View more on these topics

Gabriela Strug: Casting a wide net is key to recruiting fresh advisers

As the FCA looks at the impacts of the RDR and Financial Advice Market Review, the industry has been quick to remark that the regulations have played a strong part in widening the advice gap. However, the increased focus on professional standards has seen financial planning as a career become more appealing to a wider group of people.

Many university graduates or those starting afresh want to go into a profession where they can measure their progression.

A clear path to chartered status provides something to aim for and boosts the appeal.

Hopefully, as this trend continues, financial planning will be considered alongside the likes of law, accountancy and medicine as a lifelong career path.

Indeed, this kind of vocation is becoming more popular for both the younger generations and those looking for a career change.

Both groups will be crucial to closing the advice gap so, as an industry, we need to look at what we can do to boost their numbers.

To do that, we need to understand both the benefits and challenges the next cohort of advisers will bring, and adapt to them.

Young people who have just left education, whether it be university or school, come to the industry enthusiastic and ready to learn, but have relatively few preconceptions about the world of finance. This is the route I took.

I found it was crucial to have a mentor to teach me best practice from the very beginning and, from experience, I quickly identified how my own peer group could benefit from the guidance of a good adviser.

Shadowing client meetings with experienced advisers helps you learn presentational tips, which aid in explaining complex planning scenarios.

Boosting the number of young people flowing into the industry is always going to be an important way to continue to close the advice gap.

However, these are not the only people who can help to increase the number of advisers.

As mentioned, the industry can be an attractive option for those looking for a career change too, offering a high earning potential, flexibility and the opportunity to work for yourself.

Some careers, such as the military or those in the world of sport, are so physically taxing that the idea of doing them for life is just not feasible. However, the skills and life experiences people in these fields have can help them transition into fantastic financial advisers.

Career-changers often already have qualities, such as attention to detail, leadership and people skills, which they can port over to a career in advice.

Looking to the future, we must make sure the profession is well signposted, so those looking to switch career can see how rewarding financial planning can be from a professional point of view.

However, it would also be lovely to think in years to come, when you ask young members of the family what they want to do when they grow up, that they proclaim they want to be a financial planner, thanks to the increased focus on professionalism and associated appeal.

Gabriela Strug is financial planner at Quilter Private Client Advisers



Phil Bray: Three reasons to include directories in your marketing strategy

Love them or loathe them, directories are an important resource for advisers Active versus passive, fixed versus ad valorem fees, independent versus restricted; our profession is plagued by seemingly unresolvable debates. We can add adviser directories to that list. The market is dominated by Unbiased and VouchedFor, while AdviserBook is the young pup snapping at […]


IFAs gun shy of DB transfers due to FCA rules research shows 

Seven out of 10 advisers say complex FCA rules are making them think twice about giving advice on DB transfers Aegon research shows.   In October 2018 the FCA published its final rules on how it expects advisers to handle DB transfers such as providing a suitability report for a client regardless of outcome.   The study shows 69 per cent of advisers […]


Paul Armson: We need a better conversation on client goals

Many make the mistake of inviting themselves into the client’s future without earning the right to do so Have you ever asked a client what their goals are, only to be met with a deer-in-the-headlights look? That will be because the goals conversation is an awkward one. Yet I see so many financial planners starting […]

Is there a 10-year charge on my trust?

It is over 10 years since, the then Chancellor, Gordon Brown changed the inheritance tax (IHT) treatment of trusts so that most trusts effected on or after 21 March 2006 fall under the relevant property regime. From 21 March 2006, as flexible trusts (also known as interest in possession) were treated as relevant property, many […]

Multi asset monthly views video

Trevor Greetham, Head of Multi Asset, explains why the Royal London Global Multi Asset Portfolios have their lowest equity weighting since launch almost three years ago. Equities are now close to benchmark with the emerging markets and commodities underweighted as the Investment Clock moves into mild Stagflation territory. Global growth is coming off the boil, […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm