Financial Planner / Financial Investment Advisers
Note: Completion of a TAFE SA course does not guarantee an employment outcome. Formal requirements other than educational qualifications (eg licensing, professional registration), may apply to some occupations.
| Job Prospects |
Good; employment is expected to grow strongly to 2014-15. |
| Salary Range |
$30,000 to $125,000 plus |
| Brief |
Self employed financial planner Adam Smith describes the euphoria that comes with his occupational territory: ''I get a real buzz from taking someone who is in financial disarray and helping them to take charge of their financial affairs".
There are currently around 2,400 financial investment advisers employed in South Australia. Employment is largely full-time and most work in the finance and insurance industry. Most persons in this occupation are male and most are employed in the Adelaide metropolitan area. Financial Investment Advisers and Managers have a median age of 42. |
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TAFE SA courses that may be relevant for: Financial Planner / Financial Investment Advisers
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Introduction
Whether you're anxious about where to invest your savings, how to fund your children's education or your retirement, a financial planner can help you. A financial planner will interview you to develop an understanding of your needs and goals. They will assess your requirements, your current financial strategies and work with you to develop a customised financial plan to meet your needs.
A good financial planner needs to develop a relationship of trust with clients, who are required to disclose highly personal information related to their assets and liabilities, their earning capacity and their personal lifestyle requirements.
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Education Requirements
Bachelor degrees in commerce and economics are also relevant to this occupation. These courses are available from all universities in South Australia. It is recommended to take tertiary degrees to a postgraduate level.
Flinders University offers the following courses: Bachelor of Commerce (Accounting/Finance), Bachelor of Commerce/Banking and International Finance, Bachelor of Business (Business Economics).
The University of Adelaide offers a Bachelor of Commerce, Bachelor of Economics, Bachelor of Finance degrees.
The University of South Australia offers a Bachelor of Commerce and a Bachelor of Finance degrees.
The Australian Securities Institute of Australia offers a number of post graduate courses in financial planning. They also offer a program on financial planning principles and practice. This course provides credit towards the FPA Diploma in Financial Planning.
As people with a background in finance or banking may move into this occupation, there are a number of other relevant courses available from TAFE and other private training providers. TAFE SA offers a Certificate II and III in Financial Services, and a Certificate IV, Diploma and Advanced Diploma of Accounting.
Career Path
It is a large occupation with good employment prospects. Once experience has been gained, opportunities for advancement are also generally very good. However, entry to this career is highly competitive. Those wanting to be recruited by the top firms need to demonstrate a strong academic background. It takes some time to gain the experience required for advancement, and many firms demand specialised qualifications or relevant experience.
While there is an increasing demand throughout the country for financial advisory services, banks and other financial institutions are increasingly focusing their dealer functions in their head offices, usually located interstate.
Industries
Finance and Insurance, Property and Business Services
Nature of the Job
Before making recommendations, planners will look at a variety of ways of meeting each client's financial needs. These might include different forms of investment, a range of insurance policies, superannuation plans, or taxation planning strategies. Most financial planners are usually linked to a specific set of insurance or investment products. Once they have obtained the relevant information they require from their clients, they may use computer packages, developed by these companies, to determine which provider best suits their client's needs. Independent financial planners, on the other hand, are not affiliated in this way. They do not receive commission from the company they recommend, but instead receive a set fee from the client.
Once a financial planner has prepared a recommendation, they meet with their client to discuss possible options. If the recommendation is what the client is looking for, the planner will complete any necessary paperwork and finalise the agreement with the client. ''The hardest part of the job is trying to find the best solution to someone's financial problems. Communication and interpersonal skills are a must for this occupation. The ability to understand where the client is coming from is really important here. If you cannot communicate with your client and understand their individual needs, you will not be able help them,'' says Adam.
Typical Physical Working Environment
Financial advisers have a legal obligation to provide sound advice, and consequently the job has considerable responsibility attached to it. They need to have good communication skills and should be able to make accurate calculations quickly. As they would be working with software packages specific to financial planning, it is necessary that they have an aptitude for using computers. They also must be able to work independently and be able to work under pressure. Considerable research is involved in this occupation, as such they need to have a strong interest in the financial market and have good analytical skills.
Typical Occupational Example
Employment can be sought with banks, insurance and investment companies, accounting and legal firms, financial dealers and stockbrokers. There are also good self employment opportunities for experienced financial planners, however they need a large network of clients, extensive experience in the finance industry, and a detailed knowledge of running a small business. As much of a financial planner's work involves mathematical calculations, they must have very good skills in this area. New computing programs have made it easier to undertake some of the necessary financial modelling, so it is now necessary to have strong computing skills. There is a high demand for skilled financial planners in Western Australia. As people become increasingly aware of the importance of financial independence, more and more people, including those on average incomes, are requiring advice on how and where to investment their money.
Earning Potential
According to the Financial Planning Association, the starting salary for a financial planner is $30,000 and this may go to $125,000 or higher per annum. Independent planners or those who are self employed or manage a business, can earn more. However, to attain these higher rates of earnings requires many years of experience.
Further Information
For further information about all TAFE SA Courses, phone 1800 882 661 or enquire online