CFS partners with Striver to support long-term sustainability of the financial advice industry

From

Bryce Quirk

Colonial First State has partnered with graduate coaching and training service Striver to support the long-term sustainability of the financial advice industry.

Striver launched as Grad Mentor in 2013 and has since placed hundreds of students and fresh graduates in jobs in the financial planning profession.

Through the partnership with Striver, CFS will help provide university graduates with the connections, education, mentoring and support they need to get the best possible start in their career.

The collaboration will also seek to attract young people into financial advice over comparative careers such as accounting, law, IT or other professional services – making financial advice more accessible to all Australians.

The CFS Striver partnership follows a recent Adviser Ratings survey which revealed only 28 per cent of students enrolled in tertiary financial planning courses eventually work for a financial planning firm.

Bryce Quirk, Head of Advice Relationships at Colonial First State, said: “To thrive long-term and service the growing need for advice from Australians, we have to compete for talent and increase capacity by attracting more graduates to the advice profession.

“There is a fundamental lack of awareness among students and graduates about the benefits of working in financial planning and helping improve people’s financial wellbeing. As an industry we need to work more closely with universities to build interest among students. There are approximately 100,000 accounting students enrolled nationally – that represents a huge pool of talent.

“Our goal is to drive more graduates and more people into the financial planning industry. The more we support high-quality talent to enter the advice profession, the more the sector will thrive – delivering better outcomes for people seeking financial advice.”

Commenting on the CFS partnership, Striver CEO and founder Alisdair Barr, said: “Through the partnership with CFS, we want to bring greater awareness of financial planning as a career path in order to attract substantially more talented graduates to the advice profession.

“CFS is an attractive brand and has the tools and resources to showcase financial planning to a broad group – and support advisers and young people from a grassroots level.

“The majority of advice businesses that we work for are passionate about what they do and love to see people achieve what’s important to them. But we don’t, as a collective, talk about what a great profession financial planning can be as a career.”

Striver expects to place 240 students into financial services firms over the next 12 months.

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