There is an intense focus on improving the availability of quality financial advice, within the industry and by government and regulators.
The government’s reforms to the education standards for advisers is an obvious example.
The need for financial advisers who can meet this demand is compelling and it’s a driving force for us at AMP.
We believe the need for good advice will only keep growing as Australians’ financial lives become more complex and issues like the intergenerational transfer of wealth from the baby boomers to their children build momentum.
"We want to give fledgling advisers a variety of options on what kind of career they pursue."
That’s why we have launched Adviser Pathways, AMP’s new training and development program for advisers.
The program is a significant investment for AMP and demonstrates our confidence in the future of financial advice and our determination to lift standards in the sector.
It broadens and strengthens the process for educating and training new advisers at AMP.
The program will take students 2-3 years to complete and they must already have a degree approved by the Financial Adviser Standards and Ethics Authority (FASEA) to join.
While the requirement for entry is deliberately challenging, those who make it through will be employed by AMP during the program and once they graduate, will have an ongoing position at AMP if they choose, or can move into a practice in our aligned advice network, the largest and most diverse in the country.
The length of the Adviser Pathways program enables students to experience a broad range of advice roles across different parts of AMP and complete a mix of academic learning and on-the-job training opportunities. This diversity of learning approaches is also made possible by our relationship with Griffith University, which will provide the financial planning skills course component of Adviser Pathways.
We want to give fledgling advisers a variety of options on what kind of career they pursue.
Not everyone will end up giving face-to-face advice. There are many other important and fulfilling roles in the advice process that are being opened up by innovations in technology, such as AMP’s tech-enabled advice solution Goals 360 and the growing importance of phone-based advice.
This flexibility in career options is also designed to attract people who have had successful careers in other fields.
The advice industry should welcome and encourage a diversity of backgrounds and experience if we want financial advice to be in touch with a broad cross section of Australians. As FASEA approves more career-bridging education qualifications for mature aged entrants, we expect Adviser Pathways to start welcoming more of these career changers.
I’m very proud of AMP’s commitment to improving the quality of financial advice.
Advice is an exciting and rewarding career and I’m confident that Adviser Pathways graduates will be the vanguard of a new era of professionalism and integrity.
Find out more at www.amp.com.au/adviserpathways
Rod Edge is the Head of Advice Education, Capability and Careers at AMP