Agricultural lender Rabo Bank has joined the ranks of large institutional dealer groups by funding a scheme to lure its employees into financial planning careers.
The bank has created new junior planner roles, known as business support officers, who receive accredited training and mentoring from senior advisers with the bank’s planning division, Rabo Financial Advisors (RFA).
Four administration staff and two external applicants in New South Wales and Western Australia have joined the program.
“That’s six more than we had 12 months ago,” RFA chief Colin Williams said.
“We’re certainly putting a lot of time and effort into their skills.”
Two more are being sought after for jobs in the bank’s growing client base in WA and Queensland.
The scheme has a heavy focus on training staff in selling life and risk insurance to Rabo’s rural clients.
St George’s Asgard Wealth Solutions, National Australia Bank’s MLC, ANZ and AMP have all launched staff training programs in the past two years to tackle the nationwide skills shortage of planners.
Last year RFA bought high-end Sydney-based advice group Mondo Financial and it is currently negotiating a buyout with another undisclosed Sydney firm.
Sydney-based adviser Phil Elliott has been hired from another position at the bank to head up RFA’s acquisition strategy.
Williams said RFA is “keen to get into the metropolitan areas” as well as the fast-growing WA regional cities of Bunbury, Albany and Geraldton.
It recently lost a bid to buy a Perth firm to a rival player.
