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Identifying competency requirements for the financial planning industry in Australia: implications for educators

Sullivan, Colin and Jackling Beverley 2005, Identifying competency requirements for the financial planning industry in Australia: implications for educators, in 2005 AFAANZ Conference Proceedings, AFAANZ, Melbourne, Victoria, pp. 1-19.

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Title Identifying competency requirements for the financial planning industry in Australia: implications for educators
Author(s) Sullivan, Colin
Jackling Beverley
Conference name Accounting Association of Australia and New Zealand (2005 : Melbourne, Victoria)
Conference location Melbourne, Victoria
Conference dates 3-5 July 2005
Title of proceedings 2005 AFAANZ Conference Proceedings
Editor(s) Gray, Philip
Publication date 2005
Conference series Accounting Association of Australia and New Zealand
Start page 1
End page 19
Publisher AFAANZ
Place of publication Melbourne, Victoria
Keyword(s) financial planning
key competencies
behavioural skills
Summary Compulsory superannuation was introduced in Australia in July 1992, and has led to significant growth in funds under management.  Reserve Bank of Australia data (2004) shows that in September 2004 Australians has AUD$ 767 billion invested in managed funds.  A large portion of this investment is based on the recommendation of financial planners.  This paper provides a brief history of the development of the financial services industry in Australia, with particular reference to the development of the role of the financial planner in investment decisions.

The paper focuses in detail on the set of professional skills required by financial planners given that the widely reported ASIC survey (2003), identified gaps between client expectation and competencies of financial planners.  Birkett (1996) described professional skills as the dominant individual attribute that describes a competent professional.  The individual attributes of a financial planner includes two categories: cognitive and behavioural skills.  The paper provides strong support for the view that financial planning educators should ensure adequate development of behavioural skills to enable financial planners to meet the needs of the investors they serve.
ISBN 0975697617
9780975697610
Language eng
Field of Research 150201 Finance
HERDC Research category E1 Full written paper - refereed
Persistent URL http://hdl.handle.net/10536/DRO/DU:30005613

Document type: Conference Paper
Collection: School of Accounting, Economics and Finance
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