We believe the financial advice industry has a job to do in five key areas to build faith in and demand for our services. The success of these five key areas will create more demand from consumers, draw more talent into the industry, help advice businesses achieve a greater level of prosperity and see an overall prosperous financial services community across the board.
Much of the future of the financial services industry is highly dependent on a new wave of talent entering the industry. The best graduates have opportunities both locally and internationally, and the advice industry is competing with other sectors to recruit the best and brightest minds.
Education, attraction and recruitment initiatives need to begin at university level, and the advice industry needs to make a concerted effort to raise awareness at tertiary levels.
We are partnering with some of the best industry associations and corporate organisations in the country to meet the 10-year challenge for the advice industry in Australia. In addition to No More Practice and Your Best Interests, we are working with CPA Australia to produce The Naked CEO, which is targeted as business students in the first year of their degree.
Delivered via multimedia (with a focus on mobile) The Naked CEO provides real insights into working and leading in the corporate sector. Decision-making is demystified and key themes are demonstrated in a practical and educational format – as opposed to theory, which most university courses are based on.
Engagement levels with The Naked CEO are very strong, and university lecturers have even started to use the content as part of their syllabus during semesters. This virtual mentoring is also supported via questions that are personally answered on a dedicated site for the program as well as on-campus events.
To successfully increase recruitment of the best and brightest talent into the advice sector, more needs to be done in the medium used by Generation Y and beyond, in a way that both engages and delivers value.
This is another example of how we can collaborate, educate consumers about the value of financial planning and increase the uptake of advice among Australians. By changing the way we educate and communicate, and by collaborating across the broad spectrum of the industry, we can all truly prosper and serve Australia and take our services to across the globe.
