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Want to become a financial planner
advice please


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4 replies to this topic

#1 cornflake head

Posted 04 December 2012 - 04:00 PM

Hi Everyone,  I have been thinking about becoming a Financial Planner since 2008 (right before the GFC hit - put it on hold).  I live in regional WA at the moment, but we should be moving back to a main city in the next 3 or so years.  I have a business degree in Human Resources and around six years experience in HR/Payroll etc.

I am after any advice on entering the financial planning industry, all the jobs I find online require industry experience or paraplanner experience - what counts as "industry experience"?

Also, am I better off to do my Diploma Financial Services and then try to find an employer who would support further study, or jump right in and begin my Graduate Diploma of Financial Planning with no experience (costing around $16,000).....

Any insights/advice would be appreciated!

#2 Melly23

Posted 04 December 2012 - 07:14 PM

Hi cornflake head,

I work as a Paraplanner - I work in a small financial planning firm 2 days per week and also do contract work from home.  I worked as a Paraplanner then Financial Planner from 2000 to 2003 before leaving to start my family.  I graduated with my Diploma of Financial Planning (DFP from the Financial Planning Association) at 8 months pregnant!!!

Three kids later, I found myself "unemployable" as relevant industry experience necessitated having worked for 5 of the last 8 years.  So I set about doing the Diploma of Financial Services (essentially the same as Units 1-4 of the old DFP) with Kaplan Education.  It is distance education, the only requirement being travelling to one of their offices to sit the end-of-unit exam.  However, I think you can sit that externally if you pay a fee and arrange to have an impartial third party oversee you.

In my experience, potential employers appear to focus on the actual qualification - being RG146 compliant.  Most job advertisements seem to outline they want a candidate with DFS or ADFS.  Some specify degree qualified - do you already have a business degree of some sort?

If I were starting afresh, I would probably jump in and do the Diploma of Financial Services initially.  You can either do the final four units to attain the Advanced Diploma, or you might be lucky to find an employer who supports further study.  At least with the DFS you have a starting point.

Google DFS or even have a look at the Kaplan website.  Perhaps even look at some of the major companies' websites (AMP, Colonial, etc.) because some of them offer 12 month on-the-job training type scenarios.

Good Luck  original.gif

#3 lozoodle

Posted 05 December 2012 - 05:46 AM

I worked in a wp role at a financial planning place and did my DFP through them and they paid for it. Though in the end i realised it held no interest for me and moved over to the legal industry and did wp there instead lol

But you will find a lot of places would be happy to support you doing this course.

#4 cornflake head

Posted 07 December 2012 - 12:43 PM

Thanks Melly23 and lozoodle,

I have also had a couple of replies from local banks advising me to do my DFP initially, then once I am in the industry complete further study (yes Melly I have a business degree) so would then do my Grad Dip.  So everyone concurs, that makes my decision easy, will enrol in my DFP early next year!  smile1.gif

Thanks Again.

#5 Melly23

Posted 07 December 2012 - 12:57 PM

Great to hear you've made a decision and got a plan in place.

I wish you well with your studies.  Feel free to PM me if you want to.  I also found the invested website quite helpful.  They have a specific forum for people undertaking RG146 studies.

Good Luck  original.gif




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