AMP's financial planning training school, Horizons, held its first ever competition for university students with a view to beating rivals when it comes to attracting young advisers to their ranks.
"We felt we needed to do more to engage universities and create a line between education and the financial planning industry," Horizons Academy director Tim Steele said.
The finalists were judged on their performance as "planners" in a 20-minute role-playing exercise with "clients", a quiz and a five-minute talk on the future of the industry which invariably revolved around the government's Future of Financial Advice (FOFA) reforms.
More than one finalist expressed concern over the reform package's opt-in proposal, which would require planners to forge fresh contracts with clients every two years.
"Opt-in acts as a deterrent to entering the planner workforce and makes me believe the best interests of clients won't necessarily be served," Griffith University student Zita White said in her FOFA speech.
White took second place in the AMP University Challenge, winning a $2500 AMP Bank account and a year of FPA student membership.
La Trobe University business student Michelle Walker won the top prize - a $5000 AMP Bank account, FPA student membership, professional development opportunities.
Walker's university, La Trobe, won a $10,000 grant for development of financial planning programs.
FPA chief professional officer Deen Sanders, one of six judges, said the member body had been steadily building support for the university community.
"What that means is discussing ways the profession can help students understand the opportunities in financial planning. A good and simple measure of that is there are about 500 students enrolled in university financial-planning programs right at this moment in time," Sanders said.
"It's the first time we've hit a significant level of traction with the student population, and the future looks very strong as a result."
