UniSuper graduate program aims to train financial advisers through a full career path

The $175 billion profit-to-member super fund UniSuper has announced a pilot graduate program in partnership with Striver and the Financial Advice Association of Australia to offer a pathway for those interested in moving into financial services all the way into professional financial planning.

UniSuper chief advice officer Andrew Gregory tells Professional Financial the program, which starts in September, is based on “the pathway that many of our successful and professional advisers have taken from the beginning of their career”.

“What we noted is that they’ve always started in member-facing roles in financial services, in some form, where you can cut your teeth and get to know the essence of how financial services deal to an end customer.”

The idea is to offer opportunities for early-career professionals and those that aspire to be advisers to start by learning very simple things about members and about superannuation.

Gregory says member services is an ideal environment to learn core capabilities of connecting with a customer. 

“It’s also an environment where we can provide very focused mentoring, very focused industry exposure, opportunities in-house for them to see and partner with the advice business that works very closely, so that they can experience what a career in financial advice would look like,” he says.

UniSuper worked with Striver for the recruitment of entrants and the first cohort is set to begin onboarding. Their first couple of months will be spent at the fund’s contact centre learning the basics of the job. 

“From month three, they have joined our UniSuper mentoring program and have been set up with an associate professional wealth adviser,” says Renae Anderson, senior manager, member education at UniSuper.

Mentoring sessions

Mentoring includes five one-hour sessions, held once a month, after which they can attend the UniSuper Career Expo, and are offered exposure to several other events including webcasts and some FAAA events.

FAAA chief executive Sarah Abood said the association is “thrilled to support this initiative by UniSuper, specifically aimed at supporting new entrants to the financial advice profession”. 

“Consumer demand for comprehensive advice continues to outstrip supply by substantial margins, and our new entrant numbers are not yet sufficient to even offset retirements – the average age of a financial adviser currently sits at 52.”

The UniSuper program is structured to integrate learning and competencies that are relevant to a career in financial advice. 

“The partnership with UniSuper Advice internally allows us to provide insights, provide specific mentoring, but also focused development on those areas that one would need to consider and understand and appreciate in order to pursue a career in financial advice,” Gregory says.

Entry pathways to become a professional financial adviser are few in the industry, and that is what UniSuper is trying to address by giving a full year of professional training.

Gregory said UniSuper’s professional advisers are mostly promoted from within, and the graduate program formalises an existing practice within the business.

Deeper capability

He says the reforms announced by Minister for Financial Services Daniel Mulino – in particular, the introduction of a new class of adviser – give super funds the opportunity to move into deeper capability for advice and education broadly.

“I think we do actually provide a blueprint of what a connected ecosystem of advice would look like, and what that full continuum of advice could look and feel like.

“And so, using this this grant program does provide us that opportunity to give our views on what professionalism and what service looks and feels like.”

UniSuper currently has about 190 people employed in its advice team, including 107 in member-facing roles providing general and personal advice; and an additional 80 in its contact centre.

Striver founder and chief executive Alisdair Barr expects the fund’s program will help build the future of financial advice.  

“We’re excited to be involved with this program with UniSuper,” Barr said in a statement.

“Given the changes to the new class of adviser and education standards, there’s a real opportunity to shape the profession’s future through clear entry pathways.”