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Financial advisers are in demand. Luke Rathborne CA, managing director of Fortitude Private Wealth, has seen his business grow by 10% in the past six months.

“In part, the rise in demand is the result of the 2019 reforms,” he says. “These made huge changes to education, ethical requirements and the level of scrutiny, which saw many less-qualified advisers leave the profession. In five years, the number fell from about 28,000 to under 16,000.”

At the same time, there’s a rise in potential clients.

“The Australian Bureau of Statistics has reported that around 710,000 people intend to retire within the next five years,” says Rathborne. “We’re also heading into the massive intergeneration transfer of wealth predicted to hit over A$5 trillion over the next 20 years. These are the times in people’s lives when many will seek financial advice.”

It’s not surprising that since the Hayne Royal Commission shone a spotlight on poor-quality advice many consumers have become more cautious. The CA Financial Planning and Advice Specialist designation can reassure them by confirming your deep expertise, high level of education and professional experience. 

So, what does it take to achieve this valuable accreditation?

The pathway to qualification

Before applying to become a CA Financial Planning and Advice Specialist, members must meet licensing, education and experience requirements. 

“You have to be authorised to provide financial planning or advice, which means being listed on the ASIC Financial Advisers Register,” says Vicki Adams CA, a director at Saward Dawson, where she provides tax-effective financial and investment advice.

Typically, this will require:

• An approved bachelor’s degree

• A pass in the financial adviser exam 

• At least four years’ practical experience within the past 10 years 

• Employment where at least 40% of your work relates to financial planning and/or financial advice

• At least 40% of your CPD relates to financial planning or advice.

Once your application is accepted by CA ANZ, you’ll receive a certificate of recognition, access to specialist tools and resources, complimentary CPD and networking events, a signature banner to include in your email signature, use of the specialist descriptor and promotion on the ‘Find a CA’ service.

Essential skills

Rathborne lists the four ‘C’ skills he considers essential for providing sound financial advice. 

1. Competence 

This is the price of admission. The CA Financial Planning and Advice Specialist designation is evidence of your skills, experience and education.

2. Coaching 

Many clients attach a great deal of emotion to financial decision making. By listening to their concerns and providing an unbiased assessment, you’re in effect coaching them in how to make informed decisions.

3. Convenience

These days, clients expect us to be responsive and available when we’re needed. Fortunately, technology, including AI, is freeing us up to do what they want and what we love – providing the best service for our clients.

4. Continuity 

Financial advisers develop lasting relationships with many of their clients. This continuity gives us a deep insight into their goals so, as their situation changes, we’re best placed to respond with appropriate financial advice. 

Adams also considers so-called ‘soft skills’ as fundamental to success in this specialisation.

“You really have to be a people person,” she says. “You need good listening skills, so you can hear what they’re really saying when they talk about their goals. You also need good communication skills so you can explain what you're trying to achieve for them and why you’re making particular recommendations.”

Keeping pace with trends

Trends in technology, regulation and client expectations are all driving rapid change for financial advisers. 

“We need to stay on top of things like responsible investing and values-based planning, as well as compliance and the technologies that help us to operate more efficiently,” says Adams.

What of the benefits that come with the CA Financial Planning and Advice Specialist designation?

“I love helping people to achieve their financial goals, often over many years as they trust you to guide them through all of their life stages,” says Adams. “I find that incredibly rewarding, both personally and professionally.”

“Ours is such a wonderful profession,” adds Rathborne. “Along with the satisfaction you get from doing the job, there’s a huge personal benefit in helping people find peace of mind.” 

Learn more about becoming a CA Financial Planning and Advice Specialist here.