Typical Career Progression
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|
Position
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Remuneration
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Experience
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Education
|
|
Start Position
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Graduate Trainee
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$ 30k to $40k
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0 Years
|
Degree
|
|
1st Promotion
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Associate Investment/Financial Advisor
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$40k to $50k + incentives
|
2 Years
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Part way through FPA Diploma or equivalent
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|
2nd Promotion
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Financial Planner or investment advisor
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$50k to $70k + $105k to $155k OTE
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3 to 4 Years +
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Completion of Diploma Financial Planner or equivalent
|
|
3rd Promotion
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Senior Financial Planner or Investment advisor
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$60k to $80k $155k to $210k OTE due to growing client base.
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5 Years +
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Ongoing Certified Financial Planner requirements (optional)
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|
4th Promotion
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Branch Manager
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Salary negotiable + bonus/profit share on branch performance
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7 to 10 Years
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As above + management training
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|
5th Promotion
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Director of Financial Planning/ Principal of own Financial Planning Firm
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Salary + Bonus/profit share (with possible equity ownership)
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10 Years +
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** The above table is to be used as a guide only
Typical Accountabilities & Responsibilities
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Graduate Trainee
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Assisting the team with all client related matters. Learning client management, case allocation and investment markets.
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|
Associate Investment/Financial Advisor
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All of the above but with additional emphasis on client service and delivery of advice with some delegated direct contact with clients.
Presentation skills are a must.
|
|
Financial Planner or
Investment Advisor
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Responsible for all client matters and outcomes regarding service administration and investment management including strategic overlay and areas such as risk insurance, and estate planning. You can remain at this level for the duration of your career, concentrating on building a large, lucrative high quality client base.
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|
Senior Financial Planner or Investment Advisor
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All of the above but a sizeable increase in number of clients to manage and size of clients with delegation of some duties
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Branch Manager
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Likely to still manage client base plus day to day management of advisors, support staff and employees; ensure compliance control and recruitment of new advisors.
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|
Director of Financial Planning/ Principal of own Financial Planning Firm
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All of the above. Less likely to manage clients directly, more likely to be strategically focused for growth of overall business.
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**The above table should be used as a guide only
Career Path Options & Employment
As a graduate, entering the workforce as a qualified financial planner, you begin as an assistant financial planner in your first years out of university. After appropriate training, you may progress to the position of a certified financial planner. After a number of years in this role, gaining experience, knowledge of the industry, and a large client base, you may be promoted Director of Financial Planning, or become an entrepreneur by starting your own business.
As a qualified financial advisor, you will be expected to build your ‘book of clients’ and you will be rewarded handsomely for doing so. Accelerated progression to more senior positions is based more on client acquisition, and retention and growth of their investments and growth of their investments than on the more standard career progression criteria.
About the Author
Neil Sutcliff
Neil has been a Private Client financial advisor since 1989 both internationally in London, then Perth and now Melbourne. He is currently a Branch Manager for ABN AMRO Morgans, a market leading global organisation formed by a merger of Morgan Stockbroking Limited, one of Australia's premier retail brokers, and stockbroking arm of European bank ABN AMRO in October 2000.
The merger created Australia's largest national full-service retail stockbroking and financial planning organisation with over 300,000 clients, 490 advisors and 840 staff operating from 53 offices in all states and territories.
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