Allowing advisers to be their authentic self is important

When discussing what drew her to the Verve Group initially, Rabbets said it was because “their core beliefs really aligned with my own”.

She explained: “They very much wanted people to bring their authentic selves to work and I, at that point, was sick of being in a financial advice firm and having to hide my tattoos and having to dress a certain way.”

She added that advisers have an idea in their minds that “clients are going to be really intimidated by someone who’s got tattoos”, but argued that they “don't take the time to even ask their clients”.

“I think it’s just something they have in their head and the majority of people these days have seen them before,” she continued

“So for me that really shone through with the Verve Group, they had an attitude of ‘come as you are’ and I really wanted to be a part of it.”

Entering the industry

Rabbets outlined her professional journey, starting out in financial services back in 2007 as a receptionist for an IFA.

She stated that, at the time, she did not know anyone in the industry and had “very little idea about how the industry worked”.

However, Rabbets stated that her lack of experience, “if anything, was a benefit” and she entered into the industry “with no preconceptions”.

Every single person can do something and, if every single person did something, it would have a huge impact on the industry

She explained: “Because I had no idea about the industry I was like a sponge and absorbed everything I possibly could.”

However, she also described her experience within the industry as not being welcoming, stating: “When I started out, because I don’t look like your typical person who works in finance, I experienced some barriers.”

She explained: “I’ve been in firms and in places where doors have been closed.”

She added that her background was also a barrier to some roles within the industry, stating: “I don’t come from a well off background at all, my mum was quite poor growing up.

“When I was going for roles beyond the receptionist role, I had a lot of people telling me 'your not suitable for this'.”

However, Rabbets shared her belief that the industry has become more welcoming recently, stating: “I do think that’s changing and I do think a lot more open-minded organisations these days.”

Advice gap

Speaking on current issues in the industry, Rabbets identified the