Page 2 - Professional Year News Today

The financial advice profession should be embracing career changers and mature students, according to two commentators, as well as targeting those new graduates.

The NSW advice firm has acquired two advisory practices in Adelaide and one in Port Macquarie, representing its ambitious growth plans to expand across Australia.

Sleeping with a Professional Year candidate and borrowing money from clients are examples of real-life ethical breaches by financial advisers, according to a compliance expert, while a divorce may also be classed as a notifiable event.

There is room for more flexibility in the financial advice exam, according to FAAA chief executive Sarah Abood, and the organisation is advocating for this to be improved to prevent delays for new entrants.

With financial advisers on the government’s skills shortage list this year, could an influx of advisers coming from overseas help to bolster these numbers and how difficult is the transition?

Many advice practices believe that taking on Professional Year advisers will drain resources. But forward-thinking firms are putting them at the heart of their strategy to drive productivity and scale their business.

Insignia has announced net profit after tax of $51.2 million for FY23, a rise of 39 per cent from the previous year as it announces a strategic refresh with a 'client wellbeing' division.

Australian Retirement Trust is actively recruiting financial planning graduates to provide intra-fund advice and believes super funds can be a great starting point towards delivering comprehensive advice in the future.

The financial advice industry is experiencing a buoyant jobs market in 2023, according to a specialist recruitment firm, particularly in the last three months which saw healthy demand for associate adviser roles.

The proportion of candidates who passed the latest Financial Advisers Exam remains relatively steady at 63%.