St George Bank will target teachers with the lure of higher salaries in a drive to employ more financial planners.
St George is working on implementing TAFE-style apprenticeships within its Asgard Wealth Solutions, Advance and Securitor dealer groups to grow planner numbers on the back of a chronic industry-wide skills shortage.
An academy for trainee planners is expected to take in its first students in October next year.
It would be based on the model of a TAFE college, where students study and complete work experience modules to gain both theoretical and practical experience.
This approach would bridge the gap between academic study and learning on the job, St George wealth management head of distribution and sales Wayne Wilson said.
“It’s not too difficult to learn how to become a financial planner,” Wilson said.
“It’s academic rigour; it’s not rocket science.”
ANZ is considering a similar scheme to grow its planner numbers.
In a parallel development, the FPA is trying to get a work experience project up and running in conjunction with dealer groups and the New South Wales Government.
Wilson said Asgard planned to attract teachers to the profession because they had the right skills to become good advisers and would earn more money by changing careers, Wilson said.
“Teachers [are] high quality but they get paid a pittance,” he said.
The bank is also interested in recruiting people working in hospitality, service and human resources industries, who have the soft skills needed to be a successful adviser.
“There are people we feel have the skills set that would lend them to this space,” Wilson said.
These skills include knowing how to sell products and conduct interviews with clients.
The initiative is one of several training projects within the bank’s booming wealth management businesses.
In August, the group’s business development managers will learn how to use a new in-house practice management training manual, Business Torque.
“Business Torque is an encyclopaedia that explains to you what practice management is [and] how to be a fantastic financial planner,” Wilson said.
The manual is designed for new, developing and mature businesses and includes online learning and multimedia components.
The bank has enlisted external specialists to help practices with questions they have about how to improve practice management, such as succession planning, human resources and maximising productivity.
Planners will be briefed on the tool at upcoming professional development days this year.
Some non-aligned boutique practices would also have access to the manual, depending on how close their relationship was to the bank, Wilson said.
