BT’s plan to boost the ranks of financial advisers

James Thornhill
08:00am September 20 2024

Financial adviser with her client. (Getty)

BT wants to address Australia’s chronic shortage of qualified financial advisers with an educational partnership that aims to encourage more people to enter the profession and meet growing demand for financial advice. 

The number of advisers across the country has declined by more than 40 percent over the past five years as a result of tougher regulation and higher qualification standards.

At the same time, demand for financial advice has never been higher, with over five million Australians at or approaching retirement and looking for sustainable ways to manage their superannuation balance.

In response, BT is introducing an online-based learning and development program in collaboration with the educational platform Striver, designed to equip participants with the skills and qualifications they need to take the first steps on the path to becoming a qualified financial adviser.

The program will start with an intake of BT candidates before being opened more widely. It will combine recognised qualifications with real-world experience to prepare participants for roles such as client services managers, junior financial planners and, eventually, qualified advisers. 

“BT’s vision is to allow quality financial advice to thrive, and this initiative exemplifies that,” says BT CEO Matthew Rady.  

“It allows us to say to our clients: not only are we in the business of providing technology and administration support to you as a financial advice business, we're also delivering a capability that supports your business.” 

BT has the most adviser relationships in Australia through products including the BT Panorama wealth management platform. Many of those advisers say that one of the biggest challenges they face to growing their business is finding and recruiting qualified staff, says Rady. 

“Financial advisers who have remained in the industry are under significant pressure to meet growing demand,” Rady says. “The result is that there are five times more people looking for advice than actually receive it.”

The aim of the initiative is to reduce barriers to entry into the profession while supporting the long-term growth of the financial advice industry. Participants will not only gain industry-recognised qualifications but also practical training and mentoring, preparing them for various roles within the advice industry.

As a market-leading brand, BT is able to attract plenty of talented staff. However, inevitably some people leave to pursue other opportunities. The Striver partnership recognises that, while offering BT’s staff the education and training they need to stay in the financial advice industry.   

Rady hopes that those participating will also be better equipped to service BT’s financial adviser clients. 

“What better way to understand our clients, than to be trained as one,” he says.

The Striver Career Pathways Program is primarily online and designed to be flexible to those working full or part-time in the wealth industry.  

Rady is supportive of industry-wide efforts to boost adviser numbers, as well as proposed federal government reforms which aim to reduce the regulatory burden and create a new class of adviser who can deliver simple advice at scale.

“We think there is an opportunity for regulators and the government to change policy to enable people to receive appropriate financial advice."

For more on BT’s collaboration with Striver, visit the BT website.
 

James Thornhill

James Thornhill was appointed as editor of Westpac Wire in May 2022. Prior to joining the bank, he was a business and financial journalist with more than two decades of experience with international newswires. Most recently, he was a resources correspondent for Bloomberg, covering the mining and energy sectors, and previously reported on a broad range of topics from economics and politics to currency and bond markets. Originally from the UK, he’s had stints working in London, New York and Singapore, but is now happily settled in Sydney.

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