people person’. Need to be practical, able to solve problems and
have some maths/finance understanding.

What should students know about your industry before

choosing it as a career?
It can be a fun and rewarding career, however you must be patient
for the first few years, as to begin with you can be doing a lot of
repetitive/more administrative style of work, including updating
databases, and application forms.

What, in your opinion, is a commonly held myth about

working in your industry and what is the reality?
Some people may feel that financial planners are like ‘used car
salesmen’. Generally financial planners really do want to assist their
clients and they are professional.

Has your current career choice lived up to your expectations?

What did you want to do for a career when you were a kid?
Yes I am glad that I am a financial planner and do not wish to change
careers. If I did it would be for something completely different, e.g.
ski instructor!! I was not sure what I wanted to do when I was a child,
I enjoyed sports and acting. A lot of financial planners have ‘found’
financial planning after being involved with other industries such as
banking.

What is something you had to learn the hard way?

Accuracy is very important in our industry. If you accidentally sold or
purchased the wrong investment, it can be a costly exercise to fix up!

What do you think is the most important thing you can do to

advance your career?
Education – try and get all the qualifications up to being a certified
financial planner (CFP). When recruiting new staff, their qualifications
are very important.

What are your formal qualifications?

Diploma in Financial Markets (Securities Institute of Australia),
Diploma in Financial Planning (Financial Planning Association),
Certified Financial Planner (Financial Planning Association).

Which subjects or aspects of your study did you enjoy or not

enjoy? Have your formal qualifications equipped you for the
reality of working life?
I enjoyed – estate planning, learning about the markets, asset
allocation, assisting the clients. Did not enjoy insurance. All my
education has been necessary and very worthwhile. However a lot
of my education has been via day-to-day experiences and I am still
learning new things each week!

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Are there any ways of getting into the industry or your

in position apart from getting the qualifications mentioned
brief above?
Financial planner
Tribeca offers courses. Some people start as accountants and then
$$$ 80K–150K move across to financial planning, however they still must do quite a
quals Diploma in Financial
Markets, Diploma
lot of studying in the financial planning area.
in Financial
Planning, Certified
Have industry networking, and/or professional organisations
Financial Planner helped you to get to your current position?
hrs/wk 50 Yes! Financial Planning Association.
life–work Flexibility of hours
and working from
home possible (after
you’ve been in the
industry for a while)

myweek

Check email, review mail Two client meetings

Prepare for client meeting – write up Returning three clients’ phone calls
file notes and action points throughout the day
Answer client’s general questions,
advise change of situation
Evening: tennis

Read email, review mail, meeting with
fund manager about their products,
meeting with new client
Evening: Italian lessons
Prepare plan for client industry
luncheon or training review meeting
with an existing client. Make a few
client calls, contact client’s accountant
to discuss a problem
6.00 leave office
Have a drink

Read/reply to emails, review mail, My time!

industry magazines and Tribeca
ongoing training questions (two Catch up with work for about two
hours), staff meeting, meeting hours
with insurance provider re client’s
insurance requirements, preparing
correspondence

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Jamie McKay – Financial planner and cv casual groundsman

director >> admin/accounts clerk
at financial planning firm >>
Jamie is a ‘hands-on’ financial planner, but also has management
financial planning assistant
responsibilities as a Director at Heraud Harrison Pty Ltd, a Melbourne-
>> junior financial planner
based financial planning firm that employs about 20 staff. He has
been with the firm for eight years and worked in the financial planning >> senior financial planner

industry for about 15 years. Jamie’s next role will be to manage a new >> certified financial planner
Sydney office of Heraud Harrison that he is currently in the process of >> financial planner and
setting up. director

q&a
What do you like best about your career?
Interaction with many varied clients, improving people’s financial position.

What do you like least?

Compliance, and explaining poor returns in downward market periods.

Tell us about an interesting matter or project you have been

involved in.
Initiating an alliance with a UK-based financial planning firm. This
was a new direction for our company and it was very interesting
to compare UK business and their compliance system versus the
Australian system.

What is a typical salary package in your job?

$80 000 to $150 000.

Does this job allow you to achieve the life–work balance you
want?
Yes and no. It is certainly a financially rewarding career, but it is also
very busy and time consuming, often requiring long hours and some
work over weekends.

What type of person do you think best suits your sector of the
industry in terms of personal attributes, skills and aptitude?
You need to be a good ‘people person’, be comfortable with face-
to-face interaction and be ready to deal with sometimes emotional
clients. This job means that you will often be responsible for the entire
‘life savings’ of people, which can be quite stressful for both adviser
and client. You need strong problem-solving skills, writing/English
skills and a reasonable set of maths and computing skills.

What should students know about your industry before

choosing it as a career?
It can be fun and rewarding, but be prepared for hard work and
sometimes difficult situations. Do not think that mere academic
qualifications mean that you are ready to conduct client meetings. This

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takes several years of experience to develop, and usually a period of

‘apprenticeship’ under the direction of an experienced, fully qualified
financial planner. This will mean some period of more process-based,
administrative type work within a financial planning practice.

What, in your opinion, is a commonly held myth about

working in your industry and what is the reality?
Somewhat negative public attitude to financial planners, similar
to that of insurance and used car salespeople. Reality: while all
industries have their undesirable or less than ethical elements, in
my experience this is very much the small minority. The industry
continues to develop into a true profession, with an ever-increasing
requirement on qualifications, continuing education and emphasis on
ethics and professional standards.

Has your current career choice lived up to your expectations?

What did you want to do for a career when you were a kid?
Yes, and beyond my expectations. I have achieved ownership and a
directorship of a medium-sized financial planning firm, so I have a great
deal of control over not only my personal career, but also the direction of
the company. When I was a kid I was very keen to become a pilot.

What is something you had to learn the hard way?

I have learnt that you can’t please all of the people all of the time!
Even when you do all you can to meet a person’s needs, sometimes
that is not quite enough.

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What do you think is the most important thing you can do to

advance your career?
Be a leader in technical knowledge – be sure to stay up to date with
changing tax, superannuation and other relevant law.

What are your formal qualifications?

Bachelor of Commerce (Deakin University, Melbourne), Diploma of
Financial Planning (FPA), Certified Financial Planner (CFP) (FPA).

Which subjects or aspects of your study did you enjoy or not

enjoy? Have your formal qualifications equipped you for the
reality of working life?
Enjoyed: economics, law, actuarial studies, superannuation. Disliked:
accounting, statistics, compliance. Formal qualifications certainly
helped a lot with working life, but they are not a substitute for
experience.

What jobs have you had that led to this position?

Casual groundsman/garden maintenance, casual work for an opal
jewellery maker, part-time work at a retail/hire ski store, full-time
work as a surveyor’s assistant, full-time administration/accounts clerk
for a financial planning company, progressed to financial planning
assistant, to junior financial planner, to senior financial planner, to CFP
status, to company director of financial planning firm.

What are your tips for preparing an outstanding job

application?
Focus on ANY experience you have had at dealing with customers.

Can you recall anything you did or said at interview that you
feel made you stand out from other candidates?
Be well presented. Financial planning firms require neat, professional
appearance of staff.

If you are involved in the recruitment process, briefly

describe your role.
I only get involved in the late stages, interviewing the short list of
two or three final candidates after our human resources person has
already held many previous interviews to narrow down the field.

Have industry networking, personal contacts and

professional organisations helped you to get to your current
position?
Absolutely. Having good industry contacts has helped me enormously.
Reputation is critical.

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in If professional organisations have helped you in your career

brief path, which organisations and what kind of benefits did they
Financial planner/director provide?
$$$ 80K–150K The FPA is a good source of information about education and job
quals BCommerce, requirements. I believe they have a careers arm to help people
Dip Financial
Planning, CFA thinking of the financial planning industry as a career.
hrs/wk 50
life–work long hours & some
weekend work myweek

8.00–10.00 Check email and phone 8.00–11.00 Normal daily checks plus
messages, check market results spend about three hours per
10.00–12.00 Meeting with prospective week dealing with management
new client issues in role as director of firm

12.00–3.00 Four client reviews (includes 11.00–6.00 Four client reviews

time for file notes, follow-ups)

8.00–9.00 Check email and phone 8.00–10.00 Normal daily checks

messages, check market results
10.00–4.30 Three client reviews
9.00 Weekly meeting with financial
planners
10.00–6.00 Four client reviews

8.00–10.30 Normal daily checks (see Wife currently works in Sydney, so

above) plus helping financial
planning assistants and trainees
to complete Statements of
Advice for clients
10.30–3.30 Three client reviews
either I fly to Sydney or she flies
to Melbourne to spend the weekend
together

cv insurance agent
>> sales manager >> self-
employed financial planner
Brian East – Self-employed financial
planner
Brian has over 30 years’ experience in the industry, and has been a
self-employed financial planner/adviser for the past six years. His
company is Integral Asset Management Pty Ltd. He provides insight
into the good and bad aspects of being your own boss.

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q&a
What does your job involve?
Developing financial and insurance strategies for clients.

What do you like best about your career?

Freedom to work the hours I want, and no-one telling me what I have
to do – being my own boss.

What do you like least?

Fluctuating cash flow – not getting paid for holidays – no-one paying
my superannuation.

Tell us about an interesting matter or project you have been

involved in.
Two recent clients (via children of clients) who are in nursing homes
who needed advice to reduce assets to get part-pension and thus
reduce nursing home fees. It’s an interesting area because you can
really add value to clients in ways they had no idea about (using
complying income streams).

What is your current salary?

Not on salary – fees and commissions are approximately $120 000.

Does this job allow you to achieve the life–work balance you
want?
Yes – allows me to take time out whenever I want it – weekends away,
holidays etc.

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What type of person do you think best suits your sector of the
industry in terms of personal attributes, skills and aptitude?
Greatest skill is getting on with people so they trust you, by taking
an interest in them. Also, being able to describe complex issues in
simple, easy-to-understand terms.

What should students know about your industry before

choosing it as a career?
Is it right for them? Just because you have a degree in financial
planning or economics or whatever, doesn’t mean it is for you.

What, in your opinion, is a commonly held myth about

working in your industry and what is the reality?
We direct clients to organisations that pay the highest commission.
In majority of situations, fund managers/insurance companies
commissions are very similar. Also, in majority of situations clients’
needs are number one, and the commission paid is irrelevant.

Has your current career choice lived up to your expectations?

Working in this industry has lived up to my expectations – I have met
my wife and most of my friends from this industry. It has provided
a good standard of living and allowed me to move between many
careers within the industry.

What is something you had to learn the hard way?

How to ‘sell’ – how to get the sale – how to get the client to agree with
your recommendation.

What do you think is the most important thing you can do to

advance your career?
Keep learning and studying – industry courses, journals, magazines
– staying on top of what is happening in our industry and learning new
strategies to help clients.

What are your formal qualifications?

Diploma of Financial Planning (Deakin University, Melbourne),
Diploma of Life Insurance (Australian Insurance Institute).

Are formal qualifications necessary or optional for someone

in your position?
Yes – to be able to give advice you need a licence (or work as an
authorised representative of a licence holder), and to get that licence
you need to have completed at least four subjects of the Diploma of
Financial Planning or Securities Institute equivalent.

Which subjects or aspects of your study did you enjoy or not

enjoy? Have your formal qualifications equipped you for the
reality of working life?
Enjoyed superannuation module as it was the most relevant one, as I
specialise in superannuation. Qualifications did not really equip me as
main part of my role is to find people to talk to – no textbook tells you
how to do this.

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What jobs have you had that led to this position?

Insurance agent, sales manager.

Are there any particular recruitment processes, practices

or systems for this industry that candidates should know
about?
Should perhaps start as a paraplanner to first understand more of
what a financial planner does by working closely with them. Or, work
for a bank first on a salary, then move into your own business after
learning if it is the right career for you.

What are your tips for preparing an outstanding job

in
application?
Keep it brief and simple – no fluff. If you have done external self-
brief
Self-employed financial planner
improvement courses, highlight them.
$$$ 120K
Have industry networking, personal contacts and quals Diploma of Financial
Planning, Diploma
professional organisations helped you to get to your current of Life Insurance
position? hrs/wk 55
These are the only ways to do it. I am in four networking type life–work yes, can take time
organisations and two running clubs – I get most of my business from out whenever
required
these sources, plus forming liaisons with accountants and solicitors.

myweek

Morning: reading, paperwork, planning, 7.30 Appointments, paperwork

phone calls
6.00 Go for run with a group
Afternoon: interviews
Grocery shopping
6.30 Go running with a group

7.00 Networking meeting, 7.30 Networking meeting, plan for

appointments next week – make phone calls
3.00 Leave office for home

7.30 Networking meeting, Saturday: Rarely do weekend

appointments/paperwork appointments – go away on weekends
fairly regularly, might call into office
Possible night-time appointment to catch up on paperwork sometimes
Sunday: Totally free – no work

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 Financial Planning
cv administrative officer,
insurance company >>
sales manager >> self-
employed financial planner
94
FIN – 110106.indd Sec1:94
Brendan Oakes – Self-employed financial
planner
Brendan has been self-employed for three years, running Oakes
Financial in Sydney’s north-western suburbs, and has been in financial
planning for 10 years overall. He provides advice to clients mainly in
the areas of risk insurance and superannuation. He is an example
of someone who worked in a large organisation initially to establish
himself in the industry, then set up his own business.
His comments provide some insight into the advantages (such as
life–work balance) and drawbacks (compliance workload and clients
who ‘window shop’) of self-employment.
q&a
What is a typical salary package in your job?
$100 000.
What do you like best about your career?
The freedom of being self-employed and also the provision of
solutions to problems if a client is disabled or dies.
What do you like least?
The massive amount of compliance paperwork we have to do.
Tell us about a particularly interesting matter or project you
have been involved in?
My largest premium client was a young professional earning
substantial income who needed very large sums insured in relation to
all aspects of risk insurance. He and his wife had a few minor health
issues which when combined with the large sums insured made the
process of getting the cover in place quite hard. It took ten months but
we got all covers in place after overcoming several hurdles.
What do you wish someone had told you about the industry
before you started on this career path?
Do not prepare a financial plan of any kind without a financial
commitment of some sort from the client.
Does this job allow you to achieve the life–work balance you
want?
Yes it allows me to never miss important dates with my family and
also engage my passion: golf.
What type of person do you think best suits your sector of the
industry in terms of personal attributes, skills and aptitude?
A ‘people person’.
13/3/06 3:52:51 PM
 In s ide r in fo

What should students know about your industry before

choosing it as a career?
People and relationships can take you a lot further than all the
intelligence in the world. However, the amount of training and
education required to comply with regulations these days is much
higher than ever before.

Has your current career choice lived up to your expectations?

What did you want to do for a career when you were a kid?
Yes, I enjoy it very much. Wanted to be a PE teacher.

What is something you had to learn the hard way?

That if you do not put measures in place the occasional client will
use your time and experience to educate themselves then take the
business elsewhere, leaving you making no income from the client.

What do you think is the most important thing you can do to

advance your career?
Set up good centres of influence and manage those relationships.

What are your formal qualifications?

Diploma of Financial Services from Integratec.

What jobs have you had that led to this position?

I began in the industry in an administrative role at an insurance company,
progressed to sales management then left to be a self-employed adviser.

What are your tips for preparing an outstanding job

application?
Be able to give examples of situations where you succeeded or used
glossary
your skills to win out in a situation. Comminsure means:
Can you recall anything you did or said at interview that you – the insurance sector of
feel made you stand out from other candidates? the Commonwealth Bank of
As above: I explained a tough spot I had been in and how I found my Australia

way out of it.

Have industry networking, personal contacts and

professional organisations helped you to get to your current in
position? brief
Yes, advisers I knew from my time as a sales manager have helped me Self-employed financial planner

since I became self-employed. $$$ 100K

quals Diploma of Financial
If professional organisations have helped you in your career Services
path, which organisations and what kind of benefits did they hrs/wk 40
provide? life–work yes, never
miss important
Comminsure have supported me and my business every step of the way family events
through personal support, excellent service and sponsorship of events.

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 Financial Planning

myweek

Office admin Office admin

Phone calls. Appointment in evening Phone calls. Appointment in evening
Answer all emails Answer all emails

Office admin Book appointments for next week

Phone calls. Appointment in evening
Answer all emails
Organise diary. Catch up with the
other advisers and mortgage brokers
in the office.
Keep up with in-line training
requirements and read through all
trade-related updates

Office admin. Play golf in afternoon Family time

with client or business referee
Kids’ swimming lessons
Golf

cv banking >> bank Sandra Bowley – Director/self-employed

manager >> director/self-
employed financial planner
financial planner
Sandra has run her own financial planning practice, Sandra Bowley
Financial Planning Pty Ltd (SBFP) at Engadine, an outer southern
suburb of Sydney, for the past eight years. Her son also works in the
business as a paraplanner. Sandra has worked in the industry for 25
years. She has also given presentations about the industry at careers
information nights conducted by the Securities Institute (now Finsia).

q&a
What do you like best about your career?
Choice of working hours.

Any dislikes?
I love it all.

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Tell us about an interesting matter or project you have been

involved in.
Helping other students to enter the industry.

What is your current salary?

$80 000 plus.

Does this job allow you to achieve the life–work balance you
want?
Plenty of time for other activities.

What type of person do you think best suits your sector of the
industry in terms of personal attributes, skills and aptitude?
Good people skills, ethical and honest.

What should students know about your industry before

choosing it as a career?
Very rewarding, lots of client contact, must keep up education.

What, in your opinion, is a commonly held myth about

working in your industry and what is the reality?
The need to work long hours is not required.

What is something you had to learn the hard way?

You need to be selective with clients you take on.

