{"id":1679,"date":"2018-08-02T00:18:56","date_gmt":"2018-08-02T00:18:56","guid":{"rendered":"https:\/\/www.careerone.com.au\/career-advice\/?p=1679"},"modified":"2018-08-02T00:18:56","modified_gmt":"2018-08-02T00:18:56","slug":"big-opportunities-for-tomorrows-advisers-who-can-straddle-the-great-age-divide","status":"publish","type":"post","link":"https:\/\/www.careerone.com.au\/career-advice\/career\/big-opportunities-for-tomorrows-advisers-who-can-straddle-the-great-age-divide","title":{"rendered":"Big opportunities for tomorrow\u2019s advisers who can straddle the \u2018great age divide\u2019"},"content":{"rendered":"

Given that the forecasted eight million Australians shifting from the accumulation phase of their superannuation into draw-down phase will need greater financial guidance, and there\u2019s a pending exodus of advisers (average age currently 57) into retirement – there\u2019s never been a better time to contemplate a career in financial advice.<\/span><\/span><\/p>\n

Best estimates suggest that at least fifty percent of the country\u2019s 20,000-plus financial advisers will be heading for retirement over the next five to 10 years. This diaspora arguably creates untold opportunities for an army of young and promising newcomers.<\/span><\/span><\/p>\n

However, those eyeballing a career in financial advice should recognise that the latest Royal Commission into the banking sector, has only added to major trust issues plaguing the sector since the Storm Financial and a litany of other advice firm scandals. <\/span><\/span><\/p>\n

Then there\u2019s the entry issue. Up until recently, becoming a financial adviser could (potentially) be achieved in a few months, if not weeks. However, while long in the making, new minimum entry criteria is focussed on putting financial advice on a similar footing to other university trained professionals, like lawyers and accountants.<\/span><\/span><\/p>\n

The Financial Adviser Standards and Ethics Authority (FASEA) has announced that from 1 January 2019, new entrants into the financial adviser occupation will require an Australian Qualifications Framework (AQF) Level 7, FASEA-approved qualification, equivalent to a bachelor degree.<\/span><\/span><\/p>\n

While currently open to consultation, FASEA is also proposing a rigorous professional development (PD) program to help advisers maintain and extend their professional capabilities, knowledge and skills. Existing advisers – many of whom have seen their income severely reduced following the wind-up of commissions \u2013 are also required to bootstrap their skill base, and this could force many to head for the retirement door a lot earlier than they anticipated.<\/span><\/span><\/p>\n

The bottom line is the demand for advisers is expected to sky rocket by 2023, and there\u2019s still ample time for school leavers, and career-changers to qualify in time to capitalise on unprecedented demand. However, the age gulf between tomorrow\u2019s advisers and their clients is becoming increasingly wide.<\/span><\/span><\/p>\n

As a result, young people entering the industry need to second-guess whether they have the necessary people-skills to be taken seriously by clients old enough to be their grandparents.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Mind the generation gap<\/p>\n","protected":false},"author":1,"featured_media":1680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[43,135,1,42,45],"tags":[],"class_list":["post-1679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-career","category-education","category-news","category-on-the-job","category-to-stories"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/posts\/1679","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/comments?post=1679"}],"version-history":[{"count":3,"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/posts\/1679\/revisions"}],"predecessor-version":[{"id":1683,"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/posts\/1679\/revisions\/1683"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/media\/1680"}],"wp:attachment":[{"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/media?parent=1679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/categories?post=1679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.careerone.com.au\/career-advice\/wp-json\/wp\/v2\/tags?post=1679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}