PROFESSIONAL YEAR SUPERVISORS

What is a PY Supervisor?

Being a Professional Year Supervisor is a role that can show support and encouragement to someone in their formative years of becoming an adviser.

You are effectively moulding the next generation of advisers. As such, it is a privilege to be a PY Supervisor and the role should not be taken lightly.

Advice Academy products

Whilst several services and products from the Advice Academy are aimed at PY candidates there is one in particular that has been established to support PY Supervisors – mentoring.

If you are in a small (or large) AFSL or if you are undertaking the role of PY Supervisor for the first time, consider an external mentor for a fresh perspective (and so you have support). Further details about the Advice Academy mentoring offer can be found here.

You can of course also purchase Advice Academy services and products on behalf of your PY candidate(s).

To ensure your PY candidate’s program is a success it is recommended that you:

Write the PY plan with your PY candidate and AFSL to ensure all key parties are on the same page about how the PY will progress and how long it is expected to take.

Meet regularly (formally and informally) with your PY candidate to ensure they receive feedback. Don’t forget to ask your PY candidate “what can I do more of” and “what can I do less of (to support you)”.

Be clear on frequency of PY logbook updates from your PY candidate – and the level of detail you (and the AFSL) require in an entry.

Share your expertise and experience in an open and transparent manner and try to expose the PY candidate to a range of client scenarios.

Encourage them to ask questions. Don’t forget to share with them how you sometimes learnt the hard way and that it’s okay to not know something…just ask, that’s what the PY is for.

Suggest structured training opportunities you think might be suitable for your PY candidate (and support them completing these as well as allowing them enough time to complete the relevant training).

Introduce your PY candidate to other professionals who can support their PY.

Be open to learning new things from your PY candidate - the mentoring can go two ways!

Finding a PY candidate

Finding the right PY candidate can be difficult at times. To assist you can:

1. Advertise on the FAAA’s Career Centre – advertise student or PY roles for $99.00! Email [email protected] with details.

2. Contact one of the approved degree academics below and ask if they have a current (or past) student they know who is looking for a financial planning support role.

3. Contact one of the Careers Hub contacts below to advertise your financial planning support role. Most universities will advertise roles for free.

4. Set up an account on Striver.

Education Provider	State	Academic Contact	Career Hub Contacts	Career Hub Contacts
Central Queensland University	QLD	Dr Angelique McInnes	Web	Email
Curtin University	WA	Dr Siwen Song	Web	Email
Deakin University	VIC	Mr Marc Olynyk	Web	Email
Griffith University	QLD	Dr Kirsten MacDonald	Web	Email
James Cook University	QLD	Dr Tania Driver	Web	Email
Kaplan Professional	NSW	Call 1300 135 798	N/A	N/A
Royal Melbourne Institute of Technology	VIC	Professor Abdullahi D. Ahmed	Web	Email
Swinburne University of Technology	VIC	Associate Professor Reza Tajaddini	Web	Email
TAFE NSW	NSW	Mrs Marriane Said	Web	Email
The Institute of International Studies	VIC	Michael Lehner	Web	N/A
University of South Australia	SA	Mr Ron McIver	Web	Email
Victoria University	VIC	Associate Professor Leicha Bragg	Web	Email
Western Sydney University	NSW	Dr Peter Humphreys	Web	Email

Tips from PY Supervisors

Don’t look upon the prospect of supervising as an onerous impost on your time, take advantage of the fantastic resource you have available to you. Your candidate is likely freshly graduated, full of new ideas and energy and can be a fantastic asset for your business.

Natalie Martin-Booker CFP® Nurture Wealth

Schedule regular check-ins to provide guidance and address any concerns and give candidates real tasks that contribute to the organisation’s goals and objectives. Encourage their practice of soft skills in a safe environment and track their development through milestones, adjusting support where required.

Andrew Heaven (CFP® MFP)
Practice Principal, WealthPartners Financial Solutions

Encourage the PY to reflect internally for the answer when appropriate. While offering guidance is always beneficial, there are times when it's valuable to prompt them to consider whether they already have the solution. For example, asking, "What would you do in this situation?" can stimulate their critical thinking.

Briohny Powell Grad/Diploma (FP)
Senior Financial Adviser - Select Advice, UniSuper

Bring PY candidates into meetings early with you so they build up a sound knowledge of the client experience, it will also help to broaden their understanding of meeting structure and agendas. Work through this process until you are comfortable they can run a meeting themselves with the PY Supervisor present.

David Smith Adviser, Proprietor - Front Financial Planning

Being a PY supervisor my goal was to motivate the PY candidates to maximise their overall experience by being curious, asking questions and embracing every opportunity that is available to them throughout the year.

Louise Vo AFP®, BAppSci (Med Rad), AdvDip FP Super and Retirement Adviser, Aware Super

Expose the candidate to as much as possible (good and bad), making sure they connect with the “why” of doing advice properly. Ultimately the aim is to teach your PY candidate to fish (as opposed to providing all the answers).

Angus Cooper CFP® Managing Director and Senior Financial Planner, ACru Wealth

Leverage your internal resources to help the PY Candidate with their documentation of hours. This could include the use of your CRM to assist with logging workflow and associated hours, reducing the administration burden on them.

Bianca Musico CFP® Grad.Dip (FP) Principal & Head of Advice, WARR HUNT

Professional Year Supervisors