National Australia Bank's wealth manager MLC is spending up to $30,000 per head on training new financial planners as it tackles a chronic skills shortage.
On Friday 18 students graduated from MLC's adviser scholarship program, the third intake of students since it began three years ago.
Another 20 are currently undertaking the two-year program, which recruits for MLC's self-employed channels MLC Financial Planning, Godfrey Pembroke, Garvan Financial Planning and ApogeeFP.
Ninety-eight students have been involved to date through 25 new scholarships opened up every six months.
All costs are heavily subsidised by MLC and the outlay includes course and travel and accommodation costs.
"We concentrate heavily on the soft skills...we really try and make them understand the relationship with the client," MLC executive adviser growth and development Wayne Handley said.
"We're adding a skills set outside of the classroom."
Of the 75 per cent retention rate of students, around 90 per cent are now authorised representatives holding an Australian financial services licence.
Sixty five per cent are women, compared to the three per cent average of female advisers across MLC's planning network.
"It's a huge dynamic change," Handley said.
"It's giving the small business owner a forum to attract people from the marketplace. We've got a very stable environment; planners are not moving from dealer and licensee as they once were. We need creative means to grow our own."
The FPA has set up a future financial planners council with industry and academic representatives.
Speaking at the MLC graduation ceremony, FPA chief executive Jo-Anne Bloch said the association is looking to expand the availability of accredited financial planning courses and is looking into cadetships with tertiary providers, employers and the FPA.
Other major groups, including AMP and the Commonwealth Bank of Australia, run their own adviser training programs.
