Blog Post

Growth
3 MIN READ

Growing your PY adviser

jenny.brown's avatar
jenny.brown
Icon for Advisely Board rankAdvisely Board
26 days ago

Nurturing young talent is crucial for the growth and sustainability of our profession. 

Having worked in this field for 32 years and hired numerous team members, I've found that guiding new advisers through the professional year (PY) is key to our success and growth as a business.

But how do you keep them motivated throughout the process? Here are some strategies we use: 

1: Set clear expectations and goals 

At the beginning of the year, we clearly outline the requirements and expectations for the PY advisers. 

This includes a structured plan and a pathway that shows them how they can progress from client services to becoming fully qualified advisers. Knowing what they need to achieve and how they will be rewarded helps keep them focused and motivated.

2: Provide regular check-ins and support

One of our partners is responsible for supervising the PY advisers and overseeing fortnightly catch-ups to ensure they are on track and addressing any challenges they may face. This regular support helps them feel valued and supported throughout their journey.

3: Facilitate exposure to real-world scenarios 

We ensure that PY advisers are involved in client meetings where they can observe and participate in real-world scenarios. 

This hands-on experience is invaluable and helps them understand the practical aspects of the profession. Each of our three senior advisers have different styles and approaches, which teaches the PY adviser a variety of ways to work with clients.

4: Structured learning and development 

We provide a structured learning plan that includes courses in direct shares, SMSFs and aged care. This ensures our PYs are continuously developing their skills and knowledge, making them more valuable to the business and clients.

5: Recognition and rewards 

We have a clear remuneration structure that outlines what PY advisers need to achieve each quarter and how they will be rewarded. This clarity helps them understand their goals and stay motivated to achieve them.

6: Creating a positive work environment

We strive to create a positive and inclusive work environment where PY advisers feel valued and part of the team. This includes recognizing their achievements and providing opportunities for growth and development.

What does a successful PY look like?

Measuring the success of the PY program involves several key metrics and structured assessments. Here are some of the ways we evaluate the effectiveness of the program and ensure we comply with ASIC’s requirements:

  • Progress reviews and checkpoints
  • Self-reflection and presentations
  • Structured training plans
  • Compliance checks
  • Completion certificate
  • Support and supervision
  • Remuneration and incentives

Of course, even a successful PY can present challenges. Here are some we’ve identified: 

1: Prioritizing tasks and time management: 

Balancing various responsibilities, such as client meetings, document preparation, and continuous learning, can be overwhelming. Advisers need to be selfish with their time and tasks to ensure they meet all their requirements

2: Navigating compliance requirements: 

Ensuring that all activities comply with regulatory standards can be challenging. This includes preparing and checking documents, such as SOAs, and making sure they meet compliance standards

3: Building client relationships: 

Developing strong relationships with clients is crucial but can be difficult for new advisers. They need to learn how to effectively communicate and understand client needs, which comes with experience and exposure

4: Adapting to different advising styles: 

Working with multiple senior advisers who have different styles can be both a learning opportunity and a challenge. PY advisers need to adapt and learn from these varying approaches to develop their own style

5: Handling real-world scenarios: 

Exposure to real-world client scenarios is invaluable but can be daunting. Advisers need to prepare for meetings, follow up with clients, and handle various client circumstances and challenges

6: Continuous learning and development: 

Completing required courses and training in areas such as direct shares, SMSF, and aged care is essential. This structured learning plan ensures they acquire the necessary skills and knowledge but can be demanding

7: Maintaining motivation: 

Staying motivated throughout the year can be challenging, especially when facing setbacks or teething issues. Regular support, clear goals, and a structured remuneration plan help keep advisers focused and motivated.

The growth track

By addressing these challenges with structured support, clear expectations, and continuous learning opportunities, PY advisers can successfully navigate their professional year and become valuable members of the team.

Many colleagues have asked how we retain our PY advisers after they complete the year. The answer is simple: by setting clear expectations and providing a defined plan and path for them to achieve their goals alongside our business objectives with regular support and check-ins, everyone wins.

Updated 26 days ago
Version 1.0
  • Love the focus on exposure to real-world scenarios! I can imagine that it would be daunting for new advisers to deal with both the complex and diverse set of client circumstances, along with meeting all their compliance and regulatory obligations without the initial guidance and support from those experiences in the profession. Great article!

  • I love how you jenny.brown  raise the importance of learning how to effectively communicate and engage with clients, it takes time to develop these skills. 

  • jenny.brown  a great guide and prompt for business owners to consider.  Many of these points also apply to all your team members in a business. Keeping a team engaged is so critical when there is a war for talent underway. All of the team needs to believe in the business, the leadership of that business and know exactly where they fit in and that their contribution is valued. I also think it is a fine balance with professional year or newer advisers to build their confidence and build on their strengths but also continually helping them grow by making them aware of what they dont know and where they need to build their knowledge or experience.

    Well done!

         

     

     

Related Content
Thank you for creating this platform I am interested in keeping up to date with new efficiencies that are available within the advice space. Question, will this forum be made available via an App? I ...
2 years ago