What are your formal qualifications?

Diploma of Financial Planning and Certified Financial Planner
(Financial Planning Association), Justice of the Peace, ASIA (Securities
Industry, now Finsia).

Have your formal qualifications equipped you for the reality

of working life?
Securities Institute course gave me a good overall understanding of
financial industry.

What jobs have you had that led to this position?

Bank manager.

Are there any particular processes, practices or systems for

in
this industry that candidates should know about?
Use of financial planning software.
brief
Director/self-employed
What are your tips for preparing an outstanding job financial planner

application and standing out from other candidates? $$$ 80K

Be honest and willing to take on any jobs in industry. quals Diploma of Financial
Planning, Certified
Have industry networking, personal contacts and Financial Planner,
Justice of the Peace
professional organisations helped you to get to your current hrs/wk 40
position? life–work plenty of time for
Networking with solicitors, accountants and brokers. other activities

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 Financial Planning

myweek

8.00 Check emails and mail
10.00–12.00 Two appointments, discuss
strategies with paraplanner
1.00 Staff meeting
2.00 Training
3.00 Attend to existing client needs
4.00 Finish for day
8.00 Check emails and mail
10.00–12.00 Two appointments, discuss
strategies with paraplanner
1.00 Staff meeting
2.00 Training
3.00 Attend to existing client needs
4.00 Finish for day

8.00 Check emails and mail
10.00–12.00 Two appointments, discuss
strategies with paraplanner
1.00 Staff meeting
2.00 Training
3.00 Attend to existing client needs
4.00 Finish for day
8.00 Check emails and mail
10.00–12.00 Two appointments, discuss
strategies with paraplanner
1.00 Staff meeting
2.00 Training
3.00 Attend to existing client needs
4.00 Finish for day

8.00 Check emails and mail My time

10.00–12.00 Two appointments, discuss
strategies with paraplanner
1.00 Staff meeting
2.00 Training
3.00 Attend to existing client needs
4.00 Finish for day

cv banking >> sales

consultant >> manager’s
assistant >> financial
planner associate >>
financial planner >>
practice manager
Samantha* – Practice manager
Samantha, a practice manager at a large retail bank, is an example
of someone who started in general banking, moved into the bank’s
financial planning section and progressed through a series of jobs to
become a practice manager.
Her roles were: sales consultant (one year), manager’s assistant (one
year), financial planner associate (one year), financial planner (two
years) and practice manager (four years to date).

After an initial Bachelor of Business degree, Samantha completed

a Diploma of Financial Planning followed by a Master of Applied
Finance.

Being involved in recruitment of financial planners, Samantha has

some tips for job applicants.

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q&a
What are the best aspects of working in your industry?
Flexibility and diversity of day-to-day activities.

What are the disadvantages?

Compliance and paperwork.

What type of person best suits this industry?

Someone with strong people skills, coupled with good time
management skills.

What do you feel young people contemplating a career in this

industry should know?
That it is a long-term job and that it requires time to build
relationships. You need to have at least a five-year plan.

How has the industry changed in the time you’ve been in it?
Compliance requirements, increased competition and certainly
difficult market conditions.

What did you want to be when you were at school? Could you
have imagined your career turning out this way?
An accountant, it wasn’t that surprising once I’d decided accounting
was for me.

What is your role in the recruitment process? What does it

involve?
Having managed a financial planning practice for four years I have
hired numerous planners which typically involved the utilisation of
recruitment firms, multiple interviews (with myself, other PMs, the
state manager and district manager for the branch network).

What qualities, attributes, experience or other characteristics

are you looking for?
Minimum qualifications are PS146 compliance, for junior roles we
are looking for either technical ability or sales ability (we are able to
coach any gaps), for existing planners normally a minimum of three
years industry experience, depending on the role etc.

In a résumé, what distinguishes an outstanding candidate?

Work history.

What things at interview stage distinguish outstanding

candidates?
Interpersonal skills and level of engagement.

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 Financial Planning

cv stockbroking >>
Tim* – Practice manager
commercial and consumer Tim has been in the banking industry for 19 years and manages
lending >> practice a financial planning practice within one of the largest banks. He
manager comments on the issues involved in managing a business unit within a
large organisation.

q&a
What do you like best about your career?
Challenges presented daily. Working with people to meet individual
goals and objectives.

Tell us about an interesting matter or project you have been

involved in.
Building a new financial planning team with a new business partner.

What is a typical salary package in your job?

$120 000.

Does this job allow you to achieve the life–work balance you
want?
No, this may be a personal issue, but I strive to exact the best from
opportunities put in front of me. This does throw the life–work balance
out of balance.

What type of person do you think best suits your sector of the
industry in terms of personal attributes, skills and aptitude?
Skilled, motivated and driven to succeed.

What should students know about your industry before

choosing it as a career?
They will need to have an outgoing personality and love to deal with a
growing, but very enjoyable industry.

What, in your opinion, is a commonly held myth about

working in your industry and what is the reality?
The myth is that the industry isn’t professional – this is most untrue.

What is something you had to learn the hard way?

Computer systems.

What do you think is the most important thing you can do to

advance your career?
Continue to study and improve my technical knowledge.

What are your formal qualifications?

I have a Diploma of Financial Advising (Securities Institute) and I’m
currently studying Master of Financial Planning at Royal Melbourne
Institute of Technology.

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What jobs have you had that led to this position? in

Stockbroking, commercial and consumer lending positions. brief
Practice manager
Are there any particular recruitment processes, practices
or systems for this industry that candidates should know $$$ 120K
quals Diploma of Financial
about? Advising, Master of
Align with a recruitment company that specialises in financial Financial Planning
(currently studying)
planning roles.
life–work if you take
What are your tips for preparing an outstanding job advantage of
opportunities
application? before you
Address job criteria. Sales focus.

Vicki* – Operations manager cv superannuation

Vicki is an example of someone who has moved from a specialist administration >>
financial planning role into a management role. Her current job as paraplanner >> manager
Operations manager at a large financial institution involves both >> operations manager
managing people and providing services to financial planners. Her
interview provides an insight into how external financial planners may
be perceived within a large organisation and the types of assistance
they can obtain from one.

Vicki has worked in the industry for nine years.

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 Financial Planning

q&a
What does your job involve?
My employer is the distribution channel that services external financial
advisers who have their own licences. These include small boutiques
and large dealer groups, such as banks. I am responsible for preparing
tenders, meeting financial advisers, receiving escalated issues
and passing them on to the relevant business units, management
information reporting, being a stakeholder in major projects,
representing my team at various levels, and process improvement.

What do you like best about your career?

The variety – financial planning is about being a technical expert
and small business manager. It’s rewarding to be a part of changing
someone’s life through sound financial advice.

What do you like least?

Financial planners can be demanding and have high expectations.

What is your current salary?

$95 000 to $120 000 plus bonuses and superannuation.

What do you wish someone had told you about the industry
before you started on this career path?
A financial planner is much like your local GP – they receive
information about you and provide advice that will help you feel
‘financially better’. It is common for them to refer you to tax and
estate planning specialists.
Also, that doing the Diploma of Financial Planning is just a way to get
your foot into the door – you will need at least two years of preparing
financial plans to become technically competent.

Does this job allow you to achieve the life–work balance you
want?
Yes, although you can go to bed tossing up alternative strategies that
you have recommended to someone. After all, you are responsible for
someone meeting their financial goals – isn’t that everything these days!

What type of person do you think best suits your sector of the
industry in terms of personal attributes, skills and aptitude?
They should like dealing with people and playing an educational
role. They should be able to negotiate their recommended financial
strategies to a client who would much rather spend their savings on a
new car! They should be able to keep abreast of technical information
and changes. They should be able to operate a small business
successfully, processes, people – the lot! They should pay attention to
detail, and be good with numbers (there is a lot of financial modelling
required on the job). They should have strong marketing skills – this is
a referral-based industry.

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What should students know about your industry before

choosing it as a career?
It’s very male-dominated, but slowly evolving. It is highly legislated.
You need to constantly update your knowledge and earn ‘points’ to
keep your licence each year. It can be rewarding, because you are in a
position to help people realise their financial goals. And you can apply
all the knowledge to your own finances!

What, in your opinion, is a commonly held myth about

working in your industry and what is the reality?
The myth is that we are all ‘ethically challenged’ – this has never been
the case, and there are as many exceptions in this industry as in any
other! Another myth is that you cannot outsource the technical bit
completely.

What is something you had to learn the hard way?

Managing client expectations – you cannot get rich quick.

What are your formal qualifications?

Diploma of Financial Planning (Deakin University), Master of Business
Administration (Exec) (Australian Graduate School of Management)
and Bachelor of Business (Monash University)

Which subjects did you enjoy or not enjoy? Have your formal
qualifications equipped you for the reality of working life?
I enjoyed most things that helped me personally, to become a better
manager, understand my shortcomings better, understand the
economic environment and thus make better financial decisions for
myself and my clients.

Are there any ways of getting into the industry or your

position apart from getting the qualifications mentioned
above?
No, you need the Diploma of Financial Planning.

What jobs have you had that led to this position?

■ Administration(superannuation) – gave me a great understanding of
‘who’s who in the (financial planning) zoo’.
■ Paraplanning– build solid technical skills and dealing directly with
experienced financial planners.
■ Manager– dealing with people, understanding various personalities,
and managing performance issues.

Are there any particular recruitment processes, practices

or systems for this industry that candidates should know
about?
There are several recruitment firms that specialise in financial
planning.

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 Financial Planning

in Can you recall anything you did or said at interview that you
brief feel made you stand out from other candidates?
Operations manager Yes, ability to make hard decisions, believe in them and be able to
$$$ 95K–120K convince clients that they are the best decisions. Also, the ability to
quals Bachelor of learn quickly and have strong numeric and computer skills.
Business, Diploma
of Financial Have industry networking, personal contacts and
Planning, Master
professional organisations helped you to get to your current
of Business
Administration position?
hrs/week 55 Being a member of the Financial Planning Association. Attending the
life–work OK, but you still FPA’s annual convention. Being a member of a club for young financial
think about the job
planners (that used to be run by a bank).

myweek

Project meeting: represent general Meet with general manager of

manager
Respond to a complaint raised by a
practice development manager, meet
with a manager to decide on a date for
resolving it
Get info on last month’s sale from
management information team
administration centre
Present advisers’ requirements and
segmentation strategy
Meet with a project team to discuss
progress on rollout of proprietary
financial planning software to a large
adviser business

Write report for CEO based on the Run a report and commence
team’s performance calculation of sales incentives to all
Attend a meeting with a group of key our practice development managers
advisers to get input on some new
product features
Meet with events management team
– organise a national conference

Meet with project team to discuss
segmentation strategy (all-day
workshop)
Drinks at a fund manager awards night
Saturday: Sleep in, long breakfast,
local market, long walk with the dog
Sunday: Lunch with friends and a
movie

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Michael Foster – Senior wealth manager cv accountant >>

financial controller >>
Michael is a senior wealth manager at Macquarie Bank. He enjoyed
senior wealth manager
a successful career in various accountant and financial controller
positions before moving into financial planning. His comments also
provide some indication of the differences between working in an
investment bank versus a retail bank. He has worked in financial
planning for eight years, the last four in his current role. His comments
may be particularly helpful to anyone considering a move from
accounting to financial planning.

q&a
What does your job involve?
Managing clients’ portfolios to deliver results in line with their return
aspirations, their risk profile and long-term objectives.

What do you like best about your career?

Client contact, involvement in investment industry, challenge of
dealing with tax and legislation issues.

What do you like least?

Administration tasks required by strict compliance regime.

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 Financial Planning

What is a typical salary package in your job?

$150 000 to $400 000.

Tell us about a particularly interesting matter or project you

have been involved in.
Currently looking at means of enhancing the after-tax return for an
Australian resident who is working as an expatriate, and investigating
possible use of different structures and superannuation to deliver the
most effective outcome. This is particularly interesting as it involves
looking at the client’s position and his eventual residency as well as
the normal focus on suitable investment products.

Does this job allow you to achieve the life–work balance you
want?
While the employer group obviously requires a return on their
investment in me and the resources they have provided to me, they
expect me to develop my financial planning business in a way that
suits my lifestyle. For some people this means allowing them to spend
some time working from home but my preference is to complete
projects before leaving the office – but either way is acceptable as
long as the required results are achieved.

What type of person do you think best suits your sector of the
industry in terms of personal attributes, skills and aptitude?
Energetic, committed and intelligent individuals will be best able to
cope with the demands of clients, the need to build a base of clients
and the constantly changing legislative environment in which we
work.

What should students know about your industry before

choosing it as a career?
You are constantly being assessed by existing or new clients so you
must be able to set and maintain high standards for yourself.

What, in your opinion, is a commonly held myth about

working in your industry and what is the reality?
It’s a myth that it’s glamorous, fast paced, bit on the edge. Reality: the
industry is strictly controlled by a firm compliance regime – requiring
strict adherence to industry and organisation operational guidelines.

Has your current career choice lived up to your expectations?

Yes, it is challenging and rewarding. I qualified as an accountant in my
20s and I enjoy this career path as it allows me to use my technical
skills to deliver an investment advisory service.

What is something you had to learn the hard way?

Selling skills in this environment – still learning.

What do you think is the most important thing you can do to

advance your career?
Keep providing an excellent service to my clients which will lead to a
larger client base.

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What are your formal qualifications?

Diploma in Financial Planning, Certified Financial Planner, Fellow of
the Association of Chartered Certified Accountants.

Are there any ways of getting into the industry or your

position apart from getting the qualifications mentioned
above?
No, Diploma of Financial Planning is a minimum requirement – but
there are various ways to start with an organisation that could provide
a career path into financial planning.

Are there any particular recruitment processes, practices

in
or systems for this industry that candidates should know
about?
brief
Senior wealth manager
Read industry magazines, such as Asset, Money Management, or
contact Financial Planning Association.
$$$ 150K–400K
quals Accounting
What are your tips for preparing an outstanding job qualifications,
Diploma of Financial
application? Planning, Certified
Focus on your best points and ensure that you can show how they will Financial Planner
enable you to be a success in the role you are seeking. hrs/wk 55

myweek

7.30 Plan for the week ahead
9.00 Weekly sales meeting
10.30 Meeting to discuss dollar/cap
strategy for client
11.30–2.00 Deal with clients’ queries
3.00–6.30 Meetings with potential and
current clients
8.00–12.00 Prepare formal review for
clients
1.00–2.00 Administration training
on new client relationship
management
3.00–6.00 Continue client reviews

8.00–10.00 Document meeting and 8.00–9.00 Review information on

follow up on all arising issues
10.00–12.00 Review client portfolios
for appropriateness of new float
to clients
2.00–6.00 Continue reviews
possible new clients
9.00–10.00 Contact possible new
clients and progress position
10.00–11.00 Discuss marketing
initiative and brainstorm
11.00–3.00 Client reviews
4.00–5.00 Weekly team debrief

7.30–9.00 Fund manager presentation

2.00–3.00 Meeting with client’s
accountant to review year end
tax planning position and possible
strategies
3.30–4.30 Respond to client enquiries
4.30–5.30 Technical meeting

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 Financial Planning

In any profession, there are people who use their

qualifications and experience to do something different,
exceptional or unconventional. Others may combine their
passion for a cause, a sport or a special interest with
their chosen career.

cv tennis coach >> John Gill – Mortgage broker

martial arts instructor >>
John is a mortgage broker at Australian Mortgage and Finance Pty Ltd.
mortgage broker
His career history provides an example of taking an alternative career
path with the intention of moving towards financial planning later on.
He also provides some insight into the similarities between mortgage
advice/broking and financial planning, and compares the two as
career options. John has completed a Diploma of Financial Services as
well as a Diploma of Mortgage Lending.

A further point of interest is John’s comments on life–work balance. As

well as his work as a mortgage broker, he also runs businesses as a
martial arts instructor and motivational speaker and explains how he
is able to juggle the three types of work.

q&a
What does your job involve?
To write, submit and manage a client’s home loan application.

How long have you been in your current position?

Six years.

What is a typical salary package in your job?

$100 000 plus.

What do you like best about your career?

Helping people obtain a loan to enable them to purchase their first
home and re-financing people’s current loans to enable them to save
money.

What do you like least?

When clients don’t get their paperwork together and having to
constantly remind some of them to get onto it.

Tell us about a particularly interesting matter or project you

have been involved in.
Assisting a client who had previously tried a lot of banks and brokers
without success and then contacted me. I managed to find her a

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lender that would approve the loan. She was really appreciative and is
now enjoying her new home, which gave me a lot of satisfaction and a
great sense of achievement as well.

What do you wish someone had told you about the industry
before you started on this career path?
The amount of changes that the lenders do and policy changes, which
at the beginning of my career were difficult to keep up with. However,
now with a lot more experience and working with a company that does
updates every day on the software, everything is a lot easier.

Does this job allow you to achieve the life–work balance you
want?
Yes it does, however you have to be prepared for night and weekend
work and I have had to sacrifice certain things such as my Saturday
competition tennis on a regular basis. On the other hand, I can fit
some tennis in during weekdays and I can avoid driving in peak hour
and you get to see a lot of Sydney when out visiting clients, which is
better than being in the same office all day.

What type of person do you think best suits your sector of the
industry in terms of personal attributes, skills and aptitude?
A person who is committed to helping people and has determination
to succeed in assisting them with their dream of home ownership.

What should students know about your industry before

choosing it as a career?
To have an interest in helping people and an understanding of the
economy, real estate and mathematics.

