Amelia Constantinidis

AMP’s financial planning academy Horizons, will launch an online Masters program with Griffith University which will allow candidates to gain a Master of Financial Planning through a flexible program that combines rigorous academic training and practical experience.

The innovative new education program has been jointly developed by Horizons and Griffith University, and will offer candidates a flexible pathway to gain a university qualification and employment opportunities across AMP’s licensee groups.

AMP Horizons Director Amelia Constantinidis said the program further underpinned AMP’s commitment to the highest standards of professionalism.

“AMP is committed to delivering high quality financial advice that makes a real difference in people’s lives.

“Through this program candidates will not only achieve a qualification with one of Australia’s leading academic institutions in Griffith University, they will gain practical financial planning experience through Horizons, as well as access to employment opportunities within the AMP network on completion.

“With a flexible combination of online and face to face learning we think this will really appeal to people looking to further their career as a financial adviser and aspire to the highest professional standards,” Ms Constantinidis said.

Griffith University Discipline Head of Finance and Financial Planning, Associate Professor Mark Brimble said the program will build on the theoretical and practical base of the existing AMP Horizons program, while for individuals aspiring to become advisers under the AMP banner, the new Masters degree will offer a learning process embedded within industry frameworks.

“We are delighted to partner with AMP which allows the provision of a financial planning program that strengthens educational opportunities within industry, but is also a great opportunity for Griffith University to engage with such a reputable nation-wide company like AMP.

“The Griffith University AMP Horizons program is the perfect fit as we are both leaders in our respective fields.

“There exists two major trends in education; developing the capabilities of students to study online, plus the alignment of study programs with the industry to provide a holistic practical and theoretical framework.”

The initiative strengthens AMP’s commitment announced last month to implement a series of measures to significantly lift the bar on adviser professionalism.

The measures include a requirement that all existing and new advisers must obtain a Certified Financial Planner® (CFP), a Fellow Chartered Financial Practitioner (FChFP), or Master of Financial Planning (MFP) qualification.

New advisers must complete this qualification within five years of joining an AMP licensee while existing advisers have up to 31 December 2019.

The Masters program with Griffith University will provide an alternative pathway for advisers across AMP’s network to achieve AMP’s new education standards^[1].

The Griffith program enhances AMP Horizons’ current Career Changer Programs, which involves a 12-month structured training pathway to becoming a qualified financial adviser, as candidates can now attain a university qualification.

Horizons entry standards are already among the highest in the industry with a 10 week intensive academy course followed by a nine month supervised placement in the Horizons  practice.

AMP Horizons also has a partnership with the University of New South Wales (UNSW),  which provides eligible graduates of the Horizons Professional Year Program the opportunity to gain academic credit towards a Graduate Diploma or Masters qualification in financial planning at the UNSW’s Australian School of Business.

The Griffith and UNSW relationships are in addition to the AMP University Challenge, which aims to increase awareness of financial planning as a career choice for university graduates.  Now in its fourth year, the AMP University Challenge has seen a significant increase in student applications and universities embed the Challenge into their curriculum.

The first intake for the Griffith University course will commence in November 2014

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[1] Minimum 1.5 years full-time (for candidates with existing RG146).

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AMP wins for the Career Changer Program at the Australian HR Awards.

AMP Horizons has won the Best Learning & Development Strategy award for its Career Changer Program at the Australian HR Awards 2013, which recognise excellence in individuals, teams and companies for their outstanding achievements in people management.

The Best Learning & Development Strategy award is given to the team that has delivered the most outstanding organisational benefits by directly linking the training needs of their people to the business needs of their organisation.

AMP Horizons Director Amelia Constantinidis said the Career Changer Program was recognised as exemplary because it attracts career changers to financial planning by providing a structured pathway in to the profession, focusing on developing both technical and soft skills.

“It’s important to AMP that our graduates exhibit the highest standards of professionalism.

