Professional Investment Services (PIS) plan to bolster its investment in training, to secure a pipeline of financial planners for its boutiques.
The Queensland-based firm will pour over $1 million a year into education to boost the number of courses offered, PIS chief executive Robbie Bennetts said.
The money will also be used to continue operation of existing courses such as "Launch" for RG146 compliant students and "Insight" for financial planning trainees.
PIS' paraplanning school is also to commence operating in July.
"We have worked diligently to put systems in place to ensure we have well-qualified staff coming through our pipeline," Bennetts said.
Graduates who have been through PIS training can save practices around $64,000, Bennetts said.
The group hired education manager Warwick Glaves over a year ago to attract undergraduates interested in financial planning.
"PIS identified the need for ongoing training and better dialogue between our company and universities many years ago," Bennetts said.
St George Bank-owned Securitor has also announced plans to launch a paraplanning academy in response to the shortage in the industry.
National Australia Bank also seems to be setting the foundation for an adviser academy by developing a curriculum and hiring former Godfrey Pembroke managing director Mark Rantall as the dean.
Australian Financial Services Group (AFS) revealed in 2007 that it started its academy as a means to secure paraplanners for its practices amid a fierce labour market.