What, in your opinion, is a commonly held myth about

working in your industry and what is the reality?
The myth is that it’s a matter of just completing an application form
and submitting it, however there is a lot more to it such as keeping up
to date with study, knowing how to structure the loan, following up on
paperwork and keeping the client up to date with the process.

Has your current career choice lived up to your expectations?

What did you want to do for a career when you were a kid?
Yes, it has lived up to my expectations. I am a determined person and
dedicated to do my best for my client. When I was young, I wanted
to always do something to help people and loved sport. Before this
career I started as a professional tennis coach and then became a
martial arts instructor which, along with motivational speaking, I still
do today. This gives me a really good balance for mind and body.

What is something you had to ‘learn the hard way’?

Changing from one career to another takes a while and doesn’t
happen overnight.

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 Financial Planning

What do you think is the most important thing you can do to

advance your career?
Keep up with product changes and keep giving great customer service.

What are your formal qualifications?

I have a Diploma of Mortgage Lending from the Securities Institute
of Australia and a Diploma of Financial Services from PS146
Training Australia, as well as being an accredited Mortgage adviser
and accredited with the MIAA (Mortgage Industry Association of
Australia).

Why did you decide to study the Diploma of Financial

Services?
To be more qualified and educated than your average mortgage broker
and with the ambition to become a financial adviser/planner.

Which subjects or aspects of your financial planning study

did you enjoy or not enjoy? Have these qualifications
equipped you for the reality of working life?
I enjoyed learning about investment and superannuation and the
knowledge has assisted me to manage my own finances.

Are there any ways of getting into the industry or your

position apart from getting the qualifications mentioned
above?
To be a mortgage broker you have to at least now have a Certificate IV
in Mortgage Broking which can be arranged through the MIAA or the
company you work for.

Why did you decide to take up your current position instead

of a role in financial planning?
I have been successful in working with Australian Mortgage and
Finance. Along with my martial arts school and motivational speaking,
I am busy enough and don’t have time to do financial planning as well.

If you intend to move into a financial planning role later on,

how do you intend to do this?
When I get older and martial arts winds down, I will then look at
financial planning as a career alongside writing home loans.

Do you think your current job is a useful stepping stone

towards a financial planning career? What advice would you
give to someone considering a similar option?
Yes, there are a lot of similarities as you are dealing with people’s
most important asset which is their financial situation. Yes, I would
advise a potential financial adviser to consider being accredited as a
mortgage broker or at least to know how the banking and mortgage
broking system works.

110

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 In s ide r in fo

What do you believe are the advantages of your current job

over a financial planning one?
Less paperwork, compliance, study and qualifications.

What are the disadvantages?

Not every appointment will convert to a loan, whereas a financial
planner will normally offer something that a client will need, such
as an investment strategy, income protection, estate planning or
consolidating superannuation.

What jobs have you had that led to your current position?
Originally teaching and running a tennis coaching school, then the
Australian School of Self-Defence and then into motivational speaking
with my business, Motivational Masters.

Are there any particular recruitment processes, practices

or systems for this industry that candidates should know
about?
Being a ‘people person’ and dedicated to the client, a good listener
and being conscientious to do an excellent job.

What are your tips for preparing an outstanding job

application?
A clear and professional resume, and to be honest about your past
and be yourself at the interview.
in
Can you recall anything you did or said at interview that you brief
feel made you stand out from other candidates? Mortgage broker
With all the interviews I have had, I was being myself and listened $$$ 100K+
to the questions and answered honestly, and it came out that I am a quals Diploma of
passionate person who is dedicated to success and helping people. Mortgage Lending,
Diploma of
If professional organisations have helped you in your career Financial Services,
Accredited
path, which organisations and what kind of benefits did they Mortgage Adviser
provide? hrs/week 45–50
In this industry the MIAA is the leading organisation and provides life–work good, other
assistance for mortgage brokers and the general public with all activities and
business interests
aspects of home loans.

111

FIN – 110106.indd Sec1:111 13/3/06 3:53:08 PM

 Financial Planning

112

FIN – 110106.indd Sec1:112 13/3/06 3:53:09 PM

 Entry level
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financial planning.
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To find out how to start your professional career with ING Financial Planning, go to our
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84310_SEK0092F_250x176 16/12/05 5:08 PM Page 1
FPAA5CareeFAQ_PM 22/2/06 12:55 PM Page 1

Choosing
a career
in financial
planning?
Give yourself the
headstart you'll need.
The Financial Planning Association
will support and nurture your
professional skills through specialised
education and professional
development programs.
As the peak professional body,
we set the benchmark for high
professional standards in Australian
financial planning.
To find out more about membership,
or for guidance on education and
professional development
opportunities, contact the FPA on
1800 626 393 or log onto our
website at www.fpa.asn.au

CFP® and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Financial Planning Standards Board and used by the FPA
under licence. CFP® is a certification mark owned outside the U.S. by Financial Planning Standards Board Ltd. Financial Planning Association of
Australia Limited is the marks licensing authority for the CFP marks in Australia, through agreement with Financial Planning Standards Board (FPSB).
 Ready, set,
go for it!
What qualifications do I need?
Formal qualifications are essential to working as a financial planner.
The changes made by the Financial Services Reform legislation from
2001 onwards have meant that the industry is much more closely
regulated, which means that specific qualifications are required for
particular jobs.

To be able to provide advice to clients, all financial planners must be

authorised representatives of a licensed securities dealer. A dealer
can be a large organisation such as a bank or insurance company, a
small organisation such as a financial planning firm, or an individual.

You can still work in the industry without financial planning

qualifications – for example, while you are completing your studies
– but you will not be able to provide advice to clients (except under
the direct supervision of someone who is authorised) until you have
the required qualifications.

Want more quality career resources

from Career FAQs for FREE? Click here 117

FIN – 110106.indd Sec1:117 13/3/06 3:53:11 PM

 Financial Planning
MYTH
hands-on experience
in the industry is a
substitute for formal
qualifications
Experience is valuable,
but the qualifications
fact
are essential before
you can give financial
advice to clients.
118
FIN – 110106.indd Sec1:118
Job advertisements usually set out the minimum qualifications
required. The main ones you will see are ‘PS146 compliant’ and
‘Diploma (or Advanced Diploma) of Financial Services’. These
qualifications are explained below.
It is now a condition of maintaining your membership of the Financial
Planning Association (FPA) that you undertake ongoing study to keep
your qualifications and knowledge up to date. You need to document
this study, because the FPA uses an audit system to check that
members have complied with requirements.
Although there are many career paths that can lead to financial
planning, one thing is unavoidable – study!
Some of the industry people we interviewed came from other jobs and
professions, including the following:
■ banking
■ accountancy
■ insurance
■ personal assistant/secretary.
However, the one thing they all said was necessary to progress in the
financial planning profession was the formal qualifications – PS146
compliance (see Appendix 3) and the financial planning diplomas
in particular. Thus, you need to plan in advance. You should either
already be studying or have studied financial planning qualifications,
or have a plan in place to do so shortly.
Industry certifications
There are two main compliance and certification standards that are
recommended. The first is required to be a financial adviser, the
second is highly regarded in the industry.
■ PS146 compliance
■ CFP certification
13/3/06 3:53:12 PM
 Re ady, s e t,
go for it!

PS146 compliance
PS146 compliance is mandatory for authorised representatives, that is
the people who actually provide financial advice to clients. It sets out
minimum competency standards that they must meet. The authorised
representative, not the licensee, is responsible for demonstrating
that they are PS146 compliant. The full title of the compliance
standard is Policy Statement 146 (Licensing: Training of Financial
Product Advisers). It is administered by the Australian Securities and
Investments Commission.

PS146 compliance does not apply to paraplanners, customer-service,

administrative or call centre staff. However, their employers must
have appropriate compliance systems in place which cover them.
For example, if they are dealing directly with clients, they must be
supervised at the time by a person who is PS146 compliant. The
supervisor must be responsible for the provision of the financial
advice and must manage any explanations of the advice to the client.

119

FIN – 110106.indd Sec1:119 13/3/06 3:53:13 PM

 Financial Planning

Basically, PS146 requires financial planners/advisers to demonstrate

that they:

■ understand the relevant ASIC knowledge requirements

■ analyse and plan approaches to technical problems and client

issues

■ evaluate information in the course of researching and financial

planning

■ apply their knowledge to the relevant tasks

■ apply their judgment to evaluating and selecting financial products

and services

■ apply knowledge, evaluation and coordination skills to a variety of

find out
more technical situations and

www.asic.gov.au ■ apply their knowledge and skills to developing and analysing

financial planning strategies for clients.

Some jobs in financial planning also specify that applicants need a

fyi
Diploma (or Advanced Diploma) of Financial Services. These diplomas,
In practice, many employers and PS146 compliance, can be gained by studying at the following
also require PS146
compliance when they are
organisations:
recruiting paraplanners or
customer service staff.
■ universities

■ TAFE

■ the Financial Services Institute of Australasia (Finsia)

■ Tribeca Learning Limited (Tribeca)

find out ■ PS146 Training Australia
more
■ other registered training organisations (RTOs).
A more detailed summary
of the contents of PS146
The courses and qualifications available from each of these
appears in Appendix 3.
organisations are discussed on pages 116–126.

The required PS146 compliance and other qualifications for financial

planners can be gained from a number of institutions: universities,
TAFEs, Finsia, Tribeca, PS146 Training Australia and other RTOs.

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 Re ady, s e t,
go for it!

CFP certification program fyi

‘Certified financial planner’ (CFP) is the highest professional The CFP or ‘certified financial
certification that can be awarded to a financial planner. The term is planner’ qualification is
trademarked. CFP practitioners have completed rigorous study in the highest professional
certification awarded to a
financial planning, have extensive industry experience and abide by financial planner.
the FPA code of ethics and rules of professional conduct.

CFP practitioners, particularly those who run their own financial

planning businesses, tend to advertise their CFP status widely.

From 1 January 2007, an undergraduate (bachelor’s) degree will be

the minimum qualification required for entering into the program and
for CFP® certification. The FPA’s website sets out other requirements,
under the links ‘Education’ and ‘CFP Certification Program’.

The CFP takes one to two years to complete. The cost for members is
$1032 per unit for the first four units and $1050 for the fifth unit. It is
completed through a combination of distance learning and face-to-
face workshops.

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 Financial Planning

The subject units covered by the CFP certification program are set out
below.

CFP 1: Ethics, professionalism and compliance

Compulsory unit
Topic 1: Ethics
Topic 2: Professionalism
Topic 3: Legislation and regulation
Topic 4: Compliance
CFP 2: Applied strategies 1
Topic 1: Introduction to strategy development
Topic 2: Applied structures
Topic 3: Salary packaging strategies
Topic 4: Debt management strategies
Topic 5: Risk management strategies
CFP 3: Applied strategies 2
Topic 1: Clients leaving the workforce: issues and strategies
Topic 2: Superannuation strategies
Topic 3: Pensions and benefits
Topic 4: Estate planning strategies
Topic 5: Strategies for expatriates
CFP 4: Investment strategies
Topic 1: Asset allocation
Topic 2: Investment types and alternatives
Topic 3: Portfolio construction
Topic 4: Managing investment risk
Topic 5: Applied decision-making
CFP 5: Certification assessment

Source: www.fpa.asn.au

Professionals with CA or CPA qualifications who have completed

specialist financial planning studies may be eligible for exemption
from some of the units (CFP 2–CFP 4). Exemptions can also be granted
for equivalent postgraduate financial planning studies.

122

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University courses
Some universities offer degree courses and diplomas that specialise
in financial planning. The FPA has declared the following courses to be
registered programs for entry into the CFP Certification Program.
University
Royal Melbourne Institute of
Technology (RMIT), Melbourne
University of Western Sydney
Griffith University, Queensland
Curtin University, Perth
University of Southern
Queensland
University of the Sunshine
Coast, Queensland
Deakin University, Melbourne
Finsia
Victoria University of
Technology
FIN – 110106.indd Sec1:123
Re ady, s e t,
go for it!
Course
■ Bachelor of Business (Financial
Planning)
■ Master of Business (Financial Planning)
■ Bachelor of Commerce (Financial
Services)
■ Master of Commerce (Financial
Planning)
■ Bachelor of Commerce (Financial
Planning)
■ Master of Business Administration
(Advanced Financial Planning
Specialisation)
■ Master of Financial Planning
■ Bachelor of Commerce (Financial
Planning) (Economics and Financial
Planning) (Accounting and Financial
Planning)
■ Master of Commerce (Financial
Planning)
■ Postgraduate Diploma in Personal
Financial Planning
■ Graduate Diploma of Financial Planning
■ Bachelor of Business (Financial
Planning)
■ Master of Financial Planning
■ Bachelor of Commerce (Financial
Planning)
■ Bachelor of Business (Financial
Planning)
■ Master of Business Administration
(Financial Planning)
■ Master of Commerce (Financial
Planning)
■ Diploma in Financial Advising
■ Graduate Diploma of Financial Planning
■ Graduate Diploma of Applied Finance
and Investment
■ Bachelor of Business (Financial Risk
Management)
123
13/3/06 3:53:17 PM
 Financial Planning

find out As financial planning is a growth industry, it is likely that the range
more of courses available will expand over time. At the time of publishing,
www.fpa.asn.au the FPA was in the process of reviewing other courses. The current
list appears on the FPA website under the links of ‘Education’, ‘CFP®
Certification Program’, and ‘CFP Education Program (New Structure)’,
and scroll down to ‘Entry Pathways’ so you can check whether any
course you are considering is (or still is) registered for CFP entry.

Other courses that cover financial planning but are not currently listed
by the FPA are listed below. This list was compiled by StudyLink and
published in the Sydney Morning Herald on
12 September 2005.

find out
more
Additional information about
these and other courses are
provided in Appendix 4.
University
Charles Sturt University, NSW
Griffith University, Queensland
Southern Cross University
Monash University, Melbourne
Royal Melbourne Institute of
Technology (RMIT)
University of Technology,
Sydney
University of Western Sydney
Course
■ Graduate Certificate in Financial
Planning
■ Master of Financial Planning
■ Graduate Certificate in Financial
Planning
■ Graduate Certificate in Financial
Planning
■ Graduate Diploma in Financial Planning
■ Master of Commerce (Financial
Planning)
■ Graduate Certificate in Financial
Planning
■ Executive Certificate in Financial
Planning
■ Graduate Diploma in Financial Planning
■ Graduate Certificate in Financial
Planning
■ Graduate Certificate in Commerce
(Financial Planning)

If considering any of the above courses, contact the university to find

out more about enrolment requirements, timetable, the combination
of on-site attendance and ‘distance education’ provided, and cost.

124

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 Re ady, s e t,
go for it!

What can I expect to learn?

This will vary between courses, so check with the university offering
the course in each case. As an example, however, the Bachelor
of Commerce (Financial Planning) degree at Deakin University,
Melbourne, has the following course units in its financial planning
specialisation:

■ money and capital markets

■ financial planning

■ equities and investment analysis

■ superannuation planning

■ advanced financial planning

■ principles of income tax law.

A financial planner is an educator, counsellor,

motivator, coach and information manager.

125

FIN – 110106.indd Sec1:125 13/3/06 3:53:18 PM

 Financial Planning

A financial planning course

The following course is an example of a specialised postgraduate
degree that will advance your career as a financial planner.

This course is run by RMIT (Melbourne) through its distance education

program enabling students to study off-campus. RMIT also has
an undergraduate Bachelor of Business with a stream in financial
planning.

The Master of Financial Planning at RMIT incorporates a Graduate

Diploma qualification. This means that there are two exit points.
A graduate diploma is awarded after the successful completion of
96 credit points. The completion of 144 credit points is necessary to
receive a Master of Financial Planning.

Components of the course Credit points

Graduate diploma and Master subjects
Applications in financial planning 12
Economic analysis and financial markets 12
Financial planning process 12
Investment concepts and applications 12
Legal and professional framework 12
Research issues in financial planning 24
Taxation strategies and issues for investors 12
Additional subjects for Masters
Insurance and estate planning 12
Superannuation and retirement income
Any two postgraduate courses 24

Courses for the Graduate Diploma and Master of Financial

Planning, RMIT
Source: RMIT website, www.rmit.edu.au (accessed March 2006)

An entrance requirement for this course is an undergraduate degree

from an Australian tertiary institution or equivalent qualification. An
additional requirement is that the applicant must be computer literate
and have completed at least two years’ work experience.

This course equips graduates for employment in the financial planning

industry as financial planners, investment and retirement consultants
and as superannuation advisers.

Different courses in this field will have different structures, entrance

requirements and subjects so it is best to look at a range of courses
and contact the careers counsellors at the universities that you wish
to consider.

126

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 Re ady, s e t,
go for it!

Other important questions

Once you decide to do a university course, there are some things you
need to consider such as entry requirements, the ability to study off
campus and costs.

What are the entry requirements?

The university cut-off mark differs significantly from university to
university. It is important to note that the courses with a higher cut-off
mark are not necessarily more difficult courses. The cut-off figures
vary according to the popularity of the course, which sometimes
hinges on the location of the university.

Usually full-fee paying places at university will have a cut-off mark

about five points lower than places for students who are accepted on
their results.

If your final exam results are lower than expected, and you can’t
get into the course you want, there are several options available
to you. You could study the course at other campuses which have
lower admission requirements, study hard and get excellent results
in first year, then apply to be transferred to your university of choice
after completing first year. Great results will improve your chances of
getting in, but acceptance is not guaranteed.

