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CFS partnership to sustain advice industry

Colonial First State has entered into a partnership with graduate coaching provider Striver in order to drive graduates into the financial advice industry.

The partnership will see CFS assisting university graduates with support through education, mentoring and connections to get a head start in their careers.

CFS head of advice relationships Bryce Quirk said for the advice industry to thrive long-term and service the growing demand, they have to compete for talent and increase capacity by attracting graduates.

"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," he said.

CFS said a recent study showed just 28% of students enrolled in tertiary financial advice courses end up working for a financial advice firm.

"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," Quirk said.

Striver expects to place 240 students into financial services firms over the next 12 months and has already partnered with IOOF and its subsidiaries, Zurich, Netwealth, BT and Madison Financial Group.

Striver chief executive and founder Alisdair Barr said through the partnership with CFS it wants to bring greater awareness of financial advice as a career path to bring better graduates to the profession.

"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," he said.

Read more: StriverColonial First StateAlisdair BarrBryce QuirkBTMadison Financial GroupNetwealthZurich
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