Financial Planning Career

 

How do I become a Financial Planner?

 

It does not matter if you are at the very start of your career or working your way towards the end of it - making the choice to become a financial planner can be a very rewarding experience.  If you have the technical ability to be able to understand financial strategies, as well as a personal willingness to help others, then there is little stopping you from becoming a great Financial Planner.

As a first step, you need to be educated up to a level that is firstly required by law, and then be prepared to continue that education to ensure that your Financial Planning skillset grows as your career progresses.  The initial education courses are designed to:

  • Provide the knowledge, skills and qualifications for you to become a financial planner
  • Help practising financial planners maintain their credentials
  • Keep financial planners up to date with the changes affecting the sector
  • Provide a pathway to CFP® certification.

Education and qualifications needed to become a financial planner


You will need to comply under ASIC’s Policy Statement (RG) 146 which has set a minimum requirement to become a financial planning practitioner.  This was formerlly known as PS146.

This can be met by the successful completion of a training program that provides the knowledge, skills and integrity requirements of ASIC RG 146, and can be achieved by undertaking the Diploma of Financial Services (Financial Planning).  After obtaining your DFS, you can then go onto complete your Advanced Diploma of Financial Services (Financial Planning).

To then retain your representative status with an AFS licensee, it is necessary to undertake Continuing Professional Development (CPD) on an ongoing basis.

To achieve the internationally recognised CFP® Mark, practitioners must then undertake and complete the CFP Certification Program. In line with FPA’s continuing efforts to raise professional standards in financial planning, an undergraduate degree is required for entry to the CFP Certification Program.  The CFP program is dependant on what your future aspirations are for being in the industry, so while it is the right pathway for some, it may not be appropriate for others.

Are you the right person to be a Financial Planner?

If you’ve got the following attributes then you should definitely consider a career in financial planning:

  • Enjoy dealing with people
  • Great communication skills and willingness to listen
  • Ability to build rapport and trust
  • Ability to network and build long-standing relationships
  • Attention to detail
  • Well organised
  • A genuine desire to help people have a better future
  • Willingness to learn
  • Being honest and ethical

If you fit this description, and love the sound of working with others to help achieve a more prosperous future, then maybe Financial Planning is the right career option for you.

Financial Spectrum is a Principal Member
of the Financial Planning Association
of Australia (FPA)