You could study the first year of a different degree with a lower cut-off
at the university of choice, and aim to transfer at the end of the first
find out
year. Once again, good results will improve your chances of success
more
Universities Admission Centre
here.
(NSW and ACT)
www.uac.edu.au
Alternatively you could apply to go to TAFE (see below) or a private
college instead, gain qualifications (and sometimes credit) which will Queensland Tertiary
Admissions Centre
improve your chances to get into university. www.qtac.edu.au
List of all Australian
Can I study without going on campus? universities and courses
offered
Studying by correspondence, up until recently, occurred by mail. www.australian-universities.
Developments in computer learning technology have greatly com
expanded the available resources and methods. Some universities are www.open.edu.au
part of Open Universities Australia (OUA). OUA offers undergraduate www.australian-universities.
com
and postgraduate qualifications through off-campus learning that you
can do at your own pace.

127

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 Financial Planning

At some other universities, distance and online learning are also

offered for selected programs. For more information, you need to
access the individual university websites. Have a look into the courses
offered by the OUA program.

How much does it cost?

Fees are payable for all university courses. You may be familiar with
the HECS (Higher Education Contribution Scheme) system, whereby
university students were able to defer the cost of their studies until
they started working and earning income. The Federal Government
replaced HECS on 1 January 2005 with a new system known as the
Higher Education Loan Program (HELP). As the systems are currently
in transition, you will see references to both HECS and HELP.

Under the changes, Australian students may either pay their fees
find out
more upfront, or defer some or all of the debt through HELP until they start
earning a salary.
Department of Education,
Science and Training There are now two types of university places: Commonwealth
www.dest.gov.au
supported (previously HECS) and fee-paying (non-Commonwealth
www.goingtouni.gov.au
supported). Commonwealth supported students make only a
contribution to the cost of their education. The Federal Government
contributes the majority of the cost. The student contribution is still
substantial. Under the new system, universities have more freedom to
set or raise these fees. For this reason, you need to check current fee
scales for each university.

TAFE courses
State TAFE colleges provide courses that may assist you to enter the
financial planning profession. For example, the TAFE NSW Sydney
Institute offers two such relevant courses:

■ Financial Services (Financial Planning Support) Certificate

■ Diploma of Financial Services (Financial Planning).

Note that completion of the certificate does not grant you

PS146 compliance, while completion of the diploma does.

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 Re ady, s e t,
go for it!

Financial Services (Financial Planning Support)

Certificate
This course is aimed at people who want to work as customer service
officers in financial institutions, or researchers who assist financial
planners. It is run part-time in the evening, and has a minimum entry
requirement of the NSW School Certificate (Year 10) or an equivalent.

This is a lower-level course than the diploma courses offered by

other organisations, and TAFE’s own diploma (see below). As such,
completing only this course does not achieve PS146 compliance. The
course takes 1.5 years of part-time evening study, nine hours per
week.

Diploma of Financial Services (Financial Planning) find out

This course is designed to provide a pathway for financial planners
more
www.tafensw.edu.au
who provide a range of standard financial planning services, such
www.tafe.qld.gov.au
as preparing plans, superannuation, investments and retirement
www.tafe.sa.edu.au
planning. It is also completed part-time in the evenings.
www.tafe.tas.edu.au
The diploma meets tier 1 registration requirements for PS146
www.tafe.wa.edu.au
compliance (see summary of PS146 in Appendix 3) and will qualify
www.tafe.vic.gov.au
you for enrolment in university courses. Minimum entry requirement
www.cit.act.edu.au
is the NSW Higher School Certificate or an equivalent, or completing
the Financial Services (Financial Planning Support) Certificate. As
TAFE is a Registered Training Organisation (see below), this course is
equivalent to the Tribeca, Finsia and PS146 Training Australia diplomas
of similar title. Typical duration of this course is three years’ part-time
evening study, three evenings per week.

For further information on what’s available in your state, territory or

city, check the relevant TAFE website.
fyi
TAFE courses have no
In each state and territory, TAFE award courses comply with the academic prerequisites but
Australian Qualifications Framework (AQF), which establishes applicants may be asked to
standard titles and levels for courses across Australia. All accredited attend an interview to assess
their competencies, valid work
TAFE courses are recognised nationally. history or other issues.

129

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 Financial Planning

fyi Industry-based courses

In January 2005 the PS146 compliance and other qualifications can be gained by studying
FPA introduced a new at industry-based educational institutions. The main ones include:
program for entry-level
education providers. Quality ■ Financial Services Institute of Australasia (Finsia)
Education Accreditation
means registered training ■ Tribeca Learning Limited
organisations have the
opportunity to have their ■ PS146 Training Australia
financial planning courses
assessed and quality ■ other RTOs listed by ASIC.
accredited. Finsia and the
Australian and New Zealand
Institute of Insurance and Financial Services Institute of Australasia
Finance have had their
courses accredited. The three main financial planning courses run by Finsia are:

■ Diploma of Financial Services

■ Diploma of Financial Services (Financial Planning)

■ Advanced Diploma of Financial Services (Financial Planning)

Finsia describes these courses as suitable for school leavers, new

entrants to the industry, or people currently working in the industry
in support service roles. There are no specific entry requirements,
although completion of secondary education or relevant industry
experience is recommended.

Elective modules within the Diploma of Financial Services enable

students to achieve the education standards necessary to gain PS146
compliance – and therefore qualify to work as a financial adviser. The
compulsory modules within the other two Diplomas will achieve the
same outcome.

The Advanced Diploma course provides technical knowledge and skills

to examine more complex financial planning scenarios and strategies
and to employ practice management skills. It also qualifies you for
entry to the FPA’s CFP professional education program, and for entry
to the Graduate Diploma of Financial Planning (see below).

The main postgraduate courses are:

■ Graduate Certificate in Financial Planning

■ Graduate Diploma of Financial Planning

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 Re ady, s e t,
go for it!

Entry requirements for these are:

■ a degree (which doesn’t have to be related to financial planning)

■ one of the three diplomas listed above; or

■ industry experience or education equivalent to diploma level.

Again, these courses provide a pathway for entry to the

CFP professional education program.

The courses are a mixture of classroom and distance education

methods. Because of the distance education component, there is no
fixed length of each course. However, Finsia sets maximum completion
times for each one. These are three years for a Graduate Certificate;
five years for a Graduate Diploma, Diploma or Advanced Diploma; and
seven years for Master’s courses.

Tribeca Learning Limited

Tribeca Learning Limited (Tribeca) operates in partnership with the
FPA, and provides two courses that enable people to achieve PS146
compliance:

■ Diploma of Financial Services (Financial Planning)

■ Advanced Diploma of Financial Services (Financial Planning)

These courses were previously conducted by the Financial Planning

Association, but in 2004 the FPA placed the business up for tender
and Tribeca took over the courses.

The courses are run continuously throughout the year and use a
mixture of classroom and distance education methods. Tribeca
suggests that a typical level of commitment to study for each course
is about 60 hours. The Advanced Diploma provides a pathway to
enrol in the FPA’s CFP certification program, provided the FPA’s other
requirements are also met (such as years of work experience). Both
courses provide credits towards financial planning (and related)
degree courses. Completing the Diploma is a prerequisite to enrolling
for the Advanced Diploma.

Tribeca also runs a number of shorter courses on specific topics find out
relevant to financial planning, which you can use to complete the more
training requirements that are required to keep your qualifications www.finsia.edu.au
and accreditation up to date. It also runs a PS146 Competency www.tribeca.com.au
Assessment and Gap Training Program.

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 Financial Planning

PS146 Training Australia

PS146 Training Australia delivers eight PS146 training courses
designed to qualify students to become financial planners or to help
people move into specialist areas in the financial services industry.
Diploma-level financial planning courses include:

■ Diploma of Financial Services (Financial Planning)

■ Advanced Diploma of Financial Services (Financial Planning).

PS146 Training Australia offers both general and personal advice

courses, in the following areas:

■ Life Insurance

■ Superannuation

■ Investment Planning.

General advice courses qualify you to act on behalf of a product

provider but not make recommendations to retail clients. Personal
advice courses qualify you to make recommendations to retail clients
and act on their behalf.

PS146 Training Australia courses offer more than just PS146

compliance training and are delivered face-to-face or by distance
learning anywhere in Australia. Interactive face-to-face courses are the
fastest way to achieve your qualification with small groups of students
attending training in most capital cities every month. Classroom
courses are ideal if you are new to the industry, want support and like
to network.

You can also gain your qualification by distance learning if you are
remotely located, returning to the industry or just can’t take the
time off work. Distance education is also approximately half the
find out cost of classroom courses. Each student is assigned an experienced
more professional facilitator and financial planner who is available by
www.ps146.com.au telephone and email to provide speedy assessment feedback.

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Other registered training organisations

listed by ASIC
ASIC provides a list of RTOs, that is, organisations that can provide
training courses and qualifications related to financial planning that
will be officially recognised and are PS146 compliant. You can access
the list at www.asic.gov.au – click on ‘ASIC Training Register’.

These courses are equivalent to those provided by Finsia, Tribeca and

PS146 Training Australia (which are RTOs themselves). However, those
organisations are specialists in the field and are better known, so tend
to attract the majority of financial planning students.

A full list of RTOs is also available at www.ntis.gov.au, click on

‘Registered Training Organisations’ and the relevant course title or
topic, or do a search under ‘financial planning’ or ‘financial services’.

Which program should I choose?

On face value, the courses offered by Finsia, Tribeca, PS146
Training Australia and the other RTOs appear to be equivalent
to each other in terms of content and what completing them will
achieve for you. We recommend that you talk to people who have
already completed courses and seek their feedback.

Your decision may be based on logistical issues such as

timetables/availability, locations, course fees and whether
you are able to study full-time or part-time. Your employer’s
preference, combined with their willingness to contribute
towards costs, provide study leave, etc, may also be a factor.
The ratio of ‘distance’ (or self-paced) learning versus ‘classroom’
learning is another factor. The higher the ratio of self-paced
learning, the quicker you may be able to complete the course.

Feedback from others may help you to judge the quality, content
and relevance of the courses and their individual subjects
or modules. For example, are you interested in learning for
its own sake and want to find out as much as you can about
things (for example the legal background), or are you mainly
interested in their practical application to your job? Is interaction
with lecturers and other students, and networking generally,
important to you? Ask questions that will reveal how well each
course caters for needs such as those.

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Other professional courses

The ‘CPD online’ link on the FPA website also lists separate courses
that you can study to meet ongoing CFP requirements. The courses
enable you to:

■ meet regulatory training requirements

■ meet continuing professional development requirements

■ undertake nationally recognised formal qualifications

■ develop and enhance your skills in a range of critical industry and

general business areas.

Courses are available on the following topics:

■ CPD PAL (Professional Accredited Literature)

■ superannuation

■ derivatives

■ securities

■ insurance

■ foreign exchange

■ financial planning

■ deposit products and non-cash payment products

■ compliance and governance

■ project management

■ practice management

■ tax

■ business skills.

FPA’s continuing professional development

Even if you don’t seek CFP status, you need to undertake continual
further study to retain your membership of the FPA.

Non-CFP practitioner members of the FPA are required, as a condition

of their membership, to undertake a minimum of 90 points of
Continuing Professional Development (CPD) over any three-year
period.

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CFP members of the FPA must undertake at least 120 CPD points per find out
three-year period. more
These points should cover the following subject areas: www.fpa.asn.au
click on ‘CPD Requirements’
1 financial planning and ‘Accredited CPD
Register’ links
2 securities

3 derivatives markets

4 managed investments

5 superannuation

6 insurance

7 deposit products and non-cash payment facilities.

Will employers pay course expenses?

Increased regulation of the financial planning industry means
that you will need formal qualifications to begin with, plus
you need to undertake regular further study to maintain your
qualifications and status (such as FPA membership and CFP
status). In other words, education/study costs will be higher than
in many other less regulated professions.

Most larger employers will pay for some or all relevant study
expenses while you are working for them. Some smaller ones
may also provide some assistance. When applying for jobs, it is
worth asking the employer or recruitment agency what level of
assistance is available. ‘Assistance’ may include both payment
of direct costs and other benefits such as paid or unpaid study
leave. The assistance may be provided up-front or after you
provide evidence that you successfully completed the course.

Some employers may place a condition on the assistance that fyi

you must remain employed by them for at least a certain period
after you complete the study, otherwise you will be required to MLC runs a scholarship
program that provides training
refund part or all of the costs paid by the employer. If such a and other assistance for self-
condition applies, the employer must advise you of it up-front, by employed financial advisers
whose businesses are aligned
specifying it in your employment contract or notifying you when
with it.
you first apply for assistance. It’s a question worth asking at your
interview if you are intending to study.

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 Financial Planning

How do I get that job?

So, you’re in your last year of school or studying at university or TAFE?
Or maybe you’ve already finished. What now?

As you know, the financial planning job market can be very

competitive, so good planning and research are important if you want
to stand out from the crowd and get a position that best suits your
skills and interests.

Let’s take a closer look at the recruitment process.

Large employers often set out the steps of the recruitment process in
the ‘Recruitment’, ‘Career’ or ‘Graduate’ sections of their websites. As
a general rule, the larger the employer, the more complex the process,
but there are differences from one employer to the next.

The following are typical steps that employers follow when doing their
own recruitment.

■ Initial screening – many employers, particularly those that take

online applications, have set up initial screening checks that
automatically reject applications that fail to meet basic selection
criteria. For example, if PS146 compliance is an essential
requirement for the job and you do not have it, the system will
automatically reject your application and send you a standard
rejection letter.

■ Initial interview – generally conducted by someone from the human

resources section or a manager from the financial planning section
– may sometimes be a panel interview with two or more people.

Some applicants are likely to be rejected after the initial interview.

Those who survive progress to the following stages.

■ Testing – technical tests of knowledge and skills relevant to

financial planning, or tests related to personal attributes (such as
‘attributes/values’ tests, ‘management style’ or ‘personality’ tests)
may occur – these are usually available online. Sometimes, testing
will precede the interview stage.

■ Reference/background checks – the employer may contact referees

you have provided and may conduct checks of your background.
Police record checks and bankruptcy checks are quite common.

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■ Further interviews – sometimes when the employer has compiled

a short list of a few applicants, there may be a second interview.
For example, if the first interview was with the HR manager, that
manager may assess your application, obtain the test results,
conduct the reference/background checks, then prepare the short
list and discuss the remaining applicants with the head of the
financial planning section. The second interview then involves the
head of financial planning.

■ Pre-placement medical examination – rare, but some employers

may require it. If they do, they will organise and pay for the
examination.

Regarding the testing stage, there are some widely-used technical

tests in the industry. For example, Tribeca (www.tribeca.com.au)
publishes a test that some employers and recruitment agencies use.
It may be worthwhile to try to familiarise yourself with the content of
some of these tests in advance.

How are people recruited?

There are four main ways that financial planning jobs are recruited:

■ graduate recruitment

■ word of mouth

■ recruitment agencies

■ direct advertising.

Graduate recruitment
Most large employers handle recruitment of new graduates separately
from recruitment of other staff. They have a specialised graduate
recruitment and development program that hires a number of
graduates at once and employs them in a structured development
program. Usually this program includes rotation through a series of
short-term roles in different areas of the business.

These are general programs: it is rare to find a program tailored

specifically to a career in financial planning, even though that may be
the area you end up working in.

These organisations usually appoint a specific person in charge of

the graduate program, typically someone from the human resources
section.

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 Financial Planning

Employers’ websites contain details of their graduate programs,

including specific information about the recruitment processes they
use. Look for a link to ‘graduates’ or ‘graduate careers’ on the site.
The site will usually also specify a time each year when graduate
recruitment is conducted, e.g. ‘applications close June 2006 for next
intake of August 2006’. Note the dates specified by employers you are
interested in and make sure you apply before the deadline.

Different financial institutions have their own graduate recruitment

programs, as the following examples show.

Westpac/BT has a Financial Planning Specialist Graduate Program,

which is one of approximately 10 specialist graduate programs offered
by Westpac. Financial Planning graduates are rotated through various
sections of FPS, including Paraplanning, Product and Research,
Compliance and others. Their work will include structuring financial
plans, reviewing financial planning strategies, assisting Senior
financial planners with client service, and reviewing product solutions
for clients. All jobs are located in the Sydney CBD, but relocation
assistance is available to graduates who don’t live in Sydney if they
are successful in obtaining a role. Financial Planning graduates must
have completed the first four subjects from the PS146 qualification.

Unlike most other banks that rotate graduate recruits through

different sections of the bank, ANZ has a specific graduate program
for financial planning which commenced in 2004. The numbers in this
program are small, but graduates are recruited into both Financial
Planner Support Officer (FPSO) and Paraplanner roles. When applying
for these positions, you need to select ‘Financial Planning’ as your
area of preference.

MLC has a highly regarded graduate recruitment and development

program, based around four six-monthly rotations into most sections
of its business. This program can include rotation into financial
planning/advice roles. MLC recruits about 10 or 12 people into this
program each year.

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The program operates within the National Australia Bank (NAB)

graduate recruitment and development program. Applicants therefore
need to apply through the NAB website, click on ‘about us’, then
‘careers’, then ‘graduate careers’, then ‘MLC’). However, recruits
become employees of MLC and their four rotations will all be within
MLC.

Most positions are in Sydney, but interstate rotations sometimes

occur.

We aim to recruit and develop a group of diverse, multi-

talented, enthusiastic, high-calibre tertiary graduates. The
ability to adapt to a rapidly changing environment is crucial
within the fast-paced financial services industry. Due to the
rotational nature of the program we also seek people who are
eager to grow and learn.
MLC Wealth Management Services graduate recruitment information, MLC website

The program includes a range of further training courses. Many

of these are standard ones such as project management and
presentation skills, but each graduate also receives a discretionary
training allocation to devote to relevant courses they choose. Specific
financial planning courses come within this latter category.

