How to become a Financial Planner

Financial planners develop and implement financial plans for individuals covering all areas of finance, including taxation, retirement, superannuation, insurance and estate planning.

Personal requirements for a Financial Planner

Good communication skills
Able to work under pressure
Aptitude for research
Good with numbers
Analytical and planning skills
Interested in the financial market

Education & Training for a Financial Planner

To become a financial planner you usually have to complete a VET qualification. As subjects and prerequisites can vary between institutions, you should contact your chosen institution for further information.You can also become a financial planner by completing a degree in finance, financial planning or financial services at university. To get into these courses you usually need to gain your Senior Secondary Certificate of Education. Prerequisite subjects, or assumed knowledge, in one or more of English and mathematics are normally required. Universities have different prerequisites and some have flexible entry requirements or offer external study. Contact the institutions you are interested in for more information.

Additional information

Depending on the specific role, you may need to be licensed or registered in order to work in this field. Any person who provides advice about financial products to retail clients must satisfy the requirements contained in the Regulatory Guide 146 (RG 146) administered by the Australian Securities and Investments Commission (ASIC). Details can be found on the ASIC website at www.asic.gov.au. Before enrolling into a financial planning course, you should contact the institution to ensure it complies with ASIC's training regulations.

Duties & Tasks of a Financial Planner

Financial planners:

Interview clients to determine their financial status and objectives, discussing financial options and developing financial plans and investment strategies
Monitor investment performance, and review and revise investment plans based on changes in the market
Arrange to buy and sell stocks and bonds for clients
Advise on investment strategies, sources of funds and distribution of earnings
Set financial objectives, and develop and implement strategies to achieve them
Assist clients in meeting superannuation compliance requirements
Direct the collection of financial, accounting and investment information and the preparation of budgets, reports, forecasts and statutory returns.

Tasks

Monitors investment performance, and reviews and revises investment plans based on modified needs and changes in markets.
Interviews prospective clients to determine financial status and objectives, discusses financial options and develops financial plans and investment strategies.
Sets financial objectives, and develops and implements strategies for achieving the financial objectives.
Recommends and arranges insurance cover for clients.
Arranges to buy and sell stocks and bonds for clients.
Advises on investment strategies, sources of funds and the distribution of earnings.
May refer clients to other organisations to obtain services outlined in financial plans.
Manages funds raised from personal superannuation savings policies and unit trusts.

Employment Opportunities for a Financial Planner

Entry to this career is competitive. Firms usually recruit applicants who can demonstrate a strong academic background. It takes some time to gain the experience required for advancement, and many firms demand specialised qualifications or relevant experience.Financial planners work in financial planning organisations, banks, building societies and other organisations within the finance and investment sector.People in this occupation have a legal obligation to provide sound advice, which means that the job has considerable responsibility attached to it.

Specializations

Stockbroker

A stockbroker buys and sells stocks and bonds on behalf of clients.

Financial Planner

Financial planners develop and implement financial plans for individuals covering all areas of finance, including taxation, retirement, superannuation, insurance and estate planning.

Stockbroker

A stockbroker buys and sells stocks and bonds on behalf of clients.

Average age
43
Future Growth
N/A
Gender Share
33% female
Average full-time
44 hours
Weekly Pay
N/A
Skill level rating
Very high skill
Unemployment
Lower unemployment
Full-Time Share
84%
Employment Size
24,000
Employment by state
ACT: 1.5%
NSW: 33.5%
NT: 0.3%
QLD: 18.0%
SA: 6.6%
TAS: 1.5%
VIC: 29.5%
WA: 9.1%
Age brackets
15-19: 0.1%
20-24: 4.4%
25-34: 26.1%
35-44: 28.2%
45-54: 22.3%
55-59: 8.2%
60-64: 5.6%
65 and Over: 5.1%
Education level
Advanced Diploma/Diploma: 28.1%
Bachelor degree: 41.5%
Certificate III/IV: 2.4%
Post Graduate/Graduate Diploma or Graduate Certificate: 19.7%
Year 10 and below: 1%
Year 11: 0.9%
Year 12: 6.4%