The expertise of older advisers will continue to be in demand by new entrants to the advice sector who will be required to work under a mentor during their first year in practice, according to an education provider.
Mentor Education Group principal, Dr Mark Sinclair said that despite the changes set to take place in the industry in the next few years “… the need for transferable skills, knowledge and business / entrepreneurial attributes will be immense, especially for professional mentors and supervisors within advisory businesses”.
Sinclair said the shift of mature age advisers into coaching and mentoring roles had already begun and would continue once the Professional Year (PY) requirement put forward by FASEA was implemented.
“The emergence of the financial planning professional coach and mentor discipline to facilitate business improvement as a career pathway is already well and truly underway,” Sinclair said, adding that Mentor had already received a number of inquiries for, and enrolments in, leadership, management and coaching qualifications.
“The emergence of the financial planning professional coach and mentor…is already well and truly underway”
Sinclair said the PY requirement would create new coaching and mentoring career opportunities as a mandated supervisory and mentoring role will be required within each advice business to ensure new entrants are fulfilling the training and practice requirements of the PY.
He warned that advisers considering this path should not view it as ‘revolving door’ transition where they leave as an adviser and return as a coach, supervisor or mentor.
“Industry, business knowledge, know-how and expertise need to be structured and delivered within a framework to facilitate the best outcomes for the client mentee and mentor/coach/ supervisor”, Sinclair said.
“An imperative for success and foundation for providing consumer confidence of coaching, supervisory and mentoring services will be the attainment of appropriate qualifications,” he said, adding the opportunity to commercialise decades of knowledge and experience will attract more advisers over the next few years.