The FPA intends to raise awareness of financial planning as a profession among younger Australians, by targeting a select number of universities.
The association, through its Future Financial Planners Council (FFPC), is in discussions with 12 of the 38 Australian tertiary institutions that offer graduate or post graduate studies in financial planning.
“There are 38 universities, but there are 12 that we are focusing on, and our objective is… to develop those relationships and to get those university programs linked into the CFP programs,” FPA chief executive Jo-Anne Bloch said.
“It is one thing to have a degree in financial planning, but once you are out there practicing… we want people to aspire to CFP certification as well.”
The low level of awareness of financial planning among university students is compounded by a possible skills shortage in the next five years, Bloch said.
“Our research indicates we will experience a skills shortage… not only because of increased consumer demand, but also because 10 per cent of our more mature financial planners are looking to exit the industry,” she said.
The FFPC is also working to raise awareness of the advice industry with Generation Y and those seeking a career change, according to FFPC member Tim Steele.
“If we are competing in a space for talent… it is very clear what you need to do to become an accountant or a lawyer, it is not so clear what you need to do to become a financial planner,” Steele said, who is also a director of AMP’s Horizons financial planning academy.
The FPA and FFPC’s first initiative is the announcement of a student Blog Star, which was won by Wollongong University student Kane Piper.
As the Blog Star, Piper will be responsible for promoting the profession to a university student audience through the blogstar website.
