Financial services should be regarded as attractive for graduates as law, accountancy and management consultancy, says Millfield chief executive Paul Tebbutt.Despite a lack of appren-ticeship schemes in the industry, Tebbutt says that graduates should consider the sec- tor as a fast track to a lucra- tive career. Millfield says an average adviser makes 70,000 net turnover a year, whereas training in a legal practice to reach that stage would take about seven years of training, including years in administration. A graduate coming into Millfield’s entry scheme, which uses a “buddy” system where new staff shadow top advisers, could be earning this amount within two years. Tebbutt says the only barrier is that entrants might have to fund themselves for the first six months. He is concerned about the lack of new entrants but says graduates should not be discouraged by the bad press with has tarnished the industry. Tebbutt makes the comparison to leading accountancy and law firms, saying if graduates manage to find employment at these firms, they will face years of training and service before they might be made a partner. He says financial services is entering a new growth phase due to consolidation and says entrepreneurial graduates should consider financial advice as a long-term career. Tebbutt says: “Access to quality advice is beginning to shrink. Our industry should not be concerning itself with whether to multi-tie or not but worrying about where the new advisers are coming from and who is developing them. The main issue we have is that you have to fund yourself while you train.”
Openwork is offering a second tranche of its FTSE-linked structured product with Newcastle BS. It will have a five-year term and offers a capital guarantee.
Shadow Trade and Industry Secretary David Willetts has joined Punter Southall as senior policy adviser. Willetts was Shadow Work and Pen-sions Secretary before taking on the new post in May.
This week Robert Watts, economics correspondent at The Sunday Telegraph
Chartered financial planner status is finally a reality after the Privy Council confirmed the title can now be granted. After four years of campaigning for the move, the Chartered Insurance Institute deputy director general Bob Bullivant says the qualification puts financial advice on the same professional footing as accountants and legal professionals. He describes chartered […]
Take a look at the trusts and trustee taxation video – The definition and classification of trusts. Once you’ve viewed the boxset, visit our Test Centre to test your learning and get your CPD certificate. View here
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