As baby boomers in the financial planning industry look to retire over the next five to 10 years, the Financial Planning Association (FPA) is aiming to close the financial planning awareness gap among university students who will be next to take the reigns.
According to the FPA, 10 per cent of financial planners will look to exit the industry over the next five to 10 years, placing more pressure on an already stretched industry.
FPA research shows there is a significant awareness gap about financial planning among university students.
In an attempt to prepare for a possible shortfall in planners, the FPA Future Financial Planners Council (FFPC) has tapped into the next generation of financial planners using social media technology with the launch of a new student website, www.iplan2.com.au, which will give Australian university students insight into the lives of financial planners and pathways to enter the profession.
The website is an interactive resource allowing students to view financial planning jobs online, get career advice, watch videos of key personalities, vote in polls, make comments and ask questions via blogs.
FPA chief executive Jo-Anne Bloch said the initiative would help the FPA attract graduates into the profession and enable them to plan well ahead to ensure we have future generations in place [who are] ready to provide advice to an increasing number of Australians.
“Young people are attracted to the concept of making a difference, and the fact that you can use numeracy and people skills as a financial planner.”
FFPC chair Paul Barrett said “financial planners can really make a difference in people’s lives. It is a career in which you do not just improve the financial outcomes for clients, but assist them with achieving their hopes and dreams. Engaging and interacting with the younger generation is critical to the ongoing viability of financial planning.”
