Advisers pick friendly offices over high pay

Advisers pick friendly offices over high pay

An increasing number of advisers are looking to join companies that offer high levels of support and camaraderie, according to adviser recruitment specialist Paul Mattock.

The search for a friendly place to work is because many feel too isolated in their current roles, added Mr Mattock, head of partner recruitment at adviser firm Foster Denovo.

As a result the firms that offer support stand to attract the best advisers and planners.

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Mr Mattock said: “Increasing numbers are no longer just driven to move by the rate they are paid. Rather, they are happy to benefit from the extra support they can receive, the ability to spend more sought-after quality time with clients and the increase in revenue this approach can provide.

“Again, the comment I frequently hear when meeting advisers considering joining us is how isolated they feel in their current role – lacking support on every level. Large numbers operate entirely on their own, but would prefer to surround themselves with other like-minded individuals and a strong team of support staff in order to improve their skill set, cut down on administration and operate at optimum capacity.”

As a result of prolonged periods of working in isolation, some advisers have insufficient time or support to increase their skills and knowledge. Mr Mattock said this means that over time there is a risk that the quality of advice customers receive will diminish, when measured against changing market trends and customer demands.

He added: “I'd argue that some isolated advisers, or those who operate entirely on their own, typically carry on providing the same type of advice and fail to have the time or support to enable them to widen their skill-set and knowledge base. This is undoubtedly to the detriment of their clients.

“If an adviser hasn't necessarily pushed the boundaries, whether that is expanding their learning, embracing new technology or being up-to-date on the latest thinking, this lack of improvement, potentially, is not in the clients’ best interests.”