For those recent graduates or professionals with a couple of years experience, this may be a bit of a hard read, but I promise, I'm here to help you get closer to your goals.
Adelaide and Perth candidates, let's just imagine you were walking through Rundle Mall or Hay Street. A person grabs your attention and you engage with them. Within the first 2 or 3 minutes of talking, they ask "Hey, can you give me $15,000?". You'd laugh and think they're joking, most likely take a step back and wonder why you're being asked this. They then persist and explain that they have a good education, and they're ready to be gifted $15,000 which will help them pursue their career ambitions.
By this point I think all of us would be walking away and be completely confused, maybe even angry at this conversation. "Who is this person and why are they asking for my money when they don't know me, I don't owe them anything and what do I get in return?".
The scenario here is a little far fetched, granted, but it's actually not too dissimilar to you interviewing with a potential employer, wanting to begin a Professional Year.
On average it costs a Financial Planning business $15,000 to put you through a Professional Year. I've heard at some places it's closer to $20,000.
A lot of businesses want to hire ambitious individuals and the introduction of the relevant degree has really helped the industry find great talent, but managing expectations can be troublesome.
During interviews, it is absolutely fine to share that you have long term plans to become a Financial Planner, most likely your spirited approach will make business owners reminisce on how they felt when they joined the industry.
At Cadence Recruitment, we are selective with who we work with and you can bet if you want progression, we'll be putting you in front of a business that WILL offer progression, but managing expectations is the hard part.
Remember that scenario down Rundle Mall or on Hay Street...you're that person in an interview. Within a few minutes of your interview, you've exchanged pleasantries, you're asked about your goals and then you announce you want $15,000 / $20,000... it's just setting the rest of the interview up for failure, even if the money/PY is on the table!!
You have to think logically how you're going to impress your potential employer and how you can win the role which will ultimately lead you to a great opportunity and that almighty PY.
Think Shark Tank, nobody just walks onto the show and receives funding by simply asking for the money. The successful people on the show approach the meeting with likeable qualities, a positive attitude, a great business plan on how to achieve their goals, and explaining what they'll give back to the Sharks.
In the interview process, it's up to you to discuss your strengths and qualities and to showcase what you can add to an organisation, whilst also getting your personality across. The introduction of the Financial Planning degree has certainly made it more difficult to secure a great role, so you have to differentiate yourself from your peers.
The professional year will come. If you're lucky to be placed in a great organisation through Cadence Recruitment, the best way to progress in an organisation is to earn that progression. Turning up to work each day, getting involved in projects, continuing to learn in order to earn that PY quicker than your friends or peers.
For context and stay with me here, I'm about to start rambling...
The Financial Planning industry has changed A LOT over the past few years. The Professional Year was only introduced around 3/4 years ago.
Prior to this, with no experience you'd start in a Client Services role, learning all parts of the admin function and understanding how a Financial Planning practice works. After 2-3 years of hard work, you'd get an opportunity to become a Paraplanner or in some cases an Associate Adviser that would include Paraplanning duties.
This next couple of years was crucial for the success of a potential Financial Planner and a right of passage. If you could become a strategic adviser and you know exactly how the CSO and Paraplanning function works, the only piece left in the puzzle is becoming client facing and presenting to clients!
5 years into your career, if you were a good performer, you would finally have the opportunity to become a Junior Adviser, shadowing a Senior for probably 6-12 months before now being set your own new business goals.
So before 2019, it would typically take someone with no industry experience 6 years to become a fully fledged Financial Planner, which just shows how much expectations have changed in the past few years.
Simon Winston has been recruiting for Financial Planners since early 2016 working with the best firms Adelaide and Perth has to offer. For a career conversation, and to help set realistic expectations with a fantastic business, please get in touch.
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