Why everyone wants to train in fin planning
Financial planners are increasing looking to upgrade their skills to give themselves an employment edge as the job market in their industry gets more competitive. And professionals from other sectors also are seeing the benefits of having a fin planning qualification.
Applications for AMP's Horizons Financial Planning Academy have risen from about 400 for the initial October 2007 programme to nearly 1,900 for latest one, which starts in May.
There is a fresh academy intake three times a year, but with only 26 people accepted for each course, competition for places is tougher than ever.
Most of the increased interest comes from existing financial planners who want a comprehensive training programme, says academy director Tim Steele.
"For many it seems the bulk of their training was limited to completing the Diploma of Financial Services (FP), followed by a brief product accreditation training session and on-the-job training from a senior planner."
The AMP course might also help those hoping to break into fin planning, a sector which has been comparatively unscathed by redundancies. "Many people are considering changes to their career path and investigating alternatives such as financial planning," Steele tells us.
According to the Financial Planning Association, 10% of planners will be looking to exit the industry over the next five to ten years.
"And therefore there is a growing need to encourage new people to the profession. This market gap, in addition to the growth of the superannuation and pension markets, combined with more people understanding the value of financial advice, makes financial planning a viable long-term career," adds Steele.
Candidates must first complete the RG146 qualification to be eligible for the AMP programme. An undergraduate degree, successful professional career, and a genuine interest in financial services are also desirable.
The course lasts 14 weeks and consists of on-site training at the academy in St Leonards, NSW, plus an internship at an AMP Financial Planning (AMPFP) office in the candidate's home state.
Upon successful completion, trainees become authorised representatives of the firm. "Graduates have the option to follow one of three paths: establish their own AMPFP practice, join an existing practice, or join the AMP Horizons practice," says Steele.
