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How to future-proof your workforce

  • Grasp how apprenticeships are helping recruit new financial advisers and plug the advice gap.
  • Understand what impact gender pay gap reporting will have and how the industry is appealing to women.
  • Learn what firms should do to retain advisers and plan for succession.
CPD
Approx.60min
How to future-proof your workforce

Introduction

The financial advice industry has been facing warnings about a potential advice gap for the past few years as there are concerns not enough people are entering the industry.

Apprenticeship programmes are encouraging a new generation of financial advisers of all ages, as the industry tries to appeal to graduates, more women and people who are retraining.

The pension freedoms also mean people will be seeking financial advice later in life and for longer, so there is a need for the industry to ensure advisers are receiving ongoing training - this will also help with retention.

Tackling recruitment and retention issues should also help solve the problem of succession planning, which many adviser firms, large or small, face at some stage.

This guide explains how the financial advice sector can benefit from the apprenticeships on offer and how they can maintain a level of professionalism through continuous training and development.

It will also consider the mandatory gender pay gap reporting, what this requires and the implications for larger adviser firms.

Finally, the guide will look at how firms should prepare succession routes - what this entails and the main challenges to overcome.

Contributors to this guide include: Marie Calvin, national academy manager at 1825; Darren Smith, head of the Financial Adviser School and Richard Freeman, chief distribution officer at Old Mutual Wealth; Catrina Smith, partner in the employment team at Norton Rose Fulbright; Cath McVey, HR director at Ascot Lloyd; Danny Cox, head of communications at Hargreaves Lansdown; Fiona Treadwell, talent and development business partner at Mattioli Woods; Paul McGrath, partner at McDermott, Will & Emery; Scott Gallacher, chartered financial planner at Rowley Turton; Schroders; Investec Wealth & Investment; Nucleus.

In this guide

CPD
Approx.60min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. Advisers surveyed by IW&I suggested three ways to overcome the recruitment gap at trainee and graduate level, but which one of these did they not suggest?

  2. According to Mr Smith, what percentage of the Financial Adviser School's students are female?

  3. Why does Mr Gallacher think the advice profession is very attractive to anyone having to juggle family and career?

  4. According to Mr Smith, what type of adviser firms have benefitted the most from the apprenticeship scheme?

  5. According to a poll by Nucleus among those doing succession planning, 40 per cent said they would do what with their business?

  6. Why is it important for Ms Calvin to understand the career routes and ambitions 1825 employees have?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • Grasp how apprenticeships are helping recruit new financial advisers and plug the advice gap.
  • Understand what impact gender pay gap reporting will have and how the industry is appealing to women.
  • Learn what firms should do to retain advisers and plan for succession.

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