INGFP uses two recruitment sources for entry-level jobs.

The first source is external recruitment by advertising vacancies either

on ING’s website or on generic job sites such as Seek or MyCareer.
It seldom places vacancies in newspapers or industry publications.
It also attends career information seminars such as those run by the find out
FPA. more
www.westpac.com.au
The second source is internal recruitment from ING’s sales call centre,
click on ‘Westpac Info’, then
located in Sydney. ‘Careers’

Having a relevant degree qualification and being technology-savvy are www.anz.com.au

click on ‘Careers’
considered important. When recruiting senior staff, INGFP may use
www.mlc.com.au
recruitment agencies that specialise in the financial planning industry.
www.ing.com.au
click on ‘About us’, then
‘Careers with ING’

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 Financial Planning

fyi Word of mouth

Many small financial planning firms obtain staff who have been
Many positions are never
advertised because the working in large organisations by personal contact. Perhaps the
networking system works person has been dealing with the employer for a while in their current
so well. The only way to get
such jobs is to be in the job, for example because the employer belongs to a dealer group and
networking system. the employee provides services on behalf of that group. The relatively
widespread nature of this practice underlines the importance of
networking in this profession.

Talk to fellow students, careers advisers, lecturers and people you

know who already work in the profession – they might be aware of a
suitable position or be able to point you in the right direction.

Recruitment agencies
Recruitment agencies work on behalf of employers to help them fill
vacancies within their organisations. The agency will usually take
responsibility for advertising the position, receiving applications and
conducting the first round of interviews. They then provide their client
– the employer – with a shortlist of people they think are qualified to
do the job and will best fit into their business. The employer will then
interview the selected candidates and usually make a selection from
this group.

There are a number of recruitment agencies that specialise in

recruitment for the financial planning industry. Others may specialise
in a few areas that happen to include financial planning, such as
banking and finance generally. There are also some large recruitment
agencies that have a dedicated financial planning recruitment section,
usually with a specific person in charge of that role.

In most cases, the recruitment consultants have worked in the

industry themselves, and know it well.

As a job applicant you should never be charged a fee for using the
services of a recruitment agency – it is illegal to do so.

Some of the recruitment agencies that specialise in the financial

planning industry are:

■ Alexander Grey

■ Apsley Recruitment

■ Freeman Adams

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■ Godfrey Group

■ Hudson Global Resources

■ Link Recruitment

■ QPL Limited.

The main professional organisations for recruitment agencies are

the Recruitment and Consulting Services Association Ltd and the
Australian Human Resources Institute. Both of these may be able
to provide details of other recruitment agencies that operate in the
field, or in your local area. You can also search the internet under
‘recruitment agencies Australia’.

There are three ways to contact a recruitment agency.

1 By responding to current vacancies advertised on their website.

2 By responding to current vacancies advertised on general job

websites and in the print press (see ‘Direct advertising’ below).

3 By approaching the agency yourself. You can contact an agency

even if it has no vacancies at the time. This has the advantage that
the agency will already have your information when an employer
makes contact and you may be able to apply for the job before the
agency advertises it publicly.

If you contact someone at an agency, they may ask you to attend

an initial interview and complete a general questionnaire. The
questionnaire is like a job application form in that it will seek details
of your education and previous work history. As you may not be
applying for a specific position at the time, the questionnaire will
ask for details of the type of jobs you are interested in, preferred
work locations, and salary expectations. It may also ask you to sign a
statement relating to confidentiality of information and indemnifying
the agency. This may look like daunting legal jargon but it is normal
practice.

Recruitment agencies may also conduct various tests of your

knowledge, aptitudes and perhaps personality styles and emotional
intelligence. These may be used by the agency itself or may be
recruitment tools specifically requested by a particular employer.

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find out In the financial planning industry, some employers require a police
more records check and it is normal to contact some previous employers for
www.alexandergrey.com.au references.
www.apsleyrecruitment. Note that some agencies deal only with people who already have
com.au
experience in the industry. However, most will be willing to give you
www.freemanadams.com.au
some general advice about finding your first job in the industry.
www.godfreygroup.com.au
www.hudson.com
Once you register with an agency, keep in regular contact with their
staff. This shows that you are keen and enthusiastic, and also reminds
www.linkrecruitment.com.au
the agency to keep your application ‘live’.
www.qpl.com.au
www.rcsa.com.au If you obtain a job through other means, it is polite to notify the
www.ahri.com.au agency that you no longer require their services.

Direct advertising
Employers advertise vacancies on both generic job vacancy websites
and in the printed press. Generic career sites include Seek and
MyCareer. You can search under categories such as ‘Financial
Services’, ‘Graduate’ and ‘Entry Jobs’, but can also register yourself to
receive information about relevant types of jobs and vacancies.

In general, online job sites are becoming more popular at the expense
of print press. Their advantages include lower costs for employers,
much wider reach (interstate and global) and the fact that the ad
remains posted for longer (for up to a month rather than a single
day). However, print advertising is still widely used. The
Employment/Careers sections of daily newspapers contain ads, and
other sections of the same papers contain separate ads – an employer
or recruitment agency may place a large ad containing all its current
vacancies in the general section of the paper. So it pays to study all
sections of the newspaper. It is also possible of course to read the
same newspapers online.

Both employers and recruitment agencies may also advertise

vacancies in specialist financial planning publications, for example:

■ Financial Planning, published by the Financial Planning Association

and also available online

■ The Financial Adviser, quarterly journal published by the

Association of Financial Advisers

■ CPA Journal, monthly magazine published by CPA Australia

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■ JASSA, published by the Securities Institute and also available

online

■ Money Management, published fortnightly by Reed Business

Information

■ IFA, published weekly by Investor Info Limited.

Many employers also advertise vacancies, career opportunities and

graduate recruitment programs on their own websites. Look for a link
to ‘careers’, ‘vacancies’, ‘employment’ or ‘graduates’ on the site. It is a
good idea to compile a list of employers you are interested in and visit
their websites regularly.

You can also contact employers directly to express your interest in

working for them, or register with them to be notified of suitable
vacancies. You may be able to register interest via the employer’s
website, but otherwise you should contact the employer’s human
resources or recruitment section and attend an initial interview along
similar lines to dealing with a recruitment agency. The employer’s
website usually gives the contact details.

Careers seminars find out

The Financial Planning Association holds an annual careers seminar
more
evening specifically for financial planning. Finsia also holds one for www.seek.com.au

the finance industry generally, which includes some presentations www.mycareer.com.au

and resources for financial planning. In 2005, both organisations held www.fpa.asn.au
these events in May. www.afa.asn.au
www.cpaaustralia.com.au
Universities and schools also provide general careers advisory
www.securities.edu.au
services and resources, and you can enquire about financial planning
www.moneymagazine.com.
through those.
au
Many large employers attend these seminars and you can talk to www.ifa.com.au
their representatives about employment opportunities. Educational www.investorinfo.com.au
institutions also attend, so you can find out more from them about the www.securities.edu.au
financial planning courses.

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What are recruiters looking for?

Recruiters spend their working lives reading résumés, interviewing
candidates and talking to employers, so are well placed to advise on
the job-hunting process.

Among the employees in the industry we interviewed, the importance

of having ‘people skills’ and enjoying dealing with a wide range of
people was mentioned by almost everyone. Technical skills and
knowledge alone won’t be enough.

You need to be a good ‘people person’. Be comfortable with

face-to-face interaction and be ready to deal with sometimes
emotional clients. This job means that you will often be
responsible for the entire ‘life savings’ of people, which can be
quite stressful for both adviser and client. You need strong
problem-solving skills, writing/English skills and a reasonable set
of maths and computing skills.
Jamie McKay, Financial planner/director, Heraud Harrison Pty Ltd

James Godfrey – The Godfrey Group

We spoke to James Godfrey who is the managing director of the
Godfrey Group. The Godfrey Group was established as a business of
wealth management recruitment advisers in early 2005. The firm is
based in Sydney but handles recruitment in other states as well and
recruits for a wide range of positions in the financial planning industry.

q&a
Can you identify the most important issues employers
consider when looking for staff in financial planning?
There are a number of things:
■ completion of basic education requirements (such as PS146
compliance) or at least an obvious commitment to commencing
them in near future
■ a logical explanation of why you are entering the industry – think
about this beforehand and rehearse your explanation before
interviews
■ a logical career history – you can explain why you progressed from
one job to the next and there is a coherent overall picture

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■ a logical fit between career progress so far and the job you are
seeking now
■ ability to articulate your goals
■ evidence that you have done some research into the industry and
the employer’s business
■ key transferable skills, such as analytical skills, relationship
building, and of course ‘people skills’
■ development of effective networks
■ including achievements as well as responsibilities in your résumé.

What is an industry myth? What is a fact?

I think the biggest myth is that it is impossible to transition into
financial planning from another industry. If you commit yourself, do
the studies and highlight transferable skills from previous roles that
relate to the skills required to be in financial planning you are well on
the way. If you build a business plan around yourself, you should be
successful in making the transition.

What are the hot jobs in the industry at the moment?

At the moment, any revenue-building role is flavour of the month
so financial planners and associate financial planners are always
required. Compliance is also a big issue with the evolution of financial
services reform, and training and development will be a big issue as
baby boomers retire, leaving with a lot of knowledge surrounding
wealth management and the history of the industry.

What are the positives of working in the industry?

I think the positives of the industry are continuous change resulting
in numerous opportunities suiting people with a variety of skill sets.
The industry is still growing and developing into a profession and it is
great to be part of that process.

What disadvantages are you aware of?

Economic cycles affect people working within financial planning, as
revenue to planners is directly related to the share markets. When the
share markets are down, paraplanners are often made redundant
out of suburban financial planning practices. However, institutions
then recruit for their centralised paraplanning teams. Also
revenue-generating business development roles are reduced and
the good people are transitioned into relationship or practice
development roles.

What type of person do you think best suits this industry?

Someone who has the ability to build relationships with all styles of
people and has understanding and empathy for the person sitting
on the other side of the table. This is a must and it needs to be
underpinned by a range of skills including strong organisational
ability, analytical skills and self-discipline and drive.

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What do you feel young people would like to know about the
industry and what it is like?
I think they are probably interested in career opportunity and
potential remuneration. There are certainly great career opportunities
in wealth management and the top planners in Australia are able to
earn over $1 million a year, which when you compare that to some
CEOs of Australia’s leading companies certainly is attractive when you
think of work–life balance and running your own business and culture.

What is the traditional way of recruiting people into the

industry? Are there any specific recruitment issues for this
particular industry?
Firstly, in wealth management 70 per cent of roles are filled through
word of mouth. The rest are recruited either directly through the
career sections of institutions’ websites or through recruitment firms.
There are no specific recruitment issues other than that many of the
roles we recruit require PS146 compliance, so unless you have this
accreditation or have started studying, you cannot apply for many
roles.

What is the most important element of the résumé for getting

a job in this industry?
The most important element of a résumé for me is that the format is
clear and is a strong representation of you and your character.
With regards to content, clearly identifying transferable skills
that relate to financial planning are the most important element.
Unfortunately, qualifications are a must and, as mentioned, without
PS146 you cannot even apply for certain roles.

What makes a person stand out at interview in your opinion?

Someone who demonstrates passion and absolute commitment
stands out; someone who has made an effort and researched the
market prior to meeting with me, who understands their educational
requirements and has built a résumé that has a logical story, identifies
key transferable skills, and for financial planners, outlines their
personal networks.

Is there anything else about your job, working in this career,

or the industry as a whole that you think young people would
like to know?
I think that many opportunities will open up over the next 20 years as
baby boomers retire, wealth management has 9 per cent mandated
growth through superannuation, and as the retail and institutional
marketplace merge into one distribution offering.
It is exciting and ever-changing; and it is an environment in which you
have the chance to be involved in establishing a new industry.

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Stand out from the crowd

You may be heading for a career in financial planning, but before
you get your first job you need to take a temporary diversion into
marketing. The product of course is yourself!

In a competitive environment you’ll have to sell yourself effectively.

That doesn’t mean you misrepresent your skills and experience
– ultimately, that’s counterproductive. But you do need to use every
opportunity to present yourself in the best possible light.

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Create an outstanding application

We will now look at how to prepare each element of the recruitment
process:

■ the résumé

■ the cover letter

■ the selection criteria.

The résumé
In the absence of any other information, you will be judged by
potential employers on the content and the presentation of your
résumé, so it is absolutely crucial to spend time getting it right. Your
résumé is a snapshot of who you are and what you have achieved. The
quality of your résumé could make the difference between getting an
interview and not.

Employers don’t decide who to offer jobs to based on reading

résumés. Certain things in a résumé make you think, ‘I’d like to meet
this person and interview them, at least’, and other things in a résumé
are going to make you conclude, ‘I don’t think this person is right.’
The first thing is to just make sure your résumé is well set out, that it
is logical, clear and easy to follow, and that employers can just look
at it without spending too much time and gauge what you are about.
In terms of what actually goes in the résumé, employers want to see
some good academic results, hopefully to show you have a bit of
intellectual horsepower.

They want to see other things to show that you’re a well-rounded

individual – that you haven’t stayed in your study your whole life and
not interacted with other people. It could be any combination of things
that show you interact well with others.

Outline all your previous jobs, including the paper run – this
shows the employer that you are a hard-working person. I also
believe hobbies are important. I like looking for a well-rounded
candidate. Outline your education, especially what may be
relevant to the job.
Jasmine*, Financial planner in boutique financial planning firm

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Look at the skills required and demonstrate how you have built
these up in your previous roles.
Vicki*, Operations manager, large financial institution

There is always a degree of artistic licence in a résumé, but how far

you push that can help or hinder you. If someone who is applying for a
graduate position embellishes the résumé too much they can quickly
lose credibility.

5/131 Jacob Street

Blackland QLD 4000
Phone: (07) 9000 0000 (H) Your contact details
(07) 9000 0000 (W)
0400 000 000 (M)
P_norton@yahoo.com.au If you have a
Your name Peter Norton professional website,
Employment objective My primary professional aim is to become an established financial
include it on your
A brief statement of planner. I am committed to taking advantage of every opportunity to
develop my knowledge, skills and qualifications in order to become an
effective financial planner and a valuable member of the community.
résumé
your career goals
Education 2006
Currently studying Diploma of Financial Services at Financial Services
Institute of Australasia. Expected completion date April 2006. Include your interests
2003–2005
Bachelor
Other acof Business at Learnmore University. Majored in Economics
tivities
and completed Introduction to Financial Planning Module, receiving
Your qualifications University Prize for highest•mark Vicein-ca
this subject. Core subjects studied
ptain
included Economics, Accounting, • ReprStatistics,ofEconomic
Womba Forecasting,
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find out
more
A full-sized version of this
résumé appears in
Appendix 5.

Click here for more FREE industry-specific

sample resumes and cover letters from Career FAQs 149

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 Financial Planning

Tips: Résumé writing

■ Keep your résumé brief and to the point. Try to strike a balance
between general and specific.

■ Describe what you have gained from your experiences in broad

terms – teamwork, communications, customer service. Include one-
off achievements as well as ongoing positions to demonstrate your
suitability for the role.

■ Where an achievement has a direct relationship to professional

skills, provide extra detail.

■ Start sentences with an action verb describing what you did, such
as ‘managed, ‘organised’, ‘designed’, ‘achieved’.

■ Remember employers are looking for well-rounded people with

a variety of interests, so include your passions – even if they are
ballroom dancing or dirt-bike riding. Writing about yourself in this
way can be hard. Ask your friends what they regard as your personal
qualities, but include only those relevant to your professional life.

■ Providing a list of interests makes a statement about you as a

person.

■ Always ask before putting someone forward as a referee. Also, let

them know what the role you have applied for involves, so they can
respond accordingly.

■ Review and update your résumé for each job application.

■ If you have good marks from university (distinctions and high

distinctions), include them as well as your qualifications.

■ Demonstrate your computer literacy, as it is a vital skill in financial

planning jobs. Find out what applications are used and state any
proficiency you have, giving examples of how you have used them
in your work.

■ Provide a brief outline of each employer and job. Don’t leave gaps
– if you have taken time off to travel or study, say so.

■ Common mistakes include spelling and grammatical errors,

inconsistent or confusing layout, missing information or dates, and
insufficient detail. If you avoid these, your résumé will stand out.

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 Re ady, s e t,
go for it!

For entry-level roles in any field, there are always plenty of

average candidates. But there are only ever a few who show a
hunger for excellence and, through various commitments and
achievements, show that they have rounded out their experience. I
fyi
would attempt to document anything relevant that differentiates
you from anybody else whether it is captaincy of the school or In addition to extracurricular
sporting team, high marks, or part-time jobs you have held. activities, include relevant
community-based interests.
Ellen Flint, Human resources consultant

The cover letter

You need to write a cover letter for each job you apply for. Its central
purpose is to explain why you are the right person for the position,
highlighting your work history, qualifications, strengths and personal
attributes.

The best way to start is to list all the things that the employer
is looking for as stated in the job ad. For example, financial
planning qualifications, experience in an organisation in
(or related to) the profession, an interest in a particular topic
(for example, superannuation or taxation), attention to detail, strong
communication skills and so on. Then extract information from your
résumé to demonstrate that you meet all the requirements.

This is quite straightforward when you are describing your work

experience, but a little more complicated when you address things
like interpersonal skills and teamwork. You can’t just say, ‘I have good
communication skills’. You need to provide examples of how you
effectively used these skills in a work situation.

