Industry needs more young talent to keep financial advice accessible
As demand for domestic and international financial advice continues to soar, more must be done to attract young talented individuals into the financial services industry, to prevent advice becoming a privilege exclusively for the wealthiest of those in society.
As I was quoted as saying in the Financial Adviser, if we don’t, the number of advisers will continue to drop and only the super-rich will be able to afford to seek financial advice.
There are certainly no signs of the level of demand for international financial advice falling any time soon, triggered, amongst other things, by the landmark pension reforms, financial education in schools, colleges and within the workplace; and of course, as more and more people are recognising the need to seek financial advice.
Due to this rise in demand for advice, it looks as though it is about to surpass the supply of independent financial advisers.
Although RDR and other global equivalents have led to an increase in standards within our industry, as well as qualifications and further clarity, the number of independent advisers has fallen considerably.
Therefore, taking this into account, along with the time and financing it takes to sufficiently train independent financial advisers, we must work hard to attract young people to the industry as soon as possible.
It is our job to highlight the rewarding career opportunities available within the energetic, vibrant financial advisory sector to the next generation of advisers.
As such, many firms and groups are endeavouring to considerably increase the number of graduates it takes from their Programme’s this year.
The programme’s often provide graduates with a fast-track route to performance success in this industry and will help to introduce new talent to the sector to cater to rising demand.
These talented individuals will have the potential to benefit from unparalleled hands-on experience with clients, wide-ranging support and mentoring from the most qualified consultants within their organisations, as well as must-have formal industry qualifications.
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Blog published by Mike Coady