(L to R): Sarah Pearson and Jordan Finch

University of Canberra students Sarah Pearson and Jordan Finch have won the finals of the 2020 AMP University Challenge and the $5,000 first prize.

The pair, who are both majoring in financial planning, came out on top in a closely fought competition on Friday.

It is the first time students from University of Canberra have won the competition in its 10 year history.

The AMP University Challenge is a national financial planning competition for tertiary students that aims to identify promising new talent and promote high standards of education and professionalism among the next generation of advisers.

The finals placings, judged by a panel of industry and academic experts, were:

• 1st place: Sarah Pearson, Jordan Finch (University of Canberra)
• 2nd place: Paige Benson (Central Queensland University)
• 3rd place: David Lautner (TAFE NSW)
• 4th place: Sarah Sheehan, Lachlan Cruickshank, Mathew Marshall (Griffith University)
• 5th place: Anuj Umesh, Ryan Ramos – Array Financials (Western Sydney University)

AMP Head of Talent & Capability Rod Edge said all the students should be proud of their achievement, having performed better than over 170 competitors from across the country to get to the finals.

“It has been a great achievement by the students just to make it this far,” Mr Edge said.

The finalists fought a day long battle for supremacy, which included a technical quiz, a mock advice interview with two clients and preparing a speech on how to make financial advice more affordable.

The finals were also a chance for the students to speak with senior advice professionals and financial planning academics and get advice on their studies and career opportunities.

The event is usually held at AMP’s Sydney headquarters, but was “virtual” this year due to COVID-19.

The AMP University Challenge is integrated into the curriculum and assessment for students studying financial planning majors at Central Queensland University, Deakin University, Griffith University, TAFE NSW, University of Wollongong, Charles Sturt University and Western Sydney University.

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The teams and individuals, representing four universities and TAFE, were selected from more than 170 submissions across the country and will now head to Finals Day on 30 October.

Now in its 10th year, the AMP University Challenge gives tertiary students the opportunity to test their skills as a financial adviser and win $5,000 if they are declared the ultimate winner.

Head of Advice Education, Capability and Careers, Rod Edge, said: “The AMP University Challenge is a pillar of AMP’s support for the next generation of financial advisers and a professional financial advice sector.”

The finalists are:

• Sarah Pearson and Jordan Finch (University of Canberra)
• David Lautner (TAFE NSW)
• Sarah Sheehan, Lachlan Cruickshank, Mathew Marshall (Griffith University)
• Ryan Ramos and Anuj Umesh Shukla (Western Sydney University)
• Anuj Umesh Shukla (Central Queensland University)

To reach the finals, the competitors had to devise a financial plan for a hypothetical Australian couple, which demonstrated that the advice took into account the pair’s circumstances and was in their best interests.

In next month’s finals, a challenging round of academic and performance-based tests will decide the winner, including competitors presenting their financial plan in a meeting with their clients.

Finalists usually compete at AMP’s Sydney headquarters, but this year the finals will be “virtual” due to COVID-19. Mr Edge said the experience would mirror that of real financial advisers as they moved to remote engagement with their clients this year to comply with lockdowns.

The first winner of the AMP University Challenge in 2011, Michelle Carroll, credits the competition with launching her on a successful career in financial advice.

“After doing the Uni Challenge it really confirmed it was the right area for me,” Ms Carroll said. “It really opened my eyes to the opportunities that were out there.”

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Ms Palliser, who is in only her second year of a Bachelor of Commerce majoring in Finance and Financial Planning, performed strongly in all of the finals challenges during an intense day of competition.

Now in its ninth year, the AMP University Challenge is a national financial planning competition for tertiary students that aims to identify promising new talent and promote high standards of education and professionalism among the next generation of advisers.

AMP Head of Education, Capability and Careers, Rod Edge said Ms Palliser impressed the judges with her energy and confidence.

“Crystal performed well in all the challenges you need to master to be a top financial adviser,” Mr Edge said.

“But it was her self-confidence and interpersonal skills that really impressed the judges and lifted her above the competition.”

Ms Palliser won despite competing on her own, rather than as part of a team. A team of students from TAFE NSW came in second in the finals, with a team from Deakin University placing third.

The finalists were tested on their technical knowledge as well as their ability to engage with clients and explain a financial strategy in a mock advice interview. They were also required to prepare and deliver a speech on the impact of technology on the future of financial advice.

The finals are also a chance for the students to mix with senior advice professionals and financial planning academics and get advice on their studies and career opportunities.

The AMP University Challenge is integrated into the curriculum and assessment for students studying financial planning majors at Deakin University, Griffith University, TAFE NSW, University of Wollongong, Charles Sturt University and Western Sydney University.

Marc Olynyk, Program Director of Financial Planning at Deakin University said: “We find the AMP University Challenge a great opportunity for our students to put theory into practice and to build their client relationship skills.”

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The top 5 entries have been selected from students around Australia to compete in the 2019 finals of the AMP University Challenge.

A record 213 students entered the 2019 competition, now in its ninth year. The competition seeks to promote emerging talent among the next generation of financial advisers and drive higher professional standards in financial planning.

