It is crucial that we are recruiting and retaining the next generation of financial advisers to ensure the future success of the financial services industry.
The more business leaders who recognise that, and take action, the more stable the future of the industry, all that it offers to our economy and all it offers individuals in which to pursue a fruitful career. Attraction methods need to be higher, more focused and there really needs to be a push and a focus on school and universities where we can attract people into further studies towards a career in financial services.
Generation Alpha - the generation of people born from the mid-2010s which comes after Gen Z - requires a completely different perspective and way of engaging to that of generations gone by. We need to use a number of platforms to showcase what a career in financial planning looks like in order to break the stereotypes.
We can do this by showing real life financial advisers, “A day in the life of” type podcasts, Instagram accounts showcasing the industry, YouTube and TikTok profiles to display the dynamic and rewarding nature that a career in financial advice brings.
Provide students with real-life examples of financial advisors and their career trajectories to showcase the opportunities and success that the profession offers.
School leavers and graduates need to see, feel and understand what the industry is really like
How would financial services business leaders go about attracting and bringing in and retaining talent into their businesses?
1. Small businesses can secure government funding to run apprenticeship programmes which is a fantastic way to grow your business for minimal financial investment whilst being able to grow your advisers to be trained exactly as you want them to be. The Institute for Apprenticeships has more information here.
For any business that is an appointed representative, or who could consider being one, they could look at joining one of the larger networks such as Quilter, St James's Place or 2Plan who have a training academy in place for their AR firms to have the training of their future advisers done for them
2. Engage with educational institutions. Collaborate with educational institutions to introduce financial planning and advice courses in their curriculum. Partner with schools and universities to organise guest lectures,
internships, and mentoring programs that expose students to the world of financial advice. Offer opportunities for students to shadow an adviser in your business, offer work experience openings for sixth formers and placement years for university students
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