What You Need To Succeed In Financial Planning

Apr 26, 2018 |

Becoming a financial adviser or planner isn’t as straightforward as it once was. While this used to be a field easily accessible for those with minimal qualifications, it now takes a great deal of training and licensing to meet the requirements set down by Australian regulations. This is, of course, understandable, given the significant role that financial advisers play in peoples’ lives, and the importance of the work they do. If you want to have a successful career in financial planning, make sure you follow these steps.



Understand the current industry.

The financial world evolves rapidly, so it’s crucial that you’re up to date on the latest market trends and technological innovations before you begin your path to becoming an advisor. If you’re going to lead people into a stronger financial future, you’ll need to know exactly what’s going on in the industry. Innovative solutions like automated investment service software can make your role simpler and allow you to provide more accurate advice to your clients – so being aware and up to date on these developments will ensure that you’re able to do the job well.

Get the right educational qualifications.

Because advising others on their finances requires a great deal of personal knowledge and a strong contextual understanding of the business world, you will need to get specific qualifications in order to become a qualified financial planner. If you’re planning to study to get a Bachelor’s degree then a degree in Business with a major in Accounting can be a great start. If you’ve already studied at an undergraduate level but didn’t major in this field, then you can also study for a diploma in financial planning, and then move up to higher level diplomas to gain additional insight and understanding of your field.

Get licensed.

After you’ve got your degree and are fully certified, you’ll need to be licensed in order to start working as a financial planner. To get a license you’ll need to prove your experience level to the licensing board, and they should then grant you the relevant license so you can begin your career. You will specifically need to be licensed by an AFS licence representative or board.

Maintain a thirst to continue learning.

If you simply study for a degree or diploma and get licensed, you won’t have the ongoing knowledge required to really become an exceptional financial planner. The best advisors maintain their knowledge and understanding of the industry by continuing to grow in their field. This can be done by staying up to date on market news, industry trends, and doing consistent research to help you maintain a strong understanding of how your clients can pursue wealth and a secure financial future in the current economy. This will require some out-of-hours work, but it will be well worth the overtime.

Pursue further education.

If you want to move up in your field and have access to more senior roles at your workplace, pursuing further education to improve your understanding of financial planning can be a great way to move forward. You could undertake a graduate degree, a master’s degree, or look into more complex diplomas to prove to your employers that you’re able to tackle more responsibility in the workplace.

Posted in: finance & realestate

Comments are closed.