Students from Deakin University, TAFE NSW, Griffith University and Central Queensland University made the final cut: two teams and three solo competitors.

AMP will now bring the students to Sydney to compete in Finals Day on Friday 25 October.

The finalists are:

• Anthony Heffernan: Central Queensland University
• Karli Tsemetzis, Anna-Maria Moldovan and Sophie Amerena: Deakin University
• Kyle Roberts: Deakin University
• Crystal Palliser: Griffith University
• Scott McLaren, Leo Su and Lachlan Darmanin: TAFE NSW

AMP Head of Education, Capability and Careers Rod Edge congratulated the top place getters, saying they had already shown outstanding talent to reach the finals.All competitors were required to submit a financial plan for a hypothetical client, following proper advice processes and convincingly showing the advice was in the clients’ best interests.

“We’ve had a record number of entries this year, so the competition has been hotter than ever to score a place in the top 5,” Mr Edge said.

Finals Day is an intense round of challenges, including a technical quiz, a formal presentation on a topical industry issue and a mock advice interview where the finalists have to present their financial plan to their client.

The winning students will share in $10,000 prize money and national recognition of their career potential.

This year the AMP University Challenge will also be the subject of an academic research project conducted by AMP and its education partner Griffith University into the influence of industry competitions on student career outcomes.

The research is led by AMP’s newly-appointed research fellow in financial advice at Griffith, Ellana Brand.

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Entry is free and there is $10,000 in prize money on offer.

Head of Advice Education, Capability and Careers Rod Edge said the competition was a unique opportunity for students to give their careers a head start in an increasingly competitive jobs market.

“The AMP University Challenge is a chance to show off your talents in front of leaders in the financial services industry and gain national recognition,” Mr Edge said.

“It could be one of the best career decisions you ever make.”

The AMP University Challenge also seeks to encourage talented, young people to consider a career in financial advice and promote high educational and professional standards.

Competitors will receive a case study of a typical Australian couple and their financial challenges and will have to devise a financial plan for their “clients” to impress the judges.

The students with the top entries from the Semester 1 and 2 rounds will be brought to Sydney to compete in Finals Day at AMP headquarters in October in front of leading industry professionals and academics.

Mr Edge said students did not have to be a financial planning major to enter, though business and finance knowledge was an advantage.

“The winner or winners of the University Challenge will have to excel in areas everyone needs to succeed in their career: presentation and analytical skills, memory, strategy and the ability to think on your feet,” Mr Edge said.

2017 finalist Clive Moyo, who is now an adviser in training at AMP, said that the competition boosted his confidence and helped launch him on his career path.

“I found it really challenging and really good fun,” he said.

Students can enter the competition individually, but small teams often have the advantage.

Team members bring different strengths to addressing the case study, and to the challenges on Finals Day, which include a technical quiz, a formal presentation and a mock advice interview.

Enter now at www.ampuniversitychallenge.com.au

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Griffith University’s Business School has appointed Ellana Brand to the newly created position of Research Fellow. Ms Brand is a senior analyst with the Reserve Bank of Australia and was the recipient of the RBA’s Outstanding Achievement Award in both 2016 and 2017.

Ms Brand will undertake research to expand our knowledge and understanding in areas such as the impact of financial advice, financial literacy, professional standards and regulatory reform.

AMP Head of Advice Education, Capability & Careers Rod Edge congratulated Ms Brand on the appointment, saying the company’s support of the fellowship demonstrated its commitment to raising standards in financial advice.

“We see the introduction of the new FASEA education standards as an important opportunity to lift the quality of financial advice and our collaboration with Griffith is central to that effort,” Mr Edge said.

“AMP believes that the demand for advice will only grow and that we must continue to develop a professional adviser force that helps our clients achieve their financial goals.”

Griffith Business School Pro-Vice Chancellor Professor David Grant said: “This fellowship provides a chance for Griffith and AMP to demonstrate thought leadership with the potential to effect real societal change, and to contribute to the overall body of knowledge that informs the activities and direction of the financial services industry.”

Scholarship programs

AMP is also funding scholarships for prospective financial advisers to promote talented individuals and assist with the costs of their study.

The AMP New Entrants Scholarship provides support for students undertaking studies in Financial Planning at Griffith University.  Up to 6 scholarships are to be awarded annually.

The AMP Adviser Academy Tuition Fee Bursary was established to encourage students to participate in the AMP Adviser Academy program. The bursaries are available to students undertaking the Financial Planning Skills course at Griffith. Up to ten bursaries are to be awarded annually.

AMP and Griffith have been pioneers in developing financial advice as a discipline at the tertiary level, launching a Master of Financial Planning qualification in 2014.

They have also developed postgraduate options to assist current advisers to achieve the FASEA standards, which are to be submitted for FASEA accreditation.

All new advisers entering the industry must have met the FASEA standards while existing advisers will have until 31 December 2023.

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David Grant

AMP and Griffith University have expanded their joint education offering to help financial advisers meet the FASEA education standards, including a bachelors’ degree, postgraduate courses for existing AMP advisers and scholarships for talented students.

