ASSET editor Philip Macalister says the scholarship fits in with another of the big events that this magazine is associated with - the Financial Planner of the Year Awards.
Two years ago we created the Certified Financial Planner of the Year Award introduced the Young Financial Planner of the Year Award as a way of recognising and nurturing new talent within the financial planning profession.
This award for younger planners has been immensely rewarding already as there has been a high calibre of candidates and it has “discovered” some of the profession’s new talent.
“These are people are the potential leaders of the financial planning profession in the future,” Macalister says.
While these people will be the future leaders, they are also the people who are likely to acquire and run many of the existing financial planning businesses.
As we all know the financial planning world is quite grey with an average age of somewhere in the mid-50s. In the not too distant future the people running these businesses will want to move into retirement.
While some of the corporates are potential buyers there is also a need to bring in young blood to take over the reigns.
Macalister says it is great to see companies like AXA getting behind the industry and being prepared to commit significant resources to a project like this.
Besides the financial cost AXA is putting a good deal of its human resources behind the project.
Planners who are awarded the scholarships will be teamed up with a mentor at AXA, they will also have access to a general manager and will get to visit head office in Melbourne.
While the scholarship is being run by AXA it is open to any financial planner in New Zealand no matter what firm or group they work for.
AXA New Zealand chief executive Ralph Stewart says that the scholarships are valued at $7500 each.
A detailed calendar of events has been planned for the recipients that includes training in key areas such as time and sales management, financial planning, investment management and practice management.
Macalister says the scholarship fits neatly with the awards process continuum. A planner who receives a scholarship is also the sort of person who will enter the Young Financial Planner of the Year Award, and further down the track they are likely to be entrants in the CFP of the Year Awards which is designed to recognise older and more experienced advisers.
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