A career in financial planning is a bountiful one and is grossly underrated in terms of all it can offer.
It is crucial that we are recruiting and retaining the next generation of financial advisers to ensure the future success of the financial services industry.
The more business leaders who recognise that, and take action, the more stable the future of the industry, all that it offers to our economy and all it offers individuals in which to pursue a fruitful career. Attraction methods need to be higher, more focused and there really needs to be a push and a focus on school and universities where we can attract people into further studies towards a career in financial services.
Generation Alpha - the generation of people born from the mid-2010s which comes after Gen Z - requires a completely different perspective and way of engaging to that of generations gone by. We need to use a number of platforms to showcase what a career in financial planning looks like in order to break the stereotypes.
We can do this by showing real life financial advisers, “A day in the life of” type podcasts, Instagram accounts showcasing the industry, YouTube and TikTok profiles to display the dynamic and rewarding nature that a career in financial advice brings.
Provide students with real-life examples of financial advisors and their career trajectories to showcase the opportunities and success that the profession offers.
School leavers and graduates need to see, feel and understand what the industry is really like
How would financial services business leaders go about attracting and bringing in and retaining talent into their businesses?
1. Small businesses can secure government funding to run apprenticeship programmes which is a fantastic way to grow your business for minimal financial investment whilst being able to grow your advisers to be trained exactly as you want them to be. The Institute for Apprenticeships has more information here.
For any business that is an appointed representative, or who could consider being one, they could look at joining one of the larger networks such as Quilter, St James's Place or 2Plan who have a training academy in place for their AR firms to have the training of their future advisers done for them
2. Engage with educational institutions. Collaborate with educational institutions to introduce financial planning and advice courses in their curriculum. Partner with schools and universities to organise guest lectures,
internships, and mentoring programs that expose students to the world of financial advice. Offer opportunities for students to shadow an adviser in your business, offer work experience openings for sixth formers and placement years for university students
3. Highlight the amount of training and development available. Young people are attracted to industries that offer ample opportunities for growth and advancement. Firms that truly prioritise training and development can attract and retain talented individuals by providing them with the resources and support they need to succeed.
This could include progression through to Diploma Level 4 and beyond, working with a mentor, building their own client book and could lead to them having their own business. Establish a clear career path: Outline a clear career progression path for your financial advisors, highlighting the steps and milestones involved in moving up the ladder. This can help students and young professionals visualise the long- term potential of a career in financial advice and feel motivated about the opportunity.
4. Offer flexible work arrangements. We are looking at Generation Alpha here, they have grown up in the digital world, and a world where most of them will remember the pandemic and the home schooling they experienced, and now
see their parents possibly hybrid working. We are all able to access our business communities at any time of any day and this is the only world Generation Alpha knows. Flexible working accommodates this and is what this cohort will expect. They have never experienced the Monday to Friday, 9am to 5pm model many of us grew up with.
5. Create an inclusive workplace which supports and displays diversity. Research shows that young people really value diversity and inclusion in the workplace. Firms that prioritise diversity and inclusion will attract and retain a
more diverse workforce, which brings a wider range of perspectives and experiences to the table.
6. Generation Alpha may be more interested in careers that have a positive impact on society and want to be part of a positive change in the world. Emphasise the positive impact of financial advice. Firms that emphasise the importance of financial advice in helping people achieve their financial goals and improve their lives may well be more attractive to young people looking for a meaningful career.
Let’s modernise the perception of financial advice. Let’s dispel the old hat view on financial advisers needing to wear a suit, be good at maths, and carry a briefcase. None of that is true anymore. It is a great industry to be involved in!
It offers enormous prospects, so many different routes, ongoing career development, individuals who enter this industry have so much available to them, they can build their own business, they can earn incredible money, they will be constantly learning, growing personally and professionally. They could have a lifestyle business to work around family commitments or other pursuits. In this industry the world really is your oyster. A colourful and diverse industry which is crying out for new talent and has so much to offer as a career.
Generation Alpha have so much to bring to this industry as they bring their new approaches in the now digital world in which we evolve to really shake it up and take advantage of this profession giving a flexible, lucrative, rewarding career path.