“In order for new financial planners to provide quality financial advice to Australians, they need more than just technical skills. They need client engagement skills and the self-belief and conviction in the difference they can make as financial planners.

“Our year-long introductory development program helps planners develop their technical skills but also the ability to interact with clients authentically.”

The Career Changer Program begins with a 10-week intense program followed by nine months of mentoring, coaching and on-the-job experience.

Upon graduation, planners achieve the official status of Authorised Representative which means they can start their own financial planning practice or join one of the hundreds that are part of the AMP network.

Ms Constantinidis continued: “Since launching in 2007, more than 600 financial planners have graduated from AMP Horizons and the program is now national. AMP Horizons wins Australian HR Award.

“A number of recent innovations contributed to the win, including our industry-first alignment with the University of NSW, which provides graduates with credit towards a Masters of Financial Planning.

“We’ve also introduced the AMP Horizons Flex Program, enabling anyone requiring flexibility to enter the industry on a flexible and part-time basis. Our first two intakes have attracted mostly women, contributing to our goal of attracting more women to the profession.”

AMP Horizons was also a finalist in the Best Employee Value Proposition category.

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The American Society for Training & Development (ASTD) has awarded the AMP Horizons Career Changer Program the 2012 Excellence in Practice Award in the category of Career Development.
 
ASTD is the world’s largest professional association for training and development.  The Excellence in Practice Awards recognise organisations that have achieved organisational goals through training and development practices.
 
AMP Horizons Director Amelia Constantinidis said the Career Changer Program was recognised as exemplary because it fulfilled both AMP’s goal to attract more financial planners to the profession and provided career changers with a structured entry into financial planning. 
 
“To attract more people to financial planning, we needed a program that embraced professionalism while exceeding the minimum regulatory and licensee requirements.  Previously, people with the potential to be excellent financial planners – but without experience – didn’t apply,” Ms Constantinidis said. 
 
“It wasn’t until our Career Changer Program was established in 2007 that those who wanted to become a financial planner had a pathway into the profession via our fully paid 12-month learning program.  At the end of the program, our planners achieve the official status of Authorised Representative, which means they can start their own financial planning practice or join one of the hundreds that are part of our network. 
 
“More than 581 people have now graduated from AMP Horizons. To our knowledge, it is still the only development program of its kind in this industry in Australia.”
 
The Career Changer Program begins with a 10-week induction followed by nine months of mentoring and on-the-job experience.  It is a blended program comprising tutorials, workshops, online learning, coaching, virtual practice, role plays, guest speakers, peer groups, panel discussions, assignments, webinars, video conferences, and teleconferences.
 
The content includes not only technical aspects of being a competent financial planner, but also develops essential soft skills using neuro-linguistic programming, filmed role plays and positive psychology.
 
Ms Constantinidis continued: “Since launching in 2007, the number of new recruits has almost tripled while the cost of the program has decreased by 17 percent. 
 
“The program has been rolled out nationally, servicing major cities and regions in Australia.  Most significantly, the program is the only one of its kind aligned with a university, which provides graduates with credit towards a Masters of Financial Planning.”
 
ASTD received 150 submissions in 2012 from organizations around the world. Nine practices have been chosen to receive awards and 30 have been selected to receive citations.

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The competition, now in its second year, invites individuals or groups of up to three students to submit a scoped advice discussion paper in response to a hypothetical client case study.  The top five teams then took part in a Finals Day at AMP in Sydney yesterday.  

This year saw the number of submissions to the competition double, with a total of 57 compared to 24 last year.  The number of students that took part increased from 42 in 2011 to 112 in 2012. 

The winning team, which comprised Nathan Nicolaou and Andrew Cavaggion, was awarded the top prize by AMP Financial Services Managing Director Craig Meller at a reception at AMP last night.  

“The AMP University Challenge has taught me a lot about where financial planning is headed and how it is evolving. You get a real sense that the changes taking place are leading to a shift from financial planners being seen as service providers to becoming a fully recognised and embraced profession.  It’s an exciting time to be involved,” said Nathan Nicolaou, a member of the winning team. 

First prize was $5,000 cash for the winning team to share, along with registration to attend the AMP Planner Conference in Brisbane and a two-day internship with the Financial Review.  La Trobe University also received a $10,000 donation to put towards financial planning initiatives. 

Two separate teams from La Trobe University also won second and third prizes respectively, which were $2,500 and $1,000 cash. 

AMP Horizons Director Tim Steele congratulated the winning team, explaining that the response to the competition, now in its second year, has exceeded expectations. 

“The student response to the AMP University Challenge has been overwhelming with the uptake more than doubling in 2012.  Students across the country have really embraced this unique opportunity to find out first-hand what it’s like to be a financial planner,” Mr Steele said.  

“The students that took part in the inaugural AMP University Challenge last year set a high benchmark, but the 2012 finalists have certainly risen to the challenge. Our aspiration is that more university students will consider financial planning as an exciting and rewarding career path, having found out through experience the difference it can make in people’s lives,” Mr Steele added. 

Students from all the Australian mainland states took part, with Victorians accounting for 75% of overall submissions.  La Trobe University accounted for 57% of submissions as the Challenge is an integrated part of the curriculum and assessment for the final year subject forming the financial planning major.  Deakin University accounted for 11 per cent of submissions, followed by Australian National University (5%).  

The AMP University Challenge aims to enhance financial planning professional standards by increasing awareness of the profession amongst universities and students. It was supported by the Australian Financial Review, IFA Investor Daily and Money Management who generously donated some of the prizes. The competition was also championed by the Financial Planning Association and the Financial Planning Academics Forum. 

AMP Horizons recently launched another university initiative – partnering with the University of New South Wales (UNSW) to provide eligible graduates of the Horizons Professional Year Program with the opportunity to gain academic credit towards a Graduate Diploma or Masters qualification in financial planning at the UNSW’s Australian School of Business (ASB).

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Eligible graduates of the Horizons Professional Year Program now have the unique opportunity to gain academic credit towards a Graduate Diploma or Masters qualification in financial planning at UNSW’s Australian School of Business (ASB). 

AMP Horizons Director Tim Steele said AMP is delighted to offer financial planners who graduated from AMP Horizons a competitive advantage by providing them the option of undertaking further study. 

“The partnership between AMP and UNSW highlights our mutual commitment to increasing standards of professionalism for financial planners.  

“The initiative – which we’ve called University Pathways for Horizons Alumni – creates a timely and cost-effective way for Horizons alumni to study towards becoming a Certified Financial Planner® professional,” Mr Steele said. 

The Financial Planning Association will require new members to be degree-qualified by 1 July next year.  Financial planners are already required to hold an approved Degree or Masters as a minimum for entry to the CFP certification program.

Professor Alec Cameron, Dean of UNSW’s Australian School of Business, said that UNSW is one of only a few Australian Universities offering postgraduate level financial planning programs recognised by the FPA.   

“ASB is delighted to be partnering with AMP Horizons to increase the professionalism of the financial planning sector and provide planners with life-long education.  This is timely given recent regulatory changes and it is an excellent example of industry and universities working together to meet changing sectoral needs,” Professor Cameron said. 

AMP Horizons graduates may formally commence study in the aligned UNSW Degree and Masters programs from Semester 1, 2013 or they can begin study early by entering one or two Summer Term courses.  Those interested should review special entry rules, which vary depending on the level of attainment of each graduate and on the different courses available. 

“This is something graduates of Horizons have been interested in for some time.  It’s envisaged planners will complete their studies part-time while maintaining their full-time financial planning commitments,” Mr Steele added.

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The Flex Program is for qualified and partially-qualified candidates not able to commit to Horizons’ 10 week signature program and full-time schedule.  It comprises formal learning and workplace development, culminating in official status as an AMP Representative. 

