Younger advisers coming into the industry are already better qualified academically than the old guard but they lack experience, and that's a gap that will take years to fill.
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The mistreatment of clients revealed by the royal commission is a result of the way the Australian financial advice industry was created, Jim Kilkenny explains.
Accountant, financial adviser, company director and investor; you name it, James ‘Jim’ Kilkenny’s seen it in almost 40 years in the financial sector. Having started his career at some of the biggest names in the financial services industry – KPMG, PriceWaterhouse, Bain & Co and Deutsche Bank – Jim went on to co-found financial planning company Kilkenny Rose and act as a regular public speaker on financial services issues, as well as to serve on the boards of several companies, including that of ASX-listed SFG Australia. Jim ‘retired’ in 2015 but remains an enthusiastic personal investor, is a director of aged-care start-up Care 360 and works as consultant. He’s a certified financial planner (retired), a fellow with the Institute of Chartered Accountants and a specialist adviser to the Self-Managed Superannuation Funds Association of Australia.