Click here for more FREE industry-specific

sample resumes and cover letters from Career FAQs 151

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 Financial Planning

Where the ad asks you to respond to specific job selection criteria

fyi
Your cover letter should be no
longer than two pages.
– for example in public service jobs – the role of the cover letter
remains similar. Even though you will have to make a claim for the
position addressing the selection criteria (discussed later), the cover
letter should briefly outline how you meet the job requirements.

Focus on ANY experience you have had at dealing with

customers.
Jamie McKay, Financial planner/director, Heraud Harrison Pty Ltd

Focus on your best points and show how they will enable you to
be a success in the role you are seeking.
Michael Foster, Senior wealth manager, Macquarie Bank

The following sample shows how the content of a cover letter can be
set out.

Peter Norton
5/131 Jacobs Street
Blackland QLD 4000 Your name and
P_norton@yahoo.com.au
contact details
17 March 2006
Elizabeth Nguyen
HR Manager Date
Employer’s name and Mag Bank
370 Main Street
contact details Brisbane QLD 4000

Dear Ms Nguyen

Re: Graduate Employment Program

Position and
reference numbers
for the position
Your interests, relevant
achievements, experience
and qualifications used
to address the selection
criteria
Closing statement
find out
I wish to apply for entry into Mag Bank’s graduate recruitment program advertised in
seek.com.au
I am keen to pursue a career in financial planning with the resources and opportunities provided
by a large organisation. To further my knowledge in this field I have commenced studying
the Diploma of Financial Services (Financial Planning) at the Financial Services Institute of
Australasia and have previously undertaken vacation employment as a casual office assistant at
Worldly and Wise, Chartered Accountants, in their financial planning division.
At Worldly and Wise, I assisted financial planners and paraplanners with collection of resource
materials, correspondence and making appointments with clients, valuing shares, checking
market rates and collecting and processing information from dealer groups. My exposure to
working with both financial planners and clients has stimulated my desire to pursue a career
in this industry and assisted the development of my skills at dealing with different types of
financial planning clients.
My customer relations skills and experience have also benefited from regular casual
employment at Eat ’N’ Run fast food store and voluntary work at Beachbums Surf Lifesaving
Club. My written communication skills and computer literacy have been enhanced by holding
the position of Honorary Secretary of Highly Strung Tennis Club.
My interest in the opportunities provided by banking developed during my study of the Bachelor
of Business Course at Learnmore University, where I successfully majored in Economics and
completed the optional subject module of Introduction to Financial Planning.
While at school, I commenced building a small portfolio of shares and my keen interest in
shares and investments has seen this portfolio expand over the years.
I am now eager to apply all I have learned in an organisation that values initiative, hard work
and continual learning and development. [Name] Bank has a reputation for outstanding
customer service and commitment to employee development and I would like to be part of its
team.
My résumé and academic record are attached. I look forward to an opportunity to discuss the
graduate program further at an interview.

more Your signature

Yours faithfully

A full-sized version of this Peter Norton

letter appears in Appendix 6.

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 Re ady, s e t,
go for it!

It is important to keep the cover letter to one page only.

Finally, remember that the cover letter is the employer’s first

impression of how you present yourself. It provides an impression of
your writing and reporting skills. These skills are an important aspect
of most jobs, but more so than usual in financial planning, where
accuracy, clarity and clear communication to clients are essential.

Tips: The cover letter

■ State what position you are applying for and where you
saw the ad, in the first paragraph.

■ Detail your financial planning and other relevant

experience – in the order of most recent to earliest.

■ Explain succinctly what you gained from that work.

■ Include voluntary work or other related experience.

■ List your strengths, but relate them to the qualities and

experience the employer is looking for.

■ Detail other skills and personal qualities, but always

demonstrate how they have been applied.

■ Explain why you want to work for this particular

employer – ensure you demonstrate an understanding
of the organisation.

■ Write a tailored cover letter for each application.

You won’t get a financial planning job if your cover
letter says how excited you would be to work in the
entertainment industry!

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 Financial Planning

Selection criteria
When you apply for any job in the public sector – and some positions
in the private sector – you will have to respond specifically to the
selection criteria (in addition to preparing a cover letter and résumé).
If there are specific selection criteria, they will be referred to in the
advertisement – the ad may ask you to call them for a copy of the
selection criteria.

Address each criterion separately and thoroughly. The applicants who

best meet the selection criteria will make it to the next stage of the
selection process, usually an interview.

The questions you will be asked at an interview will be based on

the selection criteria. Describe the skills, knowledge and experience
needed to do the job.

In addition to criteria specific to the job, the selection criteria will also
include ‘common criteria’. These requirements may relate to issues
such as equal employment opportunity and occupational health and
safety. Make sure you give them proper consideration.

The criteria may include: specific qualifications, specific types of

skills (such as customer service or computer literacy) and general
skills (such as ‘skills which enable the provision of written and oral
advice’, ‘ability to work successfully in a competitive and commercial
environment’ and ‘communication and interpersonal skills’).

Under each criterion you need to:

■ explain how your skills, experience, abilities, and personal qualities

relate to that criterion and the duties of the role

■ think of examples of your major achievements which illustrate your

claims. Just saying you can do something or that you have had
experience is not enough

■ include only relevant information

■ make your response to each criterion comprehensive but concise.

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 Re ady, s e t,
go for it!

Tips: Responding to selection criteria

■ Read the job advertisement and other information
carefully.

■ Get an information kit so you have all the details you

need.

■ Speak to the contact person – they can provide a real

sense of what the job entails and other information
that will help you decide whether to apply for the job.

■ Make sure your cover letter summarises your work

history and qualifications to demonstrate that you
meet the selection criteria.

■ Don’t leave your application until the last moment. It is

likely to take you more time than you think to complete
adequately.

■ If you are invited to an interview, ask if there is any

sort of practical test that forms part of the selection
process.

■ Give due consideration to the common selection

criteria. These may include demonstrating your
understanding of policies on issues such as equal
opportunity, and how they relate to the position.

■ Prepare for the interview by reading the material in

the information kit. Many of the questions you will be
asked will be based on the selection criteria.

■ If you don’t get the job, call the selection committee

convener to discuss why. They may be able to give
you valuable insights that will help you when you next
apply for a position.

155

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 0S#HARTPDF0-

Financial Planning

How can I stand out at the interview?

Job interviews are a bit like going to the dentist: you’re nervous
beforehand and feel uncomfortable during the process. Success at
the interview is critical to winning that job. Three things can help you
achieve this result: preparation, presentation and performance.

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ŜÜÊ̅>ÌÊޜÕʅ>Ûiʏi>À˜ÌÊvÀœ“Ê̅i“.

Interviews are an inevitable part of advancing your career. Let’s have a

look at how to tackle the interview process and win that job.

156

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 Re ady, s e t,
go for it!

Preparing for the interview

The experts all agree – good preparation is paramount. If you do your
homework, you will significantly increase your chances of success.
You might even learn to enjoy the experience. It might sound obvious
but knowing exactly what is in your résumé is crucial because the
document forms the basis of the interview. The interviewer will have
read your résumé and will ask you questions about it. If someone asks
you about a particular job and you can’t recall much about it, it’s not
going to be productive. It is important to link the information in your
résumé with the job you are applying for.

Research the organisation on the Internet and learn as much as you

can about it. The organisation’s last annual report and the Business
Who’s Who are other useful sources of information. The clearer you
can establish who the employer really is, what are their core values
and what they are really like to work for, the more insight you will gain
into the type of person they are looking for. Try to mention what you
have found out about the organisation during the interview.

157

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 Financial Planning

As well as understanding the employer’s business, know the names

and job titles of the interviewers. Be fully briefed on the role and be
ready to demonstrate why you are a good fit for both the specific job
and the employer’s business in general.

In responding to questions concerning examples of my personal

experiences, I managed to regularly tie my answer back to the
company’s values.
James*, Financial planner support officer in large bank

Before the interview, make a list of all your skills and strengths. Also
note possible areas where you need to improve, and decide what
you could do in the future to make improvements. If you have really
thought about these things, the answers to interview questions
will come to you more easily, and if you are asked about ‘your
weaknesses’ (which often happens), you can acknowledge them but
also explain in a positive way what you intend to do about them.

Prepare questions for the employer to demonstrate your interest in

the position and the organisation. Don’t immediately ask questions
about salary and working hours, focus on the job itself first.

Practise your interview technique – get a friend to ask you likely

questions and to comment on your responses, including your ‘body
language’.

Be able to give examples of situations where you succeeded or

used your skills to win out in a situation.
Brendan Oakes, Self-employed financial planner

Always ask yourself what the interviewers will need to know in order
to offer you the job. Think through all relevant experience, personal
qualities and work experience activities which could be of interest and
which you could discuss.

ING Australia follows a ‘behavioural’ interview process and

you will be asked questions that require you to draw on past
experiences from your employment history.
ING website, www.ing.com.au

Increasingly, interviewers ask behavioural questions which deal

with real-life situations, such as how you have dealt with conflicts or
competing demands on your time. Think about how you could answer
these sorts of questions in ways which highlight your strengths. Some
examples of such questions are listed in Appendix 7.

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 Re ady, s e t,
go for it!

Making an impact at the interview

Ensure grooming and presentation are impeccable at the interview
– financial planners usually wear formal business clothes, as they are
dealing with members of the public. If the employer has a more casual
approach to office attire, wait until you get the job before adopting it.

Make sure you are on time and, on arrival, make eye contact and
shake hands with the interviewers.

Let the interviewer guide the process and listen carefully to the
questions – keep your answers concise and focused on issues relevant
to the job.

Job interviews can be a balancing act. On one hand you want to

demonstrate how your experiences, skills and ambitions make you
ideal for the particular job and organisation. On the other, you don’t
want to give a false impression about who you are and what you’ve
done.

The most important thing is to be yourself rather than thinking about

what the interviewer wants to hear.

fyi
Many jobs ads require
‘excellent oral and written
communication skills’. Find out
precisely what this means in
relation to the job and make
sure you address it in your
application.

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 Financial Planning

Identify three or four strong points that you intend to make, either
about yourself or about why you would like to work for this employer.
At the end of each answer you give, try to relate it back to one of those
points.

At the end of the day, what interviewers are trying to ascertain is:
What is this person about? Who is this person I’m meeting and
talking to? If your responses sound like they are scripted, you will not
reassure the interviewer.

Be able to give examples of situations where you succeeded or

used your skills to win out in a situation. I explained a tough
spot I had been in and how I found my way out of it.
Brendan Oakes, Self-employed financial planner

Remind yourself that the interviewer is just a person like you. Ask
yourself, ‘What’s the worst thing that could happen?’ If you don’t get
the job, there will probably be another one.

The standout interviews are those where the candidate can

develop a rapport with the interviewer. Given the choice
between a candidate that doesn’t have all the skills or one
where there is great rapport and motivation, the latter tends to
win the day – professional skills can be taught.
Ellen Flint, Human resources consultant

If you are prepared for the interview, you will feel much more
confident as you make your pitch for the job.

Keep a couple of key points that summarise your ‘competitive

advantage’ in the top of your mind so that you can talk about them
during the course of the interview.

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 Re ady, s e t,
go for it!

To help you wow your interviewer and land that job, we talked to some
recruiters and employers about the ‘dos’ and ‘don’ts’ of job interviews.

Top ten DOs

1 Maintain a positive and confident attitude.
2 Make sure you are well dressed.
3 Listen carefully to questions and instructions.
4 Highlight what benefits you can bring to the company.
5 Use your own real experiences to answer questions.
6 Show passion and enthusiasm for the position.
7 Make sure you promote your strengths and sell yourself.
8 Let the employer know you have a clear career plan.
9 Have an understanding of the job and what will be
expected of you.
10 Have a list of prepared questions to ask about the
company and the position.

Top ten DON’Ts

1 Don’t arrive late to the interview.
2 Make sure you don’t mutter or use too many ‘umms’ and
‘ahhs’.
3 Never leave your mobile phone or other electronic
devices on.
4 Don’t exaggerate your previous experiences or skills.
5 Never arrive unprepared with no knowledge of the company.
6 Avoid talking about negative experiences you have had.
7 Don’t act bored or uninterested.
8 Avoid answering questions with vague or confusing answers.
9 Don’t be unprofessional or impolite.
10 Don’t fidget or show how nervous you are.

find out
more
Examples of questions
you may be asked during
interviews are set out in
Appendix 7.

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 Financial Planning

After the interview

It is rare to be offered a job at the end of the interview. The employer
will usually be interviewing other people as well and may want
to check references and qualifications. If a recruitment agency is
handling the process, the employer will want to discuss things with
the agency. So don’t be discouraged if the interviewer appears non-
committal.

If a recruitment agent is involved, discuss the interview with the

agent as soon as possible afterwards and indicate whether you are
interested in the job. The agent will want to know your reaction before
the employer contacts them.

The interviewer will normally tell you what the next step in the
recruitment process will be; for example, testing, reference checks,
discussion with recruitment agency, or simply ‘we will contact you
when we make a decision’. If the interviewer says nothing, ask them
what the next step will be.

If you are offered the job and you want it, accept on the spot. If you
want some time to think it over, ask to do so, but indicate a definite
date by which you can provide an answer and don’t drag things out.

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 Re ady, s e t,
go for it!

Tips: General rules for getting the job

you want
■ Study hard and get good grades – your education is
the foundation stone for your career and potential
employers will look at your academic record first.

■ Get relevant work experience wherever you can.

■ Volunteer in an area that interests you – community

involvement is well regarded.

■ Pursue your passion, whether it’s drama, sport, music

or whatever – employers are usually looking for well-
rounded people.

■ Talk to as many people in and around the profession as

you can.

■ Find a mentor – someone in the profession who can

guide and advise you.

■ Spend time preparing a résumé that clearly and

accurately reflects your skills and achievements.

■ Practise your interview skills.

■ Apply for a number of jobs in the areas you want to

work – don’t put all your eggs in one basket.

■ Don’t apply for a job if you’re not really interested

– you might get it.

163

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 Financial Planning
detour
Interested in other careers in
finance? Check out Career
FAQs Accounting, Investment
Banking and Retail Banking.
Read about some really
different career choices in
Career FAQs Xtreme.
www.careerfaqs.com.au
164
FIN – 130306.indd Sec1:164
What can I do right now?
■ Identify people you know in the financial planning profession and
talk to them about their work.
■ Start networking – talk to people about your goals and make notes
on any contacts they have or ways they can help. Always follow
up – it could lead to your first job, if not immediately then at some
stage in the future. Start a ‘contacts list’ of people.
■ Find out the subjects you can take now that will help your future
studies in financial planning. Speak to the careers adviser at your
school or visit a careers counsellor.
■ Organise someone from the industry to speak at your school or
university about a current issue affecting financial planning. The
Financial Planning Association may be able to assist.
■ Keep up to date with the profession. Join the Financial Planning
Association as a student member. Read some of the industry
publications such as IFA magazine and Money Management and
read the financial planning/advice supplements and columns in the
daily newspapers.
■ Find out when the next careers fair is on and put the date in your
diary.
■ Go to some of the websites mentioned in the book to get a better
idea about the various job opportunities and their requirements.
Bookmark relevant websites and look at the information on them
from time to time or subscribe to any newsletters that they publish.
■ Have a look at the positions in financial planning that are
advertised in papers and online. This will give you a good idea of
what jobs are paying well, and which jobs are in most demand.
13/3/06 4:56:59 PM
 CadetshipFAQad.pdf 20/3/06 5:39:43 PM

CM

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CMY

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 Make sure you end up in a job you love.

realjobs realpeople realexperiences

www.careerfaqs.com.au

Career FAQs books

will help you get there.
Available at all good bookshops.

Cleo ad for books.indd 1 13/3/06 3:13:01 PM

 GodfreyAd_CareerFAQ.pdf 17/3/06 5:30:03 PM

CM

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 Don’t end up in someone else’s life.

