Position profile: associate adviser
Adam Gellard, Associate Adviser, Citi Smith Barney
Industry sector: stockbroking
How did you get to where you are today?
I have already completed a Diploma of Financial Planning and I am currently completing the last unit of a Bachelor of Business majoring in Financial Planning through RMIT. Without acquiring the Diploma of Financial Planning, you are unable to become a para planner, or a financial planner. A key requirement is PS 146 compliance.
I started as a bank teller with the Commonwealth Bank and eventually spoke to the office’s financial planner with regards to the educational requirements to become a planner. He pointed me in the direction of the Diploma of Financial Planning. Once I had finished the first four units I moved into para planning within the Commonwealth Bank. To date I have been a bank teller, a customer service officer within the bank, as well as a para planner for several organisations.
I moved from a para planning position with a smaller dealer group to Citi Smith Barney as a Para planner and work as part of a team of two other advisers and an administration assistant. Without the move across to Citi Smith Barney via para planning, I wouldn’t have got this opportunity.
I have been as associate adviser now for approximately 18 months and was attracted to the client contact, the ability to run your own business, the fast paced and ever changing environment and the role I play in supporting the wealth creation goals of clients.
What does a typical day involve for you?
I read the Australian Financial Review on the train on the way to work and arrive at around 7.30am. I then read our morning research, plus research from other houses. I get online and read reports on Bloomberg, Wall Street Journal, CNBC etc. All of these are read to get some potential trading ideas for the day, and a feel for what the US market did overnight and where our market may head.
I attend the morning meeting at 8.30am that runs for around 1 hour. At 10.00am the market opens. Between 10.00am and 4.00pm, I am making and receiving calls to and from clients and staying abreast of any company announcements etc. After 4.00pm when the market closes, then it’s catching up on paperwork, potential client meetings.
I usually leave the office around 6.00pm and get ready to do it all again the next day.
What interpersonal skills are essential for your role?
The ability to build rapport with clients and quickly gain their confidence is important. You have to connect with your clients, and see their point of view, and what their concerns are. The ability to convey ideas to clients in a quick and effective manner is also important.
What sort of person is good in this role and type of organisation?
You need to be self motivated, hard working and have a desire to succeed. You need to be proactive and not just sit and wait for things to happen. You also need to enjoy a busy office environment.
What do you find the most rewarding about your current role?
When you take a view on a stock, and it moves in the direction that you thought it would.
Watching a client’s portfolio grow on the back of your recommendations and helping client achieve their goals.
What do most people find challenging/difficult about a role like this?
Keeping up-to-date with market information and deciding what is appropriate to read and what not. The speed at which the market moves and not having control over market movements can be challenging. There never seems to be enough time in the day.
What were you looking for in an employer when you took your current role?
I was looking for a large successful organisation that provided a visible career path. I wanted a career that I could see myself sticking to for at least 10 to 15 years. I also wanted the ability to be able to move divisions within the same organisation and potentially work overseas.
What types of benefits are essential to attract the best people?
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Set, proven and clear career paths
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Succession planning
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Industry competitive salaries
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A good team environment
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Full support behind staff – for example, the resources to do your job
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Social events.
What other jobs and career paths could you consider in the future?
I would potentially consider a move into research, a business development role or a return to a focus on financial planning as opposed to my current hybrid role of planning and stock broking or the other way. Further down the track a potential move into management.
How do you keep up to date?
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Morning research from internal and external sources
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Seminars
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Market updates from third party sources
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Online reports and websites
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Australian Financial Review
Are you considering any study or professional development in future?
I plan to commence studying a Graduate Diploma of Applied Finance later in the year.
What tips for success can you give an aspiring adviser?
Initially while you are building your client base, it can be a bit slow. Every person that says no brings you closer to a person that says yes.
Read as much as you can to stay up to date with the current economic environment, because one day out of the market is like a week.
Try not to get discouraged when the market moves against you and once a decision has been made, stick to it.
Find a mentor, and learn as much as you can from them.