The Financial Advice Association Australia’s (FAAA) Advice Academy has formally launched, assisting Professional Year candidates and supervisors to meet their education requirements.
Flagged at its annual congress in Perth earlier this month, the academy will help build and support a pipeline of new advisers entering the financial advice profession, as part of its work to ease the supply-demand imbalance in advice.
It has been developed to assist Professional Year (PY) candidates and their supervisors, as well as employers and AFSL holders, through a comprehensive one-stop shop service which responds to the need for centralised, trusted support and information.
Money Management has previously covered the challenges for both parties in the PY process with advice firms questioning whether it is worth their time and effort, especially with the risk the candidate may leave once they have completed the process.
Education provider Kaplan Professional has built structured training modules through the Art of Mentoring for both PY candidates and supervisors to help candidates meet their 100 hours of training, an online PY tracker tool to record PY hours, and access to FAAA webinars, networking events and careers support through FAAA Careers and Striver.
The learning modules can be purchased by FAAA members who are in PY or by someone who is purchasing on behalf of an FAAA member undertaking their PY. Each individual module will attract 20 structured training hours for the PY candidate. The modules will be released throughout the remainder of 2025.
The website also lists the current approved degrees for financial advisers and the institutions that provide them, as well as information on the FAAA’s Career Centre and Striver Careers activities.
Sarah Abood, CEO of the FAAA, said: “Australia is preparing for the largest transfer of intergenerational wealth in history and financial advisers will play a critical role in supporting families to manage this.
“The Advice Academy website has valuable information for career changers and future advisers who want to explore what a career in financial planning could look like. It explains why becoming a financial adviser is rewarding on many levels, shares real stories from those who have made the transition, outlines what types of roles (and salaries) are available, as well as providing a simple and engaging five-step pathway for potential financial planners. This includes a timeline of how long each step is likely to take, helping future advisers plan ahead for the journey to becoming a licensed professional adviser.”
The Art of Mentoring matches PY candidates and PY supervisors with mentors for a small administrative fee. FAAA members are encouraged to become mentors who can provide guidance, support and real-world advice. As well as being able to give back to their profession, mentors can build their own connections and learn from their mentees. There are no fees charged to mentors.
The FAAA PY tracker tool is free to members and an easy way for PY candidates and their supervisors to log hours throughout their PY program.
The FAAA’s Advice Academy is currently supported by Gold sponsors: Xplan, WT Financial Group, Zurich Assure, HUB24, AMP, and Vanguard, and Silver Sponsor Australian Retirement Trust. Inaugural Advice Academy Gold sponsors will play a crucial role in the future development of Advice Academy.
