Amid continuous bleak predictions about the number of older advisers the Financial Adviser Standards and Ethics Authority’s (FASEA’s) reforms will push out of the industry, Mentor Education’s founder, Dr Mark Sinclair, says there will be demand for them to work as industry coaches and mentors.
Sinclair said the industry would need the expertise and skills of mature advisers to fulfil new and emerging roles in a post-Future of Financial Advice and post-Royal Commission era.
“The emergence of the financial planning professional coach and mentor discipline to facilitate business improvement as a career pathway is already well and truly underway. Mentor can attest to this based on the number of enquiries and enrolments being received in leadership, management and coaching qualifications,” Sinclair said.
“Another coaching and mentor career opportunity to arise will be derived from FAESA’s Professional Year requirement for new entrants before they can provide personal financial planning advice to retail clients.”
Sinclair warned, however, that there would be no “revolving door” for advisers wanting to become mentors, saying they couldn’t simply retire as an adviser on Friday and return on Monday as a mentor.
Rather, “industry, business knowledge, know-how and expertise need to be structured and delivered within a framework to facilitate the best outcomes for the client mentee and mentor/coach/supervisor,” he said.