View more on these topics

Lighthouse says military cutbacks could be used to boost advice sector

Advice firm Lighthouse Group says the cutbacks in the armed forces could help meet the shortfall in financial adviser numbers.

Last month the Government announced 1,400 redudancies across the armed forces, in addition to the 4,500 jobs that were cut last year. B the company says the advice sector has lost 10,000 employees in the last 18 months and this provides good career opportunities for ex-military personnel.

Lighthouse Group chief executive Malcolm Streatfield says the advice industry has historically attracted ex-service personnel and says they have many personal skills and qualities that can transfer to financial services.

“Their attributes fit very comfortably with being an adviser. They are used to being around people; they have the work ethic; they are disciplined and skilled in problem solving.

“Over the last 10 to 15 years they have been involved in operations overseas where they use these skills virtually every day of their lives,” he says.

Lighthouse Group financial adviser Andy Stafford-Smith, a former flight sergeant with 20 years’ service in the RAF, believes a career in financial services would be a viable move for many ex-services personnel.

“For those that enjoy meeting people want to have some control over their earnings and don’t particularly want a job with fixed hours, this is the perfect career for them,” he says.

Capital Trust Financial Management partner Bruce MacFarlane says: “I know three people who have been officers in the army and have done well in financial services. They seem to excel not at the small IFA level, but in the banking sector as team leaders.

“Their army background – leading a team of soldiers and being in pressured situations – has helped them run a team of financiers.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com