Australia's investment advice industry is facing a talent crisis. There are 16,000 registered advisers in the country, down from 28,000 in 2019. Around 40% are expected to retire in the next decade. Meanwhile, demand for quality advice is growing, driven by an ageing population, a $3.5 trillion funds under advice market, and the largest intergenerational wealth transfers in history.
For students and early-career professionals, that's not a problem. It's an opening.
On 28 May, Future IM/Pact and Keegan Adams brought together a room full of curious, motivated young professionals to hear from four advisers who've built careers in this industry. What followed was an honest, energising conversation about what the path actually looks like - the hard yards at the start, and the extraordinary career waiting on the other side.
No straight lines
Four panellists, four completely different paths into the same career. Bernie Connolly from Morgan Stanley spent years on trading floors in Australia and Europe before reinventing herself in advice. Patricia Tsicalas from Morgans worked part-time in financial services throughout university, got a call from an adviser she'd impressed, and was advising clients at 21. Christy Kwong from Evans & Partners completed her full CPA before realising accounting wasn't for her, then found her way into wealth management through a chance introduction. Harrison Giddey from LGT Wealth Management studied law before deciding investment advice was where he wanted to build a career.
The only thing they had in common was where they ended up. The door into this industry is wider than most people think.
Markets, people, and everything in between
Investment advice is one of the broadest roles in finance. Advisers work across every asset class, every market, and every stage of a client's financial life - building strategies, navigating volatility, and being the trusted voice in the moments that matter most.
Bernie spent years specialising in fixed income and emerging markets before making the switch. The contrast surprised her. “In a markets role you go very deep down one particular shaft,” she said. “Wealth management is the opposite - and that breadth is what makes it so interesting.”
Future-proof career
Artificial Intelligence is reshaping the job market, and investment advice is no exception. Portfolio reporting, research synthesis, compliance documentation: technology is taking over the administrative and analytical load, and good advisers are embracing it.
But the core of the job is something AI cannot replicate. "This is a career where relationships are at the heart," said Future IM/Pact founder Yolanda Beattie. "When it comes to our wealth and legacy, most of us are going to want to leave that with humans, not robots." As technology handles more of the work, the adviser who builds deep client trust becomes more valuable, not less.
Younger advisers have a genuine edge
The intergenerational wealth transfer isn't just creating demand for more advisers - it's creating demand for a different kind. Wealth is shifting to younger generations, and firms are actively looking for younger talent who can build those relationships from the ground up.
For Christy, the generational shift is already playing out in her client relationships. "Clients appreciate having an adviser on their team who understands them - someone at a similar stage of life, with the same reference points. Being younger is a real advantage right now."
There's also a significant gender dimension. Wealth is increasingly moving into the hands of women - through careers, inheritance, and the intergenerational transfer now underway. JB Were research shows female clients prefer to have women on their advisory teams, and that’s a commercial opportunity firms are paying attention to.
And yet the perception persists that this is a hard industry to break into. Patricia pushed back saying: "There's a misconception that it's like a closed door - that you have to know someone to get in. But in reality they are screaming out for people. There is a shortage of new talent coming through."
The truth about the journey - and what's waiting on the other side
Nobody on the panel pretended the early years are easy. Building a client book takes time, patience, and a willingness to play the long game. But the panel was equally clear about what's waiting once you do.
Harrison's advice to anyone starting out was to focus on client service and the rest will follow. "The best thing I could personally do to build out new relationships is to deliver an incredibly high level of service to my existing ones."
It's a strategy that compounds. Bernie has built a thriving business over the past 20 years, founded entirely on relationships and trust. "It started slow, then success came really fast - it was all word of mouth."
Because once you've done the work, something shifts. "You end up building your own business within a business under the shingle of an established, trusted firm," said Yolanda. "There's a huge amount of autonomy and freedom - and if you put the hard yards in, you get it all back."
Where to start
The best way to find out if investment advice is right for you is to talk to someone living it every day. We have over 30 investment advisers on Career Connect, including the event panellists, all ready to answer your questions and help you figure out your next step.
Registration takes just 10 minutes. Once you're in, you can browse available mentors and send a connection request directly, or the platform will match you based on your goals. Make sure you register for the Investment Advice program as mentors are only visible within the program you register for, though you can register for both.
For current opportunities in investment advice, Keegan Adams Recruitment are the specialists to talk to. Reach out to Alice Pipes or Rosie Keegan to discuss your career goals and suitable roles.
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