Templeton (Aust) Financial Services aims to launch a new program in schools to engage pupils with their finances and encourage them to consider financial planning as a career.
The company said it had been concerned about where the next generation of financial advisers would come from, given that only 250 entered the industry in 2021, according to the regulator’s Financial Adviser Register (FAR).
Templeton’s actions included arranging for licensed counselors for new entrants, securing resources for students from the Financial Planning Association of Australia (FPA), and reaching out to schools in Sydney to give presentations.
Rob McCann, Chief Executive, said: “Our aim is to launch a program for Years 11 and 12 in a limited number of schools in Sydney, and for pupils to start thinking about their own financial literacy and understanding the power of investments and planning.
“We also want to create opportunities for seniors at school level – to undertake work experience with our counselors and explore other opportunities if they wish to work part-time during their study period.
“Making sure high school students understand the value of financial planning, investing and risk is key to getting them interested in working in the financial services industry. The industry must take steps to interest young school leavers in pursuing an approved university degree in financial services. All license holders should get involved and work with schools and ultimately universities on post-graduation placement opportunities.
Research by Future IM/Pact found that students needed to be introduced to financial planning in college because they were unlikely to find out after graduation, especially women.