'I used my house deposit to become an adviser'

According to government figures, one in four employees in the UK were put on furlough at some point between March 2020 and June 2021.

Caley, a law graduate, had been working in luxury department store Liberty London when the pandemic struck and was one of the workers placed on furlough, before eventually deciding to take voluntary redundancy.

“A lot of people during the pandemic had that time to reflect and for me I wanted to do something a bit more future-proof but that also still had that personable element. 

"People say it’s a big change from retail into advice - but it is and it isn’t really. 

“It’s still people and it’s still helping people achieve something they want to achieve in their life, whether it is with clothes or finances,” Caley said.

“Finance is probably a bit more responsible,” she added.

In retail I’m really old but in advice I’m really young

Now, three years on from the first lockdown, at age 36, Caley is a self-employed independent financial adviser working under the banner of Aegis Financial Planning.

Taking the leap into self-employment was not easy, Caley said.

“I went in completely blind,” she admitted. 

“I didn’t understand how much of the industry was self-employed or how to go about getting clients but I would say because there are so few female advisers, it’s probably easier to get into the industry.”

“A lot of places want female advisers, and young advisers. It’s funny, in retail I’m really old but in financial advice I’m really young. So I quite enjoy that.” 

Dreams of homeownership

Caley budgeted to earn nothing for the first two years, meaning that she had to drastically change her plans in the short to medium term.

She said: “That felt like the very worst case scenario. In the early stages, it’s hard. Even if you meet someone who is looking for an adviser, it takes time. It’s a steep learning curve.”

Before working in the industry, Caley was not aware of the lack of diversity, but she thinks that the perception of wealth is one that can be a barrier of entry to many. 

“I don’t think it’s very British to talk about money and earnings, a lot of people find talking about it really distasteful but a lot of what we do is helping give people the freedom to make the decisions they want to make,” Caley said.

She used her own experience as an example of this: “For me, a lot of what I can do now in terms of career changing came from a massive place of privilege. All of the years I worked in retail I didn’t really earn very much, but I made sure I saved enough to be able to buy a house.” 

Having this money put aside meant Caley was able to pivot her plans, and instead of using the money she saved for a house deposit, she used it to fund her career change. 

“I think that’s important to say because for people coming into financial advice, there is a period where you aren’t earning much but you will be around people who are earning quite a lot potentially and that can be challenging sometimes to navigate.”

For now, Caley’s plan of owning her own home has been put on hold, but ultimately she is happy that she has chosen a career route that will support her financially in the long-term.

“I'm prepared to rent for a bit longer while I'm building my business. I think becoming an adviser has changed the way I view my finances overall and now I'm more confident in making longer term decisions," Caley said.

"Having the money available meant that I could change my goals. Although it's definitely a sacrifice in some ways, it also opens opportunities.”

Women first model

If women are going to progress in industry it can’t be by becoming more masculine in their approach and by making men comfortable

In Caley's view, the financial advice sector is one that is changing rapidly. 

“When I talk to potential new clients there’s a lot of re-education that needs to happen because people just don’t realise what financial advice is.

"What happens a lot with people my age is I’ll speak to them, and then they will go and speak to their parents and they will have had a bad experience from when it was more product-based. So I think that can be a bit of a barrier."

Caley has made the conscious decision to work almost exclusively with female clients.

“I’m trying to stay firm to that. I think women need different communication styles.

"Even in retail, which is very female populated, when you get to the top it is still men and when you get to a certain level there is still this idea that ‘you should speak like this, you should behave like this’ and it’s very male," Caley said.

"I think more widely, if women are going to progress in industry it can’t be by becoming more masculine in their approach and by making men comfortable.

"Part of me just stepped away from that and that works really nicely for me."

A core aim of Caley's is to support women who traditionally may not have thought about getting financial advice.

“I have a few clients who are single women around my age and I think that because I am also single and don’t have children it creates a sort of camaraderie," she said.

"Something I talk about is that a lot of people seek out financial advice when they hit milestones - when they get married, have children, buy a house - but it’s quite conceivable nowadays, especially if you are single, that you have different milestones.

"You can get to 40 and maybe you don’t own a house or aren’t married and because of that you aren’t doing your financial planning," Caley said.

"There's lots of shame around money and it's something I'm really conscious of so it's really about trying to break those barriers down."

jane.matthews@ft.com

If you would like to be featured in our New Voices series, or you know someone who would be a good fit please get in touch with Jane Matthews at jane.matthews@ft.com