Meet one of Australia’s youngest financial advisers

Melbourne-based Lino Salzano earned the title of adviser at just 21 years old, and has described the process of how he got there.

Salzano told Money Management that he was one of the youngest financial advisers in Australia, challenging the perception that one must be in their 40s or 50s to work in the industry. 

Once graduating from year 12 with an interest in financial planning, Salzano completed a summer internship for the Melbourne-based advisory firm, Ascent Private Wealth.

He then commenced his commerce degree at Deakin University, majoring in finance and financial planning.

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It was during his tertiary studies that Salzano became a paraplanner for his firm, where he would later undergo his professional year alongside passing the financial adviser exam, all leading to becoming a certified financial adviser at 21 years old. 

The professional year

“I can speak so highly of it,” Salzano said about the professional year (PY). 

For those getting into the industry, the PY acted as a bridging pathway to becoming a certified adviser. The Australian Securities and Investments Commission (ASIC), which handled education and training standards for advisers, required those undergoing the year to complete at least 1,500 hours of work activities and 100 hours of structured training.

“You are still operating under the guidance of [an adviser] but if you make a mistake, it's acceptable. It’s all about gaining experience,” he added. 

The year progressively increased in responsibility, with the first quarter primarily focused on observing an adviser’s daily duties.

Quarter two allowed Salzano to speak up more in client meetings, and subsequently had to pass the adviser exam before moving on to the next stage.  

In the third quarter, paraplanners could begin taking on meetings by themselves whilst reporting back to the adviser. This would also involve conducting audits and identifying ethical dilemmas, progressing into quarter four where Salzano could completely “fly solo”, he said. 

Sitting the exam

Salzano sat the financial adviser exam in 2021, prior to ASIC taking over the administration from the Financial Adviser Standards and Ethics Authority (FASEA) in 2022.

In the lead up to the day, he completed some 60 hours of study, he said, to ultimately finish the exam with ease and still have half the time remaining. 

“It's so compliance heavy,” he noted, elaborating that a majority of the exam focused on technical questions and FASEA’s code of ethics. 

However, he added that understanding industry regulation was a necessary part of becoming an adviser. 

“The financial planning industry does need to be revolutionised, in the sense that we need to weed out all the vested interests to the extent where the clients are the number one priority.”

The pros and cons of starting young

Salzano was no stranger to the bias clients could hold towards older and more experienced professionals. 

When they would first meet him, he said, they often wondered why the older adviser hadn’t arrived yet. 

“No matter what, I accept that there will be that bias when I step into the room for the first time. As the meeting goes on, you back yourself with confidence and just show that you know your stuff and let the empirical research do the talking,” he explained. 

According to Salzano, many older advisers would traditionally work with a focus on achieving high returns and charging fees. 

“If pay is a concern, I don’t think you should be an adviser. You have to really enjoy what you do,” he continued.

“It should be a knowledge sharing relationship [with the client], because you really become a part of their life.”

Seeing clients grow in their confidence, following them on the journey to achieving their financial goals and providing peace of mind was the most fulfilling aspect of his career. 
 
“Fostering a community of clients is what I want to try and build in 20 or 30 years time,” he reflected.