Education/training
New fast track program for financial servicesFor Shane Currie, working in financial services is in the blood. The 19-year-old’s grandfather started and ran a life insurance agency in his home city of Ottawa for many years. His father, a 20-year industry veteran, took over that business and managed it for several years before becoming an independent broker. |
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 [ 2006-11-15 ] |
Seneca
“It’ a family business and I’ve always been interested in it,” Currie says. “Helping people with their finances is a valuable service.”
Now it’s Currie’s turn to carry on the tradition, but as he prepares for his entry into the sector, he’ll enjoy a distinct advantage over his predecessors: the chance to train in Canada’s first financial services professional program.
Unique in Canada
Launched this fall at Seneca College, the innovative program is the first of its kind in the country to train people to work in entry-level sales and marketing positions in the rapidly growing financial services sector. This intensive full-time, two-semester program trains students in the various types of financial services, including life insurance, segregated funds and wealth management tools, and how to effectively market and sell them to individuals, families and businesses.
Students will graduate with the foundation to become professional financial services practitioners who can build practices in insurance, savings and investment, retirement planning and personal, business and estate planning.
Up until now, the only option for individuals wanting to enter the field and obtain their life insurance and mutual fund licences was to sign up for brief in-class or self-study courses. The rigorous curriculum of Seneca’s program not only prepares students to obtain their licences, but to hit the ground running when they enter the field.
“The students will be street-ready when they graduate — they’ll be able to work for an agency or as a broker and be able to meet with clients and offer them services they need,” says Murray Whitehorn, a professor in the program.
Whitehorn is one of six teachers in the program, all of whom have significant experience in the financial services sector. With 33 years of experience, Whitehorn is a certified financial planner, independent broker and marketing director for a brokerage firm.
He says the need for this program has arisen out of a few circumstances: the growing number of Baby Boomer agents who’ll soon retire; the increasingly stringent qualification exams; and the increase in the number and complexity of financial services products.
He says the significant product knowledge as well as soft skills such as marketing and customer service that students gain will give them an edge when dealing with clients.
“We get down to the nitty gritty of how to promote products to customers and how to tailor your approach to their individual needs,” he says.
A key component of the program is a field placement at a financial institution, insurance company or distribution organization after the first half of the second semester. where students engage in marketing financial services products. Running three days a week for about seven weeks, the placement allows them to apply the skills they have learned and gain first-hand sector experience.
Currie will conduct his placement at The Romac Financial Group, an independent brokerage with four offices in Ontario and more than 75 affiliates.
“The opportunity to start selling directly to customers is exciting. It’s a way to gain actual experience and to earn back my tuition,”says Currie, who’ll earn commission on his sales.
“Big advantage”
Upon graduation, Currie will return to Ottawa to follow in the steps of his grandfather and father and begin working as an independent broker. He’s confident Seneca’s program will provide him with the knowledge and skills to build a successful career.
“This program is not only about learning to pass the licensing exam, but about sales techniques, the history of the insurance industry, people skills and all aspects of investment,” he says. “I think I’ll have a big advantage over other people in this sector who just wrote the exam and didn’t get this extra training.”
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