1300 MY FAQS
realjobs realpeople realexperiences

CareerFAQs Ad.indd 1 20/12/05 10:12:09 AM

 B uz z words

Buzz words
ABS Australian Bureau of Statistics
AFA Association of Financial Advisers
AFS licence Australian Financial Services licence – required to
give financial advice to clients
allocated pension retirement income arrangement where a person
invests a lump sum and then draws an annual
pension from it, the amount of which is based on
cash flow needs and life expectancy
annuity arrangement where a person receives periodic
payments in return for their investment of a lump
sum amount, usually as retirement income
ASIC Australian Securities and Investments Commission
– regulatory body of the financial planning industry
ATO Australian Taxation Office
audit examination of records and financial accounts to
check their accuracy and ensure they comply with
relevant laws and standards
boutique firm small financial planning firm, which may specialise in
a particular area of financial planning
budgeting organising the cash flow and accounts of an
individual or business so that all expected
payments can be met
call centre customer sales and enquiries centre within a large
organisation – employees may receive incoming
calls from clients or make outgoing calls to sell the
organisation’s products
cash flow amount of cash available to a person at a given
point of time, or net profit of an organisation after
tax, dividends and depreciation are deducted
CFP Certified Financial Planner – designation conferred
by the FPA on people who meet its education and
work requirements
CGT Capital Gains Tax – a tax on the increase in the
capital value of an investment
code of ethics code that governs the professional behaviour and
conduct of people in the industry it covers – the
FPA has a code for its members
Comminsure the insurance sector of the Commonwealth Bank
of Australia
common law law not prescribed by legislation but derived from
court decisions and interpretations by courts
compliance meeting relevant legislation, procedures, standards
and codes of practice
consultancy business that offers its specialised services to
others for hire

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contract formal agreement, usually in writing, between two

parties – either individuals or organisations – which
binds each party and is legally enforceable
CPA Certified Practising Accountant
CPA Australia professional organisation for accountants – see also
ICAA
CPD continuing professional development
credit union financial institution for personal savings and loans,
structured on a cooperative basis
culture informal practices, attitudes and values that occur in
workplaces but are not set out in written documents
– often referred to as ‘the way we do things here’ or
‘what this place is like to work for’
dealer group holder of an AFS licence – financial planners or
organisations affiliated with a dealer group are its
authorised representatives
DEWR Department of Employment and Workplace
Relations
diligence making a thorough and earnest effort to ensure
work is accurate, fully checked and complies with
the law – ‘due diligence’ is the process of checking
and verifying information contained in a statement to
be released to the public
EEO Equal Employment Opportunity
equity interest or value the owner of an asset has in it over
and above any debt against it, e.g. equity in a home
is the difference between its market value and the
amount of loan repayment still owing
equity investment type of investment in which the investor gains
part ownership of the asset, such as shares in a
company
estate planning planning for the distribution of a person’s assets in
the event of their death
ethical accordance with rules, standards or moral
principles for correct conduct or practice
FBT Fringe Benefits Tax – tax payable by employers on
non-cash benefits provided to employees, e.g. cars
financial advice making suggestions and recommendations to the
client about what to do
financial planning preparing information that enables a client to make
a decision about what is best for them
Financial Services statement issued by financial planners disclosing
Guide the range of services provided by the planner
– intended to assist clients to decide whether to
seek assistance from the planner
Finsia Financial Services Institute of Australasia –
professional body that represents people who work
in investment and securities markets, it also runs
education courses

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FPA Financial Planning Association of Australia

futures contract to buy or sell an asset, such as currency
or a security, for a specified price on a specified
future date
GCCA Graduate Careers Council of Australia
gearing borrowing money to purchase an investment – see
also ‘negative gearing’
HECS Higher Education Contributions Scheme
HELP Higher Education Loan Program
ICAA Institute of Chartered Accountants in Australia
– professional organisation for accountants – see
also CPA Australia
interest return earned on funds loaned or invested
investment asset that earns income or capital gains for its
owner
IT Information Technology
legislation laws enacted by parliament – also called Acts
licensor authority that grants licences, e.g. ASIC grants
licences to financial planning businesses
means test evaluation by the government to determine whether
a person is eligible to receive social security
payments
mentor experienced and senior person in an organisation
who informally acts as a role model and coaches
and assists a newer, less experienced employee to
improve their performance and advance their career
– some organisations have structured mentoring
programs
mortgage document that assigns a property to another party
as security, e.g. to cover a loan by that party to the
property owner
negative gearing where a person borrows against an investment
– such as a property – and the loan interest
payments exceed the income from the investment,
resulting in a negative cash flow which in turn
entitles the person to taxation benefits by offsetting
the loss against income from other sources
networking maintaining contact with other people in the
profession, either through business contact or
socially, to exchange information and assist each
other professionally – can also be used as a means
of gaining leads to potential clients and learning
about job vacancies
paraplanner person who does technical/background/research
work for a financial planner, and who advises the
planner on strategies and may prepare financial
plans for them

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partner senior member of an unincorporated firm, either

one who shares in ownership and profits from the
business (equity partner) or who is paid a salary
(general partner)
pension regular periodic payment to a person made either
by the government (as social security) or as a
superannuation benefit
PDS Product Disclosure Statement – document that
financial planners must provide when giving advice
to clients that includes recommendations to
acquire particular products or services – it sets out
information about the product/service, risks and
implications of acquiring it and benefits the financial
planner may receive if the client acquires it
PS146 Policy Statement issued by ASIC – compliance
with PS146 generally regarded as the minimum
standard needed to practise as financial planner
– see also Appendix 3
RBL Reasonable Benefit Limits – affects taxation of
superannuation benefits by setting a maximum
limit of benefit for which a person can receive
concessional tax benefits
regulations principles, rules or laws designed to control
and govern conduct – regulations may be
supplementary parts of Acts of Parliament that set
out precise procedures in specific detail
relationship manager job title sometimes given to senior financial
planner roles, to emphasise the broad range of
topics covered when dealing with the client and
the ongoing nature of the dealings, that is as a
‘relationship’ rather than a single ‘transaction’
risk insurance also referred to as ‘risk’ – analysing and insuring
against exposure to future events that may be
costly to someone, such as disability or loss of
employment
risk management identifying, assessing and managing risks
associated with particular strategies, such as
possible losses from investments, in order to
minimise losses and maximise potential benefits
risk tolerance client’s attitude towards taking risks with financial
planning strategies
RTO registered training organisation
salary packaging structuring an employee’s remuneration to make
it more tax-effective and more suited to the
employee’s individual needs – a package can be
a mixture of cash salary, variable bonuses and
incentive payments, company shares and various
benefits, such as cars, loans, payment of education
expenses
salary sacrifice when a non-cash employment benefit is provided
to an employee and the employee’s cash salary is
reduced by the value of the benefit

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securities stocks and shares

shares part of company’s capital issued to shareholders
who purchase an interest in the company
– shareholders are thus the owners of the company
as each one ‘owns’ a part of it proportional to the
number of shares
social security range of benefits provided by the Federal
Government to people who require them and are
eligible to receive them, due to low income or other
disadvantage, e.g. aged pension, unemployment
benefits, various allowances/assistance payments,
discounts and concession cards
soft dollar payment or benefit to an adviser that is intended to
influence their behaviour – for example, tickets to
events and lunches
SOA Statement of Advice – detailed document issued
by financial planners that describes a client’s
circumstances and objectives and sets out
strategies and recommendations for meeting the
client’s needs, and the reasons behind them – it
must be issued when financial advice is provided
to the client
statutory authority government or semi-government agency
established by legislation with power to make legally
enforceable decisions and regulations
superannuation benefits provided to a person on retirement
– contributions are made to a superannuation fund
before retirement and the accrued amount in the
fund is payable to the person once they become
eligible, e.g. when they retire or cease employment
Superannuation legislated requirement for an employer to pay a
Guarantee Scheme minimum level of superannuation contributions on
behalf of each employee
TER Tertiary Entrance Rank
trust fund of assets, cash, investments and property
held by trustees on behalf of a number of investors
– different types include discretionary trust, unit
trust, fixed trust, family trust
UAC University Admissions Centre
UAI University Admissions Index
wealth creation also referred to as ‘wealth management’ – term that
is broader than financial management/planning and
is becoming ‘trendy’ – refers to management of a
person’s finances in order to increase their income
and wealth over time
well-rounded someone who pursues a variety of interests and
has a balanced life – what most employers say they
are looking for in job applicants
will document that expresses a person’s intentions as
to how their assets should be distributed after their
death

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Appendix 1
How the financial planning profession
evolved
‘Financial planning’ and ‘financial advice’ are part of a growth industry.
It is also a comparatively new one; until the 1980s, the terms were
seldom used. The main sources of financial advice tended to be
bank managers, accountants and life insurance salespeople. These
people were usually not independent, and had vested interests in
promoting certain products and services. Their roles and outlook were
generally quite narrow and they were operating in a simpler and less
sophisticated environment. Since then, however, a combination of
changes to the law and demographic trends has led to major changes,
and growth prospects for the profession are rated as high.

You have probably seen many references in the media to both an

‘ageing population’ and the impact on society of ‘baby boomers’, that
is people born between the end of World War Two in 1945 and the
early 1960s. After that date, the birth rate in Australia and elsewhere
slowed down. The combined effect of these trends is that the average
age of populations is increasing, helped also by advances in medicine
and health care that have resulted in people enjoying longer life
spans.

The Australian Government has expressed concerns about the impact

on the workforce of an ageing population, and statements by the
Prime Minister and Treasurer have suggested that people may be
expected (or even required) to remain in the workforce for longer in
future. This is because many ‘baby boomers’ are now reaching normal
retirement age. More of them are leaving the workforce than there are
young people to replace them.

Another phrase you often hear now is ‘work–life balance’. This refers
to people’s desire to maintain a healthy balance between both
their work commitments and their outside-work commitments. The
latter may include family responsibilities, study, travel, leisure, and
community and voluntary work. Advances in technology and changes
to employment practices have meant that the distinction between
work and outside-work activities is becoming more blurred – for
example it is becoming increasingly common for people to work from
their homes rather than travel to a factory or office each day, and
working hours have become a lot more flexible.

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All the above is a long way removed from the traditional ‘leave
school, get a job and stay with the same employer until you retire at
65’ work life that many of your grandparents, or even your parents,
experienced.

In simple terms, it means life has become much more complex for
most people, so that they need to plan for different stages of life
and plan over a longer period. They also have many more options
to consider. It is not hard to see why financial planning is a growth
industry, and likely to stay that way in the long term.

The following are examples of some of the trends in people’s lives that
are stimulating the growth of financial planning.

■ There has been a change in people’s attitudes towards retirement.

For many it has become a time to look forward to and try new
things. Thus people now retire to something rather than from
something (the workforce).

■ Overall, people’s net wealth is increasing, helped by favourable

economic conditions in Australia over the past 15 years or so.
People have more complex financial situations, and more options
they can consider.

■ Share ownership has increased considerably. Whereas only about

6 per cent of the population owned shares in 1980, about
30 per cent does so 25 years later.

■ People have greater access to fast information, e.g. via the Internet,
so are more knowledgeable and aware of their options – although
they need help to make the best decisions.

Also in recent years, government regulation of the financial planning

industry has become far more stringent, and that trend is continuing.
Financial planners now have to have specific tertiary qualifications
and must belong to an organisation that has a formal complaint-
handling procedure before they are allowed to give financial advice to
clients. It is now also a requirement to complete ongoing training and
education to retain your entitlement to work. No such qualifications
were required as recently as 20 years ago. This trend has also
stimulated growth of the profession.

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Appendix 2
Comparative starting salaries of various
professions
Seeking full-time
Seeking full-time
In full-time employment, Further Median starting
Bachelor degree employment, not
employment (%) working part-time full-time study (%) salary ($'000)
working (%)
or casual (%)
Agriculture 80.3 6.7 13.0 19.4 37.0
Architecture** 86.7 6.5 6.7 29.8 31.5
Building 91.0 4.5 4.5 25.0 35.0
Urb & reg planning 91.0 3.0 6.0 20.3 41.0
Humanities 70.7 11.1 18.2 34.4 35.0
Languages 74.9 8.3 16.8 40.2 40.0
Vis/perf arts 60.3 13.2 26.5 32.7 32.0
Social sciences 67.2 11.2 21.5 34.2 38.3
Psychology 70.5 10.8 18.7 44.2 38.5
Social work 80.2 7.6 12.2 8.1 40.0
Business studies 81.1 6.9 12.1 15.4 37.0
Accounting 86.9 6.7 6.4 11.1 35.5
Economics 86.1 7.3 6.6 32.1 41.0
Education 77.9 3.8 18.3 6.4 43.0
Education post/other 84.3 3.6 12.0 34.7 39.5
Aeronautical eng 89.1 5.8 5.1 17.1 45.0
Chemical eng 83.1 9.6 7.3 18.9 45.7
Civil engineering 95.7 3.0 1.3 6.3 43.0
Electrical eng 87.3 8.6 4.0 13.2 45.0
Elect/Comp eng 78.3 11.7 10.0 14.0 43.0
Mechanical eng 89.5 4.8 5.8 9.4 44.0
Mining engineering 98.8 1.2 0.0 7.5 63.0
Other engineering 86.9 7.7 5.4 17.7 44.0
Surveying 95.4 2.0 2.6 11.5 40.0
Dentistry 95.0 0.8 4.1 10.2 65.0
Health, other 81.9 4.3 13.8 26.6 40.0
Nursing, initial 96.2 1.0 2.8 5.3 38.0
Nursing, post-initial 94.0 1.3 4.6 4.2 38.0
Pharmacy** 98.7 0.9 0.4 17.7 30.0
Medicine 98.3 0.6 1.1 13.1 48.0
Rehabilitation 90.0 3.1 6.8 13.3 41.2
Law 88.4 6.2 5.4 22.6 41.0
Law, other 84.6 6.1 9.3 17.4 38.0
Computer science 73.7 13.6 12.7 17.8 39.9
Life sciences 71.3 9.9 18.9 46.2 38.0
Mathematics 72.6 14.5 12.9 50.7 42.0
Chemistry 84.7 5.1 10.2 55.3 38.0
Physics 78.9 9.0 12.0 50.9 40.0
Geology 87.4 4.2 8.4 39.2 42.0
Veterinary science 94.0 3.6 2.4 6.7 37.0

Bachelor degree graduates: employment, further study and starting

salaries (%), 2005
Reproduced with the kind permission of Graduate Careers Australia,
www.graduatecareers.com.au

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Appendix 3
Summary of ASIC Policy Statement 146
(PS146)
You can download a full copy of PS146 from the website of the
Australian Securities and Investment Commission (www.asic.gov.au).
As PS146 is over 50 pages long, it is not reproduced here. Instead, we
have summarised the main contents.

[PS146] Licensing: Training of financial product

advisers

What this policy statement is about

[The following extract is from the introduction to PS146.]

‘[PS146.1] This policy statement sets out minimum training standards

for people who provide financial product advice to retail clients
(training standards). [PS146.2] The training standards apply to a
natural person who is:

(a) an Australian financial services licensee (licensee); or

(b) a representative of an Australian financial services licensee; or

(c) a securities licensee or futures licensee under the old

Corporations Act; or

(d) the representative of a securities licensee or futures licensee

under the old Corporations Act;

if they provide financial product advice to a retail client.

We use the terms ‘financial product adviser’ or ‘adviser’ to describe

these people. [PS146.3] In general, advisers will meet the training
standards by satisfactorily completing training courses listed on
the ASIC training register relevant to their advisory activities. As an
alternative, experienced advisers can demonstrate their competence
through individual assessment by an authorised assessor. [PS146.3A]
Persons providing advice only on basic deposit products or related
non-cash payment products will be able to meet the training

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standards set out in this policy by successfully completing a

training course which is not on the ASIC Training Register but which
has instead been assessed by the licensee. [PS146.4] This policy
statement also gives guidance to training providers and professional
and industry organisations about the training standards. [PS146.5]
This policy statement covers:

A our role in the training of advisers

see [PS146.6]–[PS146.10]

B who must meet the training standards

see [PS146.11]–[PS146.29]

C [This section has been deleted]

D training guidance
see [PS146.42]–[PS146.82]

E assessing the quality of training

see [PS146.83]–[PS146.102]

F continuing training guidance

see [PS146.103]–[PS146.116]’.
©Australian Securities and Investments Commission. Reproduced with permission.

Section B: Who must meet the training standards?

This section lists all types of people who must meet the training
standards, plus some exemptions. It sets out requirements that
apply to customer service representatives, paraplanners and trainee
advisers – which basically are that they must be supervised by an
authorised person if giving advice to clients. It also summarises
the educational levels required by people advising on particular
categories of financial products/services.

Section D: Training guidance

This section comprises guidelines for provision of training. It defines
what is ‘approved training’ and sets out subject or course units that
different types of employees should complete. ASIC’s knowledge and
skill requirements are also listed. Tables within Section D summarise
these requirements.

The section also covers induction training for new advisers and
accreditation of past training for existing advisers.

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Section E: Assessing the quality of training

This section covers assessment of the quality of training, including:
who can be an assessor, role of the licensee, and what RTOs must be
able to demonstrate to have their courses accredited.

Section F: Continuing training guidance

This section covers what must be done to provide continuing training
guidance, including nominating a training officer, developing an
annual training plan, compliance training, group training, minimum
training hours and record-keeping.

Appendix A: Knowledge requirements

Appendix A1 covers generic knowledge required of advisers, including:
the economic environment, operation of financial markets and
financial products.

Appendix A2.1 covers specialist knowledge requirements for financial

planning, including: theories of investment, portfolio management
and management of investment and risk, advisory functions, legal
environment – disclosure and compliance, and taxation.

Appendix A2.5 covers specialist knowledge requirements for advisers

who provide advice on superannuation products.

Appendix A2.7 covers specialist knowledge requirements for advisers

who provide advice on deposit products and non-cash payment
products.

Appendix B: Skill requirements

Appendix B states that advisers providing personal financial advice to
retail clients should be able to apply appropriate skills in relation to
their activities and the products and markets in which they operate.
These skills will vary according to the activities undertaken. They
cover:

• establishing a relationship with the client

• identifying client objectives, needs, and financial situation

• analysing client objectives, needs, financial situation and risk

profile

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• developing appropriate strategies and solutions

• presenting appropriate strategies and solutions to the client

• negotiating financial plan/policy/transaction with the client

• coordinating implementation of agreed plan/policy/transaction

• completing and maintaining necessary documentation providing

ongoing service (optional at discretion of client).

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Appendix 4
Financial planning courses offered by
Australian universities

Course*, University Duration UAI/prerequisites Cost of course

(Aust residents)
Bachelor of Business (Financial 4 yrs See www.rmit.edu.au $49 920
Planning) – Royal Melbourne
Institute of Technology (RMIT),
Melbourne
Master of Business (Financial 3 yrs Pass degree; or equivalent; computer $14 400
Planning) – Royal Melbourne literacy; two years’ work experience;
Institute of Technology (RMIT), Internet access; interview
Melbourne
Bachelor of Commerce 3 yrs See www.uws.edu.au See www.uws.
(Financial Services) – University edu.au
of Western Sydney
Master of Commerce (Financial Relevant bachelor degree; or $6 000
Planning) – University of equivalent qualifications or vocational
Western Sydney experience
Bachelor of Commerce 3 yrs See www.gu.edu.au $36 000
(Financial Planning) – Griffith
University, Queensland
Master of Business 1.5 yrs Successful completion of MBA $33 600
Administration (Advanced
Financial Planning
Specialisation) – Griffith
University, Queensland
Master of Financial Planning – 1 yr Business degree; or GCert in $8 320
Griffith University, Queensland Financial Planning

Bachelor of Commerce 3 yrs See www.curtin.edu.au See www.curtin.

