A panel have shared how advisers can reduce fears around retention when taking on a new adviser on their Professional Year (PY).
Speaking at the FPA Professional Congress in Sydney, the panellists included a former PY candidate and two who had trained PY candidates in their firms.
The panellists were asked by a delegate how they dealt with fears that a new adviser would leave the firm once their training was completed.
They responded it was the job of the firm to demonstrate the value of their offering and show a clear career path for the adviser in the future.
Daniel Elias, associate partner at Perpetual, said: “We don’t have a format regarding retention but I can see why it’s a concern for people. It depends on what value you can provide for the PY candidate.
“You need to create a good microculture, it’s about what you can give back to them and how they can progress their career.”
Ben Donald, managing director of Austbrokers, said PY candidates differed from other staff as they were highly motivated to complete the program and gave a high return on investment (ROI).
“If you put in the effort then you will get it back in spades compared to other staff members as they are so motivated.
“They are people who are highly motivated to improve their career and want to invest in themselves, it takes work at the beginning but they will learn lots quickly and the ROI is huge.
“Some companies are throwing money around but you can defeat that with the culture you offer as people will stay where they are happy. Money isn’t everything.”
He added PY was suitable for all candidates, regardless of their age or career background, as the industry was in high demand thanks to an ageing population and people shouldn’t feel this was a mark against them.
Michael Baldry, financial adviser at BFG Financial Services, who completed his PY in 2021, recommended a candidate sought experience before they graduated to give them a headstart in the industry.
“Get into the industry before you finish your studies, that gives you invaluable experience ahead of your PY. Starting before you graduate means you get the experience early.”
