Financial planner- Possible career change.

Every few years I think about changing careers. Been thinking about doing a course to become a financial planner lately.
Any financial planners out there that can give some advice as to what it's really like, how many hours a week you work/weekends? Do you visit clients or they come to you? Difficult to get a job once qualified?
Read up through seek and average salary states 87k, 44 hours a week, and lower pay for the first few years.
Could you recommend any courses. Have googled info but good to hear from those in the industry.

Appreciated.

 

One of the best courses is the masters of tax (financial planning) at UNSW.

However these courses cost a fortune. You can currently get licenced by doing a diploma (RG149) but these are short courses about a week long (some stretch them out though). They may be a good introduction but you won't really learn much. Pretty soon, if not already, you will need a degree to become a financial planner - but strangely enough not necessarily in financial planning.

Once qualified you could go out on your own or work for another. It will generally be difficult to get a job in private companies unless you have something to offer such as clients that can be marketed too. Banks are probably the safest and easiest for getting you first job and experience. However your formative years in planning will influence your outlook and you will become standardised like all the other uncreative financial planners out there. You will also become a salesman - which is not necessarily bad, but you have probably seen those who can sell but lack skill and knowledge.

Going out on your own is possible but it will be extremely costly. About $20k per year for licencing alone.

 

excellent feedback Terry, thank you. The uncreative standardised planners is what I don't want but might need to start somewhere. Can you get around the 20k fee per year? That's a killer fee

 

It is a killer fee. I think there are some licencing groups which have a commission split model. But it is still going to cost you a fair bit with insurances and CPD point training etc.

 

What tertiary education do you have? If you do not have a relevant degree, you will need one in the near future to be a FP.

Overall it's a reasonable industry with a lot of variation, depending on what type of advice you want to do.

 

Nothing relevant to finance Corey. Appreciate the feedback

 

Been calling around and a little lost with info. So if I do the online dimploma Rg146 course (Diploma of Financial Planning - Monarch Institute $1575 online or $3150 face to face course)
I can legally give advice and work in the industry. I have 2 years to complete but could finish it in 3-6 months if I really wanted too. Can't believe that's enough to give financial advice to people, that's crazy.

Was told 70% of the industry use X Plan, they have a course available on this, $950 worth doing?

And read that I will need a degree I believe in 2019 and beyond as the rules are changing. So is it worth doing the dimploma now, I wouldn't want to go ahead then find out that everything I did is now obsolete.

Kaplan professional also have a similar course to monarch, does it make real difference where you studied when applying for positions?

 

You won't be able to legally give advice. You will be qualified (in the legal sense), but you will still need to be licensed.

if you don't have a degree then maybe you should consider a diploma that can give you credit towards a degree later if you choose.

 

Hi Barny,

I have been a planner for 16 years now. I hope i can provide some info to your questions based on my experiences. Feel free to PM me if you have any more questions.

I work a pretty average week these days however you should expect to be out 3-4 nights per week seeing clients. Of course this comes down to how much you want to earn, and what type of firm you work for, but if you are not prepared to get out in front of clients after hours you wont make it far.

Both. Be prepared to travel. I dont mind getting out to people's houses. You get a better idea of who you are dealing with and people are often more comfortable in their own environments.

Neither can I. Its a f**king joke! However the simple answer is RG146 is the most you will require for most licencees still these days. That is changing though - AMP now has a requirement that new planners are working to or have tertiary (or related) qualifications to work under their licence.

I dont believe xplan is that popular. In my experience Coin is mainly used. In answer to your question though, no this course is not worth doing. Any good firm will provide the necessary training in this area specific to how they utilise the software in their business.

The diploma is your starting point. There are a number of courses available now that will give you a degree standard qualification however without RG146 you wont get past start.

No difference what so ever which provider you go with however Kaplan is the most popular out there.

Again, just drawing on my experience, you might need to consider starting out as a paraplanner in a firm to gain some financial planning experience. This is unless you have the ability to source your own clients.

Hope this helps. While Financial Planning does get a bad press periodically due to a few bad eggs its a very satisfying job. Know your stuff, provide great service, look after your clients and you will be 90% of the way there.

Owen

 

Legend, will pm you soon. Thank you.

 

Careful with assuming the Dip will get you there - I know most licencees are not taking new to industry entrants without an aligned degree, those who are already in the industry have a grace period to get it within the next few years (waiting on the govt to decide when).