It’s official. It’s final. In July 2017 Australia will best the Netherlands as the all time world champion economy. 25 years on the trot without one recession. An economic miracle no one predicted.
A trove of treasurers have, with differing degrees of skill and a lot of mining luck, notched up the all time economic dream run. Donald Horne’s warning stands still. Australia was and is the Lucky Country.
And the luckiest Australians are Melbourne and Sydney homeowners. An exclusive excluding strata borrowing freely against ever-rising home values to subsidise a consumer lifestyle only dreamt of by their parents, and their children.
The China induced mining boom helped. But it’s more than that. The USA induced technology boom drove unbelievable productivity increases and drove an unbelievable number of jobs offshore.
Take accounting, for example. When I was young the big employers fought for graduates and then put them to work in rows learning their craft with paper records and manual systems.
Those days are gone. These days it’s all Xero and Vietnam. The traditional career paths have disappeared. You won’t find “Graduate entry accounting position in a medium size city based firm” in the SMH’s employment section in 2017.
If you are lucky you might see an exploitive unpaid internship on the SEEK website.
Financial planning is similar. In the world’s best ever economy with the wealthiest ever citizens you would expect to find well-trodden pathways to an in demand and well paid professional role. But you do not. The big institutions are sacking, not hiring. The smaller firms are doubling down as the reality of government sponsored LIF commission cuts hit home.
I do not know of any financial planning firms employing young people now. That’s a heart breaking pity.
Someone trained you. So why are you not training someone?
Should the financial planning professional groups be doing something about this dearth of training? Yes. Keep dreaming. That’s not going to happen.
Dover is doing something.
In 2017 Dover has deliberately employed six new graduates who were not working when we offered them positions. Six young people now have a deserved opportunity to learn valuable professional skills and contribute to the economy, pay taxes, and make their way in the financial world.
I expect Dover will employ another six new graduates next year too.
Dover has also employed five new staff in our Vietnam office.
Dover 100% funds 60 Vietnamese students studying economics at Ho Chi Minh University. Tuition and living costs are fully paid. They are mainly orphans who without our support could never attend university.
Dover believes we all have a responsibility to future generations.
Can I suggest you think long and hard about what you are doing here? Can you identify a profitable role for a new graduate in your firm? Can you delegate tasks that free you up to do higher value work? Can you invest in their RG 146 training now, to get the benefit of a trusted and well-trained colleague down the track?
Can your trainee financial planner attend all client meetings with you and become responsible for all follow up actions? By the way, clients love it. It demonstrates substance and standing, and shows you are committed to building a great practice and are here to stay.
You have more gravitas, and your advice gets more traction, when you present to clients as the leader of a professional team.
Can your trainee financial planner run your social media marketing operation, and create a pipeline of new referrals for you?
Can your trainee financial planner displace your expensive external para-planning service, and decrease your overall costs?
Can your trainee financial planner train in a new area, say mortgage broking, and systematically work through your client list and your potential client list, to create a new tranche of income and value for your practice?
Your trainee financial planner will be paying their way, and more, before you know it.
Employ the kid today.