At 28 years of age, Will Bennett has been an IFA for six years, but while he is confident in his role now, he admits that he struggled “enormously” with imposter syndrome in the early years.
“All of a sudden you’re sat in front of these people and you are the guy who is supposed to know what they are doing,” Bennett told FTAdviser.
“What you forget though is you have been learning this stuff for the last seven or eight years, so you do know more than the average Joe, which is a terrible phrase to use, but you know more than the person looking for advice,” he added.
Bennett was one of those people who sort of ‘fell into advice’.
Sometimes it’s a barrier you put on yourself I think, when you say 'these people aren’t going to take me seriously'Having studied economics and finance at university, it was through a contact at his rugby club that he was first introduced to the profession. Before this he had never considered it as a field he was interested in.
“We played rugby together and he sort of just said ‘we do this, would you like some work experience?’
“When you are in Uni you grab any sort of opportunity for exposure because really you have no idea what you want to do,” Bennett said.
After finishing his placement on a mortgage and protection desk, Bennett found he really enjoyed the experience and after returning to university decided to pursue a career in advice, starting in a trainee adviser position after graduating.
'This is terrifying'
Overcoming his imposter syndrome was something that came with experience and practice.
“It’s scary, the first time I would sit with people I would think ‘this is terrifying’, but you very quickly learn that actually, they’re just a human at the end of the day that needs help and advice.
“So once you shift your focus away from trying to have all of the answers all of the time, and just focus on goals and them as an individual, then all of a sudden the rest of it becomes really easy because you’ve built the relationship and it’s all about managing that relationship,” Bennett said.
In an industry where just 8 per cent of all financial advisers are under the age of 30, Bennett’s experience of imposter syndrome is not unique.
Earlier this year, 22-year old adviser, Melissa Ellis told FTAdviser that being young can be difficult with prospective clients who sometimes link age with experience.
However, this is something that Bennett was fortunate enough not to have experienced too often.
“Generally speaking, people like speaking to people they can build a relationship with and that they can build up a trust with.
“You will get clients who will tell a story about how pensions might have been in the 1970s and they will say ‘of course you weren’t around then’ and make little jokes, but really it has been nowhere near as much as I thought [it would be],” Bennett said.
“Sometimes it’s a barrier you put on yourself I think, when you say these people aren’t going to take me seriously,” Bennet added.
“If you can listen and be empathetic and understand their goals and their objectives then it’s not a barrier that’s actually a reality too much.”
Looking ahead to the future, Bennett told FTAdviser that values are paramount when it comes to his definition of success.
I haven't got the aspiration to have thousands and thousands of clients“It’s something that has become more important as I’ve learned more and gotten qualified, that actually the ability to build relationships and have long-lasting ongoing relationships is what is really key for me,” Bennett said.
This feeds into the type of firms he would be happy to work for, “how they position their clients” is key for him.
“If clients aren’t at the forefront, that’s where the issues with the FCA will come,” Bennett said.
“One of the big things when I was starting out was that I didn’t feel much like a salesman and I didn’t necessarily feel comfortable selling anything.
"So finding somewhere where you aren’t selling anything because you genuinely believe in it, was important,” Bennett said.
For now, Bennett plans to continue helping his clients and wants to remain with Advies.
"If I had 100 or 150 clients and I could give them a proper service all of the time, that would be enough for me.
"I haven't got the aspiration to have thousands and thousands of clients where the risk is you lose that close personal touch.
"I get reward from that, and if I'm financially secure and I can do that every day then I would be a happy man," Bennett said.
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
