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JAMIE WILLIAMSON | In Applied Financial Planning

Having steadily evolved over time, the traditional role of the paraplanner is no more. With advice practices demanding more from support staff, the benefits of outsourcing becoming increasingly apparent ... Having steadily evolved over time, the traditional role of the paraplanner is no more. With advice practices demanding more from support staff, the benefits of outsourcing becoming increasingly apparent and a constant drip-feed of financial planning software enhancements, to suggest that paraplanning is at an inflection point would be an understatement. Revered as the backbone of an advice practice's back office, paraplanning was typically seen as a stepping stone for people wanting to gain a foothold in the advice industry before transitioning to other roles. Now, it is seen as a career path in its own right with the titles of 'paraplanner' and 'associate adviser' now interchangeable. Having discussed this among paraplanners she works with, IOOF head of group paraplanning Melinda Bates says motivating factors for this are generally consistent. "They have a genuine passion for the value of financial advice, but don't necessarily want to be involved in client-facing roles. Being a professional paraplanner provides the opportunity to apply the same level of knowledge as an adviser to a client's situation without necessarily having to deal with clients directly," she says. However, paraplanners working in-house do, with their responsibilities having also evolved. From producing Statements of Advice and performing administrative tasks within a practice, paraplanners now regularly sit in on client meetings and update model portfolios. "The role of the paraplanner has become increasingly integral to the success of financial advisers and their businesses. They are effectively implementing the advice, administration and collateral development, leaving the advisers to focus on developing client relationships and attaining new leads," Bell Direct chief executive Arnie Selvarajah says. Despite this, the Investment Trends 2017 Planner Business Model Report shows that only 59% of advice practices employ paraplanners in-house; 30% have just one on staff, while the balance employ two or more. Offering a possible explanation - and making the evolution even more interesting - is the fact that it is happening in tandem with technological innovation, with the potential for complete automation of paraplanning functionality fast becoming a reality.Read more

Taking flight

JAMIE WILLIAMSON | In Applied Financial Planning

Australia's financial advice industry is evolving and new thought leaders are emerging. Here the 2017 AFA/ANZ Wealth Rising Star of the Year Award finalists share their thoughts on the future of the ... Australia's financial advice industry is evolving and new thought leaders are emerging. Here the 2017 AFA/ANZ Wealth Rising Star of the Year Award finalists share their thoughts on the future of the industry and why financial advice is the career for them. Q1. Why did you choose a career in financial advice? Karlee Hoog-Antink: I saw a career in financial advice as an opportunity to use my natural skills and enthusiasm in helping people improve their lives. I have a very honest, upfront personality and I'm also good at making people feel comfortable, so being an adviser proved to be a good fit for me. Andrew de Bono: I studied economics and applied finance at university and supported myself by working in retail, my favourite part of which was the customer service aspect. I really enjoyed speaking to people and wanted to find the perfect job where I could combine that with my passion for finance - financial advice ticked that box and I haven't looked back since. Mia Taylor: I didn't know I wanted to be an adviser, I'd never even considered it. I fell into the industry and once I learned what the job was about I thought it was great that I could actually use the skills I'm learning to help others who may not be as financially literate to learn more about the basics of money and grow from there. Sam Jewell: I finished university and didn't really know exactly what I wanted to do. One of my father's friends was a financial adviser so I bought him a coffee and asked what it was all about. I came away feeling as though this was something that I could do and see myself doing long-term. Lauren Walker: My dad's actually a financial adviser, so I was always exposed to the career, to what they did, and when I was 19 and getting my first job out of school I started working at a financial planning office and fell in love. I didn't set out to be an adviser but once I was in the industry I knew very quickly that I wanted to stay. Keats Brydon: I'd been working in the financial services industry for 15 years before jumping in head first to start my own financial advice business. My sales and marketing background really helped me shape a business that puts the client at the centre of everything we do. I'm passionate about advice, I love making new connections with people and I genuinely want to improve the lives of the people we help.Read more

Back to school: what advisers think of the new education standards

JAMIE WILLIAMSON | In Applied Financial Planning

On 9 February 2017 the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 establishing a new education and professional standards framework for the financial advice industry ... On 9 February 2017 the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 establishing a new education and professional standards framework for the financial advice industry was legislated. Under the reforms all new financial advisers will be required to be degree-qualified, to undertake a professional year and to pass an exam. All financial planners will be required to undertake Continuing Professional Development (by 1 January 2019), be subject to a code of ethics (from 1 January 2020) and pass an exam (by 1 January 2021). Existing financial planners who need to undertake additional study to meet the new education requirements will have until 1 January 2024 to do so. The Financial Adviser Standards and Ethics Authority Limited (FASEA) was established on 11 April charged with setting the education, training and ethical standards of financial advisers who provide personal advice on relevant financial products to retail clients. At the same time, the FASEA board was named and four months later Deen Sanders was appointed as its inaugural chief executive. As the body tasked with deciding what shape the 'equivalent' of a degree will take and the extent to which an adviser's past experience should be considered, FASEA is yet to formalise any determinations. As such, despite the landmark amendments having passed some time ago and the level of industry support the reforms received, many of Australia's financial adviser network - particularly senior advisers - are in limbo; anxiety as to their future as a financial adviser remains dominant in their minds as they endure uncertainty around their need to undertake additional study. In the lead up to the 2017 Association of Financial Advisers National Adviser Conference on the Gold Coast this month, Financial Standard spoke with finalists of the Adviser of the Year and Excellence in Education awards to gauge how industry leaders view the new standards and exactly how they think the final requirements should look.Read more

mFund: Platform to the future?

JAMIE WILLIAMSON | In Investment

Despite having what many have described as a slow start, the ASX's mFund platform has gained considerable traction amongst investment managers since its 2014 inception, particularly in the last 12 ... Read more

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