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Advanced Diploma

Discussion in 'Financial Planning' started by kwakker, 8th Dec, 2011.

  1. kwakker

    kwakker Active Member

    Joined:
    1st Jun, 2011
    Posts:
    30
    Location:
    Sydney, NSW
    Hi,

    I was wondering if it is worthwhile completing an Advanced Diploma in Financial Services (FP)?

    I am halfway through my DFP and finishing off my Bachelor of Business degree and was wondering if it worth it to go on to the Advanced Diploma after I have finished my DFP. I am currently working in the industry so am gaining experience that way, but was wondering if there are greater career opportunities if you have completed the ADFP?

    If anyone has any experience in this I'd appreciate the feedback.
     
  2. zudjian

    zudjian Member

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    25th Nov, 2011
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    Location:
    Melbourne, VIC
    Could you shed some light on your specific area in finance? I'm assuming you mean financial planning.

    In short, if you want to be a financial planner, I'd recommend the ADFS - the scope for employment opens. A quick search on seek.com.au will show that many planner/paraplanner roles require, or would highly regard, ADFS. Big banks are examples of this where ADFS is required to get a look in.

    From a personal education standpoint, I found the Estate Planning module to be oddly interesting. I also think IP2 gives a reasonable basis for smart(er) portfolio construction.
     
  3. kwakker

    kwakker Active Member

    Joined:
    1st Jun, 2011
    Posts:
    30
    Location:
    Sydney, NSW
    I meant I am currently working as a financial planning assistant (just need qualifications) doing all the admin work, and quoting and preparing SoA's (mainly risk), with limited experience towards investment.

    I have seen some jobs advertised on seek, and although alot do "recommend" ADFP, they say it is not required. But I guess when I finish my DFP I will be looking for a new job as there is limited room to advance with my current employment.

    While I would be more interested in the investment/superannuation side, I have a strong knowledge of the risk side through my work. While I would like to work to becoming an accomplished (preferrably independent) financial planner, from the job descriptions around I may be interested in similar lines of work behind that may not involve essentially "selling" (to some degree) myself for a business.
     
  4. bolivia

    bolivia Member

    Joined:
    4th Dec, 2010
    Posts:
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    Location:
    WA
    Career opportunities

    Yes the advanced diploma would open more Career Opportunities.

    The more education the better obviously but it’s not as important as the general perception out there I feel.

    As you said your getting a bachelor of business and if you don’t drop out you will be fine. If you really want the Advanced Dip great. If you are having thoughts that you won’t finish your degree get your Advanced diploma done before July or you won’t be able to give advice at all until you finish that degree.

    Like Zudjian said it will help while you lodged your application for a bank and open the scope but it will only get you in the interview.

    In the interview they will be more interested in who you are as a person. As a junior adviser they will have some degree of interest in your technical capabilities but in saying that they will know by your experience and you getting a Bach that you know your way round enough to sell some small risk policies and roll over 15-20 grands worth of super as that’s all you will be doing at the start.

    I could be wrong but what I have noticed is experience (as along with your personality) is what counts the most.

    One thing I didn’t understand was your last sentence "in similar lines of work behind that may not involve essentially "selling" (to some degree) myself for a business."??

    If you were a bank who would you employ as a junior financial adviser to represent your product. A guy with a HD double degree who was not that personable or a nice person like yourself with your current credentials. Some might say the HD guy fair enough. Id would defiantly employee you over the HD guy as you are going to go out there and convert more business for that bank.

    You can know the ins and outs of everything and be able to explain all the technical aspects to the exact dictionary definition l but if you can’t get it over the line than it doesn’t matter. If your a nice guy with good intentions, smart enough to explain an SOA, able to answer any questions that are fired and finish the meeting with the clients seeing the value of the advice and they like you as a person than that's really what the banks are looking for, not a Advanced Diploma.

    When you finish your degree you will be more than fine especially considering you are already in the industry doing the things you are now. Once you’re out there doing it and you have the degree you will probably think it would be more worthwhile prospecting leads and getting deals done.

    I have been extremely fortunate in my circumstance and found myself a very successful mentor who also would share this view. I have moved pretty fast in the industry considering my circumstances and I put that down to just wanting to become a adviser rather than any specific education I have. You have the ability to make your own career opportunities right now at your level.

    Obviously education is very important and the more you can get the better. In saying that though don’t let it stop you. If you want to be an adviser now start actioning it. Go blasting into every bank, talk to every adviser and find out who their boss's are and talk to them. Ring every licensee and ask to talk to a BDM one thing leads to another before you know it you will be an adviser dealing with the small stuff. Few years like any other job you will grow.

    I speculate the same time you spend on the advanced diploma if you spent that tracking down people and showing enthusiasm and passion for what you want to become than you could land yourself a job with the experience you have. Even if it is only small risk stuff in the begining.
     
  5. kwakker

    kwakker Active Member

    Joined:
    1st Jun, 2011
    Posts:
    30
    Location:
    Sydney, NSW
    Sorry, i think I did a copy and paste job there.

    What I meant to say was that although I am interested in becoming a financial planner, I may want to branch out into different areas in the industry in the future, and not have to sell a business's products and my abilities to clients. I understand that is what a financial planner does have to do (preferrably with products in the best interest of the clients), however I may not wish to continue to do this throughout my career.

    I understand what you mean with a guy with HD who lacks personality. I have a guy in my office like that. While I believe I have a good personailty (even if I say so myself), I still need more experience talking to cleints (I currently don't have any contact with clients at my job).

    I have previously rung up a few businesses who have advertised postions, however as most have required the minimum DFP, I haven't applied for them. From my talks with the various busiensses, I got the feeling that with my current experience that I would be given a chance at least to the interview stage, which I find is promising.

    I did have a keen interest in the AMP Horizons program, as I believed this would be a great way to start my career with a big company with opportunity for advancement, and was wondering if anyone who has done this can give any insight into it.

    However I guess I will need to wait until i finish my DFP at least, to see what opportunities are available at the time.