(Financial Planning) edu.au
(Economics and Financial
Planning) (Accounting and
Financial Planning) – Curtin
University, Perth
Master of Financial Planning 2 yrs Bachelor degree $25 200
– Curtin University, Perth

Postgraduate Diploma in Pass Degree or equivalent; or Grad $8 520

Personal Financial Planning Cert in PFP
– University of Southern
Queensland

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 Financial Planning
Graduate Diploma of Financial
Planning – University of the
Sunshine Coast, Queensland
Bachelor of Business (Financial
Planning) – University of the
Sunshine Coast, Queensland
Master of Financial Planning
– University of the Sunshine
Coast, Queensland
Bachelor of Commerce
(Financial Planning) – Deakin
University, Melbourne
Bachelor of Business (Financial
Planning) – Deakin University,
Melbourne
Master of Business
Administration (Financial
Planning) – Deakin University,
Melbourne
Master of Commerce (Financial
Planning) – Deakin University,
Melbourne
Diploma in Financial Advising
– Finsia
Graduate Diploma of Financial
Planning – Finsia
Graduate Diploma of Applied
Finance and Investment
– Finsia
Bachelor of Business (Financial
Risk Management) – Victoria
University
*These courses endorsed by the FPA for entry into the CFP certification program at time of
publication.
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FIN – 110106.indd Sec1:182
Bachelor degree or equivalent; $8 000
or membership of a professional
association, and professional
experience
3 yrs See www.usc.edu.au See www.usc.
edu.au
Pass degree; or membership of $12 000
a professional association and
professional experience; or relevant
PGDip
3 yrs See www.deakin.edu.au $41 870
See www.deakin.edu.au See www.deakin.
edu.au
1.5 yrs Undergraduate degree and $21 600
minimum two years of relevant work
experience; alternative entry via
Graduate Certificate within seven
years’ relevant work experience;
references; written statement;
academic record; TOEFL/IELTS if
applicable
1.5 yrs Bachelor degree $21 600
See www.finsia.edu.au See www.finsia.
edu.au
Bachelor degree or equivalent; or $6 800
membership of Australian Society
of CPAs or equivalent; or relevant
employment experience
Bachelor degree or equivalent; or $6 800
membership to Australian Society
of CPAs or equivalent; or relevant
employment experience
3 yrs See www.vu.edu.au See www.vu.edu.
au
13/3/06 3:53:55 PM
 Appe n dixe s

Postgraduate financial planning courses not

listed by the FPA*

Course, University Duration Prerequisites Cost of course

Master of Financial Planning See CSU website See CSU website
– Charles Sturt University,
NSW
Master of Commerce (Financial See www.csu.edu.au See www.csu.
Planning) – Southern Cross edu.au
University
Graduate Diploma in Financial See www.csu.edu.au See www.csu.
Planning – Southern Cross edu.au
University
Graduate Diploma of Financial 2 yrs Relevant pass degree; or equivalent; $9 600
Planning – Royal Melbourne computer literacy; two years’ work
Institute of Technology (RMIT) experience; internet access; possible
interview
Graduate Diploma of Financial 1 yr Bachelor degree; two years’ relevant $16 000
Planning, UTS work experience; or related GCert

Graduate Certificate in Bachelor degree; or membership of a $4 000

Financial Planning – University professional association; or relevant
of the Sunshine Coast professional experience
Graduate Certificate in Bachelor degree; two years’ relevant $8 000
Financial Planning – University work experience; or equivalent
of Technology, Sydney
Graduate Certificate in 1 yr Relevant bachelor degree; or $7 500
Financial Planning – Monash equivalent
University, Melbourne
Graduate Certificate in Recognised business degree; or $4 160
Financial Planning – Griffith GCert in Financial Planning
University, Queensland
Graduate Certificate in See CSU website See CSU website
Financial Planning – Charles
Sturt University, NSW
Graduate Certificate in Three years of relevant workplace $5 600
Commerce (Financial Planning) experience and/or possess
– University of Western Sydney acceptable tertiary or industry
qualifications.
Executive Certificate in See www.monash.edu.au See www.
Financial Planning – Monash monash.edu.au
University, Melbourne

*This list was compiled by StudyLink and published in the Sydney Morning Herald on
12 September 2005.

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Appendix 5
Sample résumé

5/131 Jacob Street

Blackland QLD 4000
Phone: (07) 9000 0000 (H)
(07) 9000 0000 (W)
0400 000 000 (M)
P_norton@yahoo.com.au

Peter Norton
Employment objective My primary professional aim is to become an established financial
planner. I am committed to taking advantage of every opportunity to
develop my knowledge, skills and qualifications in order to become an
effective financial planner and a valuable member of the community.

Education 2006
Currently studying Diploma of Financial Services at Financial Services
Institute of Australasia. Expected completion date April 2006.
2003–2005
Bachelor of Business at Learnmore University. Majored in Economics
and completed Introduction to Financial Planning Module, receiving
University Prize for highest mark in this subject. Core subjects studied
included Economics, Accounting, Statistics, Economic Forecasting,
Banking, Investments.
2002
Higher School Certificate at Wombat Heights High School.
UAI: 94.3, Level 1 passes in Economics, Mathematics and English.

Computer skills • Microsoft Word

• Windows XP
• Excel Spreadsheets
• Keyboard speed 50wpm.

Work experience Financial planning industry

November 2004 — February 2005
Worldly and Wise, Chartered Accountants. Casual office assistant,
working in the financial planning division, reporting to financial
planning practice manager.
Responsibilities
• Collecting and distributing resource materials and information from
dealer group
• Processing correspondence
• Arranging client appointments
• Valuing shares
• Checking market rates
• Providing general assistance to paraplanners and financial planners
as requested
• General office duties, such as data entry, filing, photocopying

Click here for more FREE industry-specific

184 sample resumes and cover letters from Career FAQs

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 Appe n dixe s

As well as confirming my keen interest in a career in financial planning,

this job gave me experience at liaising with a wide range of customer
types and an understanding of how their needs are assessed. I was
able to observe first-hand how paraplanners and financial planners
conduct their work.

Other work experience 2001–2005

Eat ’N’ Run Fast Food Restaurant, North Aardvark Branch. Casual
general hand, reporting to the store manager. Worked one night per
week plus extra shifts during school and university holidays. Duties
included retail sales to customers, food preparation, table service,
cleaning and stocktaking.
• Enjoyed working in a customer-service environment and gained
considerable satisfaction from being able to exceed customer
expectations.
• Contact with people from all walks of life helped me to develop
excellent communication, customer service and teamwork skills.

Voluntary work 2003–current

Honorary Secretary of Highly Strung Tennis Club. Duties include:
maintaining membership database and other records, processing new
membership applications and resignations, preparing agenda and
minutes of committee meetings, preparing general correspondence,
representing Club at meetings of District Tennis Association.
• Learnt many skills in this role that are relevant to financial planning
work: accuracy, attention to detail, listening carefully to what
others say, and presenting a favourable impression as the public
‘face’ of an organisation.
• Worked with other committee members to implement a new
centralised membership database that committee members can
access to perform their different roles. This has enhanced my
computer knowledge and skills.
• Worked with Club President and Secretary to obtain sponsorship
from two local businesses and to hire out the clubhouse as a party
venue, injecting much-needed money into the club.
2001–current
Casual surf patrols as part of my membership of Beachbums Surf
Lifesaving Club. In this role, I have also learned skills such as surf
rescue and first-aid treatment.
2000–2002
Casual tennis coaching, assisting Andrew Hacker, Professional Tennis
Coach.
* Learned from all the above jobs the importance of explaining things
clearly to other people and being able to persuade them to follow a
recommended course of action.

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Other activities • Vice-captain of Wombat Heights High School in 2002.

• Represented Wombat Heights High School at tennis in 1999–2002
and Learnmore University in inter-varsity tennis in 2003–2005.
• Involved in production and musical back-up of Economics Faculty
annual revue at Learnmore University in 2004 and 2005.
• Other interests include playing guitar, attending music concerts,
photography and sailing.

Personal qualities I am a motivated, optimistic and goal-orientated person whose actions

are based on ethical principles. I thrive on challenges, work well under
pressure and value teamwork and excellent customer service.

Referees Work
Chris Wise
Financial planning practice manager
Worldly and Wise
Chartered Accountants
(07) 9123 0000
Ronald McDonald
Store manager
Eat ’N’ Run Restaurant
North Aardvark
(07) 9007 0000

Academic
May Kamillion, Lecturer in financial planning, Learnmore University
(07) 7381 0000

Personal
Iva Bigservova
President
Highly Strung Tennis Club
0401 000 123

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Important note: The above résumé would be suitable for someone

who has limited work experience and is entering full-time work for the
first time, for example a graduate recruitment intake.

A person who has full-time work experience would need to describe

that experience in detail at the beginning of the ‘Work Experience’
section of their résumé. Although providing details of casual and
voluntary work is still strongly recommended, the résumé should
perhaps cover these topics in less detail than above and place greater
emphasis on full-time work experience.

An example of how to set out full-time work experience is set out

below.

Work experience March 2002–current

Getrich Bank Ltd.
Since January 2003, employed as financial planning assistant,
reporting to the general manager, financial planning division.
Duties include assisting financial planners and paraplanners with:
• collection and distribution of resource materials
• preparing and sending correspondence
• liaising with call-centre staff over client referrals
• making appointments with clients
• valuing shares
• checking market rates
• attending meetings with both clients and planners/paraplanners
• collecting and processing information for planners and
paraplanners
• assisting with the preparation of Statements of Advice.
I used various computer software programs [NAME THEM] to complete
the research and analytical functions of this work.

March 2002 – January 2003

Customer service (call centre) officer, reporting to inbound call centre
manager.
Duties included:
• answering inquiries from current and prospective clients
• providing product and service information to clients
• referring clients to the bank’s in-house financial planners or to
affiliated self-employed financial advisers.
In this role, constant contact with a wide range of current and
prospective clients enabled me to develop my knowledge of the
scope of financial planning and its range of products/services and to
enhance my oral communication skills.
As well as exposure to the full range of financial planning functions
and resources in a large organisation, I have received valuable
mentoring and coaching support from senior financial planning staff in
these roles.
I also completed the following in-house training and information
programs:
[LIST THEM]

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Appendix 6
Sample cover letters
Sample cover letter 1

Peter Norton
5/131 Jacobs Street
Blackland QLD 4000
P_norton@yahoo.com.au

17 March 2006
Elizabeth Nguyen
HR Manager
Mag Bank
370 Main Street
Brisbane QLD 4000

Dear Ms Nguyen

Re: Graduate Employment Program

I wish to apply for entry into Mag Bank’s graduate recruitment program advertised in the
Courier Mail on Saturday, 11 March 2006.
I am keen to pursue a career in financial planning with the resources and opportunities provided
by a large organisation. To further my knowledge in this field I have commenced studying
the Diploma of Financial Services (Financial Planning) at the Financial Services Institute of
Australasia and have previously undertaken vacation employment as a casual office assistant at
Worldly and Wise, Chartered Accountants, in their financial planning division.
At Worldly and Wise, I assisted financial planners and paraplanners with collection of resource
materials, correspondence and making appointments with clients, valuing shares, checking
market rates and collecting and processing information from dealer groups. My exposure to
working with both financial planners and clients has stimulated my desire to pursue a career
in this industry and assisted the development of my skills at dealing with different types of
financial planning clients.
My customer relations skills and experience have also benefited from regular casual
employment at Eat ’N’ Run fast food store and voluntary work at Beachbums Surf Lifesaving
Club. My written communication skills and computer literacy have been enhanced by holding
the position of Honorary Secretary of Highly Strung Tennis Club.
My interest in the opportunities provided by banking developed during my study of the Bachelor
of Business Course at Learnmore University, where I successfully majored in Economics and
completed the optional subject module of Introduction to Financial Planning.
While at school, I commenced building a small portfolio of shares and my keen interest in
shares and investments has seen this portfolio expand over the years.
I am now eager to apply all I have learned in an organisation that values initiative, hard work
and continual learning and development. [Name] Bank has a reputation for outstanding
customer service and commitment to employee development and I would like to be part of its
team.
My résumé and academic record are attached. I look forward to an opportunity to discuss the
graduate program further at an interview.

Yours faithfully

Peter Norton

Application for vacancy in graduate recruitment program of large

organisation

Click here for more FREE industry-specific

188 sample resumes and cover letters from Career FAQs

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Sample cover letter 2

Peter Norton
5/131 Jacobs Street
Blackland QLD 4000
P_norton@yahoo.com.au

17 March 2006
Roger Annette
The Manager
Perfect Financial Planners Pty Ltd
2/94 Simple Street
Brisbane QLD 4000

Dear Mr Annette

I wish to apply for the position of paraplanner at your company, as advertised in seek.com.au.
I am keen to further my career in financial planning by moving to a position with an independent
planning firm. This will enable me to apply and build on the skills and experience I have gained
as a financial planning assistant and customer service (call centre) officer at Getrich Bank, as
well as my recently completed Diploma of Financial Planning from the the Securities Institute
(now Finsia). Completing that Diploma provides evidence that I comply with the requirements of
PS146 as noted in the job advertisement.
At Getrich Bank I developed my knowledge of financial planning and enhanced my oral
communication skills by answering enquiries from a wide range of customers of the bank’s
inbound call centre and by arranging customer referrals to financial planners. I then progressed
to the financial planning division, where I assisted financial planners and paraplanners with a
wide variety of tasks that included collection of resource materials, correspondence and making
appointments with clients, valuing shares, checking market rates, attending meetings with
both clients and planners/paraplanners, collecting and processing information for planners
and paraplanners, and assisting with the preparation of Statements of Advice. I used various
computer software programs to complete the research and analytical functions of this work,
including [LIST MAIN ONES].
My customer relations skills and experience have also benefited from previous casual
employment at Eat ’N’ Run fast food store and current voluntary work at Beachbums Surf
Lifesaving Club. My written communication skills and computer literacy have been enhanced
by holding the position of Honorary Secretary of Highly Strung Tennis Club. These roles also
developed my ability to work productively and in a ‘hands-on’ way in small teams of people.
I am now eager to apply all I have learned in an organisation that values initiative, hard work
and teamwork, and that provides direct experience in a wide range of financial planning work.
[Name] Financial Planners has a reputation for outstanding customer service and I would like to
be part of its team.
My résumé and academic record are attached. I look forward to an opportunity to discuss the
position further at an interview.

Yours faithfully

Peter Norton

Application for vacancy in financial planning firm

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Appendix 7
Sample job interview questions
The following are examples of questions commonly asked during
employment interviews. The list is based on the contents of a Career
Assist Pack supplied by the recruitment agency Freeman Adams (see
www.freemanadams.com.au).

Study the list and consider how you might answer each question, so
you are better prepared if interviewers ask them.

General questions
■ Why did you apply for this job?

■ Tell me something about yourself.

■ What are your career goals?

■ What are your short-term goals?

■ What are your long-term goals?

■ Why do you want to work for this company?

■ What do you think would be your main contribution to this job (or
company)?

■ What do you know about this company?

■ What are your strengths?

■ What are your weaknesses?

■ What have you done in your career that showed initiative?

■ What have you learned from your previous jobs (or from your
education, if no previous jobs)?

■ What does ‘teamwork’ mean to you?

■ What type of management style obtains the best results from you?

■ How do you like to spend your spare time?

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Behaviour-based questions
Questions of this type may relate to organisational skills (such
as planning, delegating and prioritising), technical skills (such as
problem-solving, applying your knowledge/skills and coping with
your limitations), interpersonal skills (such as dealing with clients,
working in a team or dealing with different levels of employees),
communication skills, commitment to the job/employer, taking
initiative, and commitment to learning and growth.

■ Describe a work situation where you had to plan an event or

project. What steps did you follow? What was the outcome?

■ Describe a work situation where you had to manage a task or

project with assistance from others. How did you delegate parts of
the work? What was the outcome?

■ Tell me about a situation where you were very busy coping with
simultaneous work, study and other commitments. How did you
organise and prioritise things?

■ What has been the most difficult work (or school/university)

problem you have had to deal with? How did you handle it? What
was the outcome?

■ Describe a situation when you had to apply some new knowledge

or skills you had recently obtained. What was the knowledge/skill?
How did you use it? What was the outcome?

■ Describe a work situation where you needed to seek help from

others. Who did you ask? What was the outcome?

■ Tell me about any customer-service roles you have performed (at

work or outside work, e.g. community service). What did you think
of this job? How did customers respond to you?

■ Describe a ‘problem’ customer you had to deal with. What was

the problem? How did you deal with the situation? What was the
outcome?

■ Describe a situation where you were in a work team and a problem

arose within the team. What caused the problem? What did you do
about it? How was the problem resolved? By whom?

■ Describe a situation where you worked closely with someone

at a higher (or lower level). How did you feel about the work
relationship? What was the outcome?

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■ Describe a work situation when someone else misunderstood what

you said or did. How did you attempt to clarify the matter? What
was the outcome?

■ Describe a situation (work or otherwise) when your listening

skills were required. How did you use these skills? What was the
outcome? How could you apply these skills in the workplace?

■ Describe a situation (work or otherwise) where you kept

persevering with a task after others had given it away. Why did you
persevere? What was the outcome?

■ Describe a situation (work or otherwise) where you had to take the

initiative and do things a different way. What did you do? What was
the outcome?

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