Attending the Striver Brimstone event in Sydney in late September, the panel discussed their career progressions and their recommendations after decades in the industry.
The event, hosted by BT and Striver, was designed for university students, graduates and career changers looking to enter the wealth management and financial advice industry.
The panellists also unpacked how they first entered the sector, the value of gaining entry-level experience, and the necessary traits to become an effective advice professional.
Taking time out
Jacqui Lennon, head of retail at Zurich Australia, said it is important not to get too bogged down in the day-to-day minutiae of work and take a broader perspective.
Lennon, who was appointed to the role in July 2022 and previously spent seven years at Macquarie Group, said she spent the early parts of her career working excessive hours and all-nighters but now understands the importance of stepping back.
“As you get more senior and people pay you for your thinking, then I need to have the time to read broadly and understand what’s going on in the industry. I need to engage with the broader world, rather than only looking at work things, or else I won’t be doing a good job.”
This need to create a work/life balance should also extend to the wider team to ensure they aren’t burnout or struggling to balance multiple responsibilities.
“Try to create a culture that encourages people to have that work/life balance, to remember they have friends and family, and make sure no one is feeling pressure to work crazy hours.”
Seek out feedback
Matt Lawler, group executive for advice at AMP, flagged the importance of seeking feedback from seniors and from peers. Lawler has worked at AMP since 2021 and will shortly be taking up a new role with Entireti after AMP divested its advice business.
He first joined AMP back in 2021 and was appointed to the advice role in July 2023. He previously led advice and mortgage broking businesses at MLC/NAB and was the chief executive of Yellow Brick Road.
“Feedback is a gift; sometimes we avoid feedback, particularly harsh feedback, but that’s the stuff that will actually help you be better and that doesn’t stop. It doesn’t matter what role you are in, feedback is always a gift. Seek it out, ask for it and act on it, then you’ll always be improving.”
Invest in yourself
Darren Whereat is the chief executive of Rhombus Advisory – the self-employed advice channel of RI Advice Group, Consultum Financial Advisers and TenFifty which recently split off from licensee Insignia Financial.
He was previously the chief of advice at Insignia, and prior to joining the licensee, he worked as the general manager of aligned dealer groups at ANZ for eight years.
“Even if you’ve had 30 years’ experience in this profession, it’s very dynamic and moves so quickly that you learn new stuff everyday. I’d encourage you to invest in yourself because you are able to share that with your clients and create a better experience for them, and you will gain greater confidence.”
With this in mind, Whereat is a certified financial planner and has a diploma in financial planning from Deakin University.
Finding a mentor
For Kelli Willmer, executive general manager for wealth APAC at Iress, she appreciated insights from a helpful mentor. Willmer initially began her career at Iress before moving to BT Financial Group for three years, and then returned to Iress in a senior capacity in 2015.
“I would surround myself with the right people and make sure I had a mentor early. I didn’t get a mentor until later on and went through a phase of having four of them who gave me advice in different areas that have supported my career.
“These people lift you up, they get you into places and in front of people, and get you opportunities that you might not be able to activate yourself.”
Develop your emotional quotient
Emotional quotient or emotional intelligence is the ability to understand, use and manage emotions in positive ways to relieve stress, communicate effectively, empathise with others, overcome challenges and defuse conflict.
Lawler said: “Emotional quotient is so important in this profession. Listening to people and how they are feeling, what’s concerning them, because sometimes what’s unspoken is the biggest issue. IQ is important, but it’s almost the ticket to the game; then EQ is something to invest in.”
Research by Morningstar has found the joint top reasons for people seeking financial advice are client discomfort with their own finances and specific financial needs. This is followed by behavioural coaching, recommendations, and the quality of relationship in fifth place.
“It is notable that four out of the five categories that people seek an adviser are emotional reasons,” observed Ryan Murphy, head of behavioural insights at Morningstar.
“Soft skills are some of the most valuable in the advice process, but it’s more than just intuition. We can use hard science to better understand investors and how best to engage with them. The value of an adviser is evolving and the job is becoming less and less about investment management and more about investor management, so anything you can do to enhance your skills in that area will be useful.”
Embrace individuality
Finally, Zurich’s Lennon added it is important for people to be themselves and not fall foul of groupthink.
“Lean into who you are rather than trying to hide your individuality because you are the only one who has had that background, who has read the books, and has that life experience. So make sure you bring that into the workplace with you because the strength of your perspective, along with others, gets a great outcome compared to everyone trying to be the same; that’s a disaster.”
