Companies  

Student trainees inspired to follow careers as advisers

Mr Highton, co-founder and joint principal with Brian Harrison of Inspire Financial Solutions, said RDR had put the firm’s growth plans on hold.

However he said that early this year the firm was “keen to start identifying how to attract our own new generation of financial adviser”.

To do this the firm, founded in February 2009, needed to design a proposition to would attract new entrants to the industry as the firm has a self-employed model for its advisers.

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The principals considered the prospect of introducer income, provision of leads, adoption of mentoring activities and a financial investment into the trainees’ fees for undertaking Sesame Bankhall Groups’ Financial Adviser School’s training programme.

Mr Highton said: “Despite a challenging recruitment period, including local advertising, screening interviews and open day presentations to ensure that prospective candidates made fully-informed decisions about whether to pursue the training required for a successful career as a financial adviser, we actually found our successful two trainees closer to home.

“Armed with the knowledge that the existing FAS student population had personal experience of financial advice, we started to consider who we already knew that we thought would make a good financial adviser.”

In November the firm moved from Castle Donington to larger premises in Kegworth to cope with the growing number of staff.

Mr Harrison said: “The plan is that the trainees will begin providing advice within six months, and will then take responsibility for the mortgage business for the firm within the following four months, at which point the plan for expansion will be cemented by a further two trainees.”

Background

Earlier this autumn Ruth Martin of the Chartered Institute of Securities & Investments said that more firms were taking on apprenticeships to help provide a “gateway” into the professions.

She highlighted figures from the National Apprenticeship Service that showed that almost 370,000 apprenticeship applications were submitted online between February and April 2013.

This was growth of more than 32 per cent compared to the same period last year.

Ms Martin cited wealth manager Rathbones Brothers in Liverpool which has announced it will be taking on six new apprentices for perhaps the first time in the firm’s 270-year history.