Sourcing advice talent greatest Professional Year challenge

Joel Ronchi, Fourth Line’s COO, recently moderated a panel on the challenges of the Professional Year at the SIAA Conference.

Speaking at the Stockbrokers and Investment Advisers Association Conference, WA state manager at Canaccord Genuity Wealth Management, Chris Webster, said the PY programme isn’t difficult but what happens before and after is.

“With sourcing it’s a tight job market out there. If you’re not giving them a pathway to actually rise through to an advisory role they will leave.”

Ord Minnett interim head of human resources Bernadette Page said the group has a “two-pronged” approach to sourcing talent which involves internal work as well as connecting with external institutions.  Ms. Page said a good PY program was all about managing risk from a talent and succession planning perspective.

“We deliberately want to know from within our own workforce today who is our potential candidates for the next 24 months. The ongoing success of our business and the existence of our business will come down to us developing new advisers and successfully seeing that huge transition that’s going to happen in the next five years with those that exit.”

This included doing an internal review to find talent within their organisation that would be appropriate. The other part is to go out into the marketplace and source from institutions like universities.

Fourth Line chief operating officer, Joel Ronchi, said he expected the Professional Year would be the “next big focus” for the advice community following completion of the financial adviser exam.

Prior to joining Fourth Line, Ronchi had been supporting advisers ahead of them sitting the exam so was well-placed to work with them on the PY.

You can read the FULL ARTICLE at https://www.professionalplanner.com.au/2022/05/sourcing-advice-talent-greatest-py-challenge-tight-job-market-out-there

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