AMP is also offering its advisers a free, online training course to prepare them for postgraduate study.

The Financial Adviser Standards and Ethics Authority (FASEA) has started releasing the new education, training and ethical standards for financial advisers. The standards, which will be finalised following a consultation period, give advisers and education providers clarity on the content that must be covered in a tertiary qualification for it to be approved by FASEA.

From 1 January 2019, all new advisers must have met the FASEA standards while existing advisers will have until 31 December 2023.

AMP Head of Advice Education, Capability & Careers Rod Edge said education and professionalism were key to a strong, sustainable future for financial advice.

“AMP is committed to advice and we want to ensure advisers have a clear pathway to FASEA compliance”, Mr Edge said.

“In particular, we understand that it can be challenging returning to study while running an advice practice, which is why we have built flexibility into the course programs.”

Griffith is accepting enrolments for 2019 in the new Bachelor of Applied Financial Advice, designed for future advisers. FASEA approval will now be sought for this degree.

Current advisers in the AMP network will have access to flexible postgraduate qualifications.

• The 2-4 year Graduate Diploma is for existing advisers who do not have a degree or whose degree is not in a discipline related to advice
• The 1-2 year Graduate Certificate is for AMP advisers with a degree in a related discipline such as accounting or economics who have been determined as eligible for recognition of prior learning

The FASEA standards for bridging courses will allow the content for these two qualifications to be finalised and AMP advisers will know how their existing qualifications and recognised experience will be credited. Enrolments for the Graduate Certificate and the Graduate Diploma are expected to open in early 2019 once they receive FASEA approval.

AMP and Griffith have been pioneers in developing financial advice as a discipline at the tertiary level, launching a Master of Financial Planning in 2014.

Griffith Business School Pro Vice Chancellor Professor David Grant said: “Griffith University is a leader in the field of personal finance and financial planning and we welcome the FASEA education standards.

“The partnership between AMP and Griffith merges the best of two worlds – existing industry and academic content, practical training and a supported coaching model from AMP along with Griffith’s blended learning technologies, rigorous assessment, accreditation frameworks and strong education and research expertise.

“Griffith Business School’s focus on improving ethical standards and integrity through both research and education will play an important role in helping to restore confidence in the sector,” Professor Grant said.

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2018 AMP University Challenge finalists, from left to right: William Nakos (RMIT), Ashley Fernandes (Western Sydney University), Shane Harris (RMIT), Sarah Toan (Western Sydney University), Kimberley Guild (La Trobe), competition winner Michael Reardon (Deakin University).

Now in its eighth year, the AMP University Challenge is a national financial planning competition for tertiary students that aims to identify promising new talent and promote high standards of education and professionalism among the next generation of advisers.

The Deakin student scored the most points in the technical quiz and performed strongly in the simulated client meeting to take the title, although the final result was close.

AMP Acting Group Executive Advice, David Akers congratulated Mr Reardon, noting the high standard of competition on display.

“I am always impressed by the knowledge and maturity of the students who make it to the University Challenge finals,” Mr Akers said.

The finalists took part in a series of challenges, which also included a pitch to the judges on their idea for a financial literacy program for young people.

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David Grant

AMP has launched Adviser Pathways, a market-leading training and development program to meet the growing demand for high quality financial advisers.

The program is part of AMP’s commitment to raising standards and professionalism in advice.

It leverages AMP’s long-established experience in building rewarding careers for advice professionals and will give candidates a broad experience in advice to enable them to find the most suitable role to match their skills.

The 2-3 year program is designed to interest a wide variety of candidates, including new university graduates, career changers and advice practice staff who want to upskill.

It offers flexible career paths in advice. Successful candidates will receive training in different advice methods, including face-to-face, phone-based and technology-enabled advice, reflecting the varied ways customers are now choosing to receive financial advice.

To join Adviser Pathways, candidates must have a degree that is approved by the Financial Adviser Standards and Ethics Authority (FASEA).

The AMP Horizons practice, which has provided on-the-job training for new advisers since 2009, is superseded by Adviser Pathways.

AMP Head of Advice Education, Capability & Careers Rod Edge, said Adviser Pathways was built to meet the evolving needs of customers, as well as advisers and advice practices.

“We’re seeing growing demand for financial advice from Australians so we’re strengthening and improving our learning and development proposition,” Mr Edge explained.

“Advisers within AMP licensees have contributed ideas and support for this new proposition. By aligning with the government’s new adviser education standards and trends in customer preferences we are creating the advisers of the future.”

AMP’s strategic partnership with Griffith University is an important component of Adviser Pathways. Candidates must complete Griffith’s financial planning skills course in their first year, which also provides a credit towards the university’s FASEA-approved Master of Financial Planning qualification.

Griffith Business School Pro Vice Chancellor Professor David Grant said: “The combination of the academic rigour provided by an institution like Griffith and the work-based learning available in businesses such as AMP is designed to address new government standards in the provision of financial advice and enhance career opportunities for new advisers”.

Applications for the first intake of Adviser Pathways are open now at www.amp.com.au/adviserpathways

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