AMP Horizons Director Tim Steele said the Flex Program will meet growing demand for flexible hours while studying and then entering the workforce – particularly for women wanting greater flexibility.   

“Research shows there’s been substantial growth in part-time work over the past 50 years across the board.  Women constitute most of this growth, and they comprise three-quarters of part-timers in Australia today, but they perceive the financial planning industry is not offering the flexibility that many need[1]. 

“This program aims to encourage more women into a profession where they are significantly under-represented by offering part-time study and then part-time work as they establish their careers – and in general, anyone seeking to combine a greater work/life balance with an exciting and fulfilling career,” Mr Steele said. 

AMP Horizons Flex Program Overview
Piloting in Brisbane, Melbourne and Sydney, the program comprises of formal and workplace learning, involving:

• Weeks 1-2: Two weeks full-time residential study at AMP Horizons in Sydney (must have completed two modules of Diploma of Financial Services/RG146 compliance at this point).
• Weeks 3 – 7: Five weeks part-time practice placement at Horizons Financial Group in candidate’s home region, including structured learning and practice manager observations and mentoring.
• Week 8: One week full-time skills assessment lab at AMP Horizons in Sydney to attain Representative status (must have completed Diploma of Financial Services/RG146 compliance at this point).
• Weeks 9 – 20: 12 weeks part-time Associate Planner placement in Horizons Financial Group in home region, with first client contact established under the guidance of practice managers.
• Further 7 months : Full-time or part-time professional year as Representative.

 The first intake of the new program will start on 29 October 2012. 

For further information or to apply for the AMP Horizons Flex Program, please click here.

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So far this year 41 teams have registered for the competition. The competition has been expanded in 2012 to cover both semesters. Submissions for semester 1 are open until 18 May.

“One of the aims of the AMP University Challenge is to increase awareness of financial planning as a career choice. That’s why it is open to students from any academic discipline. But for those currently studying a degree in Financial Planning, it enables them to put their theoretical knowledge into practice, an opportunity that both students and universities value,” said Director AMP Horizons Tim Steele.

The success of last year’s competition has seen universities actively encourage students to take part in the Challenge this year.

Lecturer in Financial Planning, Griffith University, Julie Knutsen said: “The AMP University Challenge gives students a great opportunity to develop critical thinking capabilities in a real world financial advice context. The competition emphasises quality advice and it’s pleasing to see universities and industry partners such as AMP working to strengthen the skills of our graduates and the next generation of professional financial planners.”

La Trobe University students who entered the competition last year gained credits towards an assignment for the Capstone financial planning subject and the University is encouraging all financial planning students to take part this year.

“The practical experience gained from the AMP University Challenge complements our financial planning courses and the work-based learning approach that we integrate into our curriculum. A third of all students took up the challenge last year and we would like all our students to participate this year,” said Marc Olynyk, senior lecturer in Financial Planning, La Trobe University.

“With a first and a third prize secured last year by our students, the ability to network and present their work to leading industry professionals was a valuable learning experience for the students,” Mr Olynyk added.

The AMP University Challenge gives students the opportunity to win up to $5,000 for the team or individual, registration for the Brisbane 2013 AMP planner conference, $10,000 donation towards financial planning related initiatives for the team’s university and other prizes. Five finalists will be invited to attend Finals Day at AMP offices in Sydney in October.

The AMP University Challenge is in its second year and provides students with the opportunity to find out first-hand what it’s like to be a financial planner. Last year’s competition saw entries from all Australian mainland states, including the University of Melbourne, University of Western Sydney, Queensland’s Griffith University, La Trobe University and Monash University in Victoria.

The competition is supported by the Financial Planning Association (FPA) and Financial Planning Academics Forum. It aims to enhance financial planning professional standards by increasing awareness of the profession with universities and students.

To find out more or enter the AMP University Challenge, please visit www.universitychallenge.com.au

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