Advice firm engages students with financial planning
Templeton (Aust) Financial Services is aiming to start a new program in schools to engage students with their finances and encourage them to consider financial planning as a career.
The firm said it had been concerned where the next generation of financial advisers would come from given only 250 entered the industry in 2021, according to the regulator’s Financial Adviser Register (FAR).
Templeton’s actions included taking on approved new entrant advisers, obtaining resources for students from the Financial Planning Association of Australia (FPA) and reaching out to schools in Sydney to give presentations.
Rob McCann, chief executive, said: “Our goal is to start a program for year 11 and 12 in a limited number of Sydney schools, and for students to start thinking about their own financial literacy and understand the power of investments and planning.
“We also want to create opportunities for seniors at school level – to undertake work experience with our advisers and to explore other opportunities should they want part-time work during their study period.
“Ensuring high school students understand the value of financial planning, investments and risk is paramount to getting them interested in working in the financial services industry. The industry must take steps to get school leavers interested in doing an approved university degree in financial services. All licensees need to become involved and work with the schools and, ultimately, the universities on placement opportunities following graduation.
Research by Future IM/Pact found that students needed to be introduced to financial planning at university as they were unlikely to found out about it post-graduation, particularly women.
AUTHOR
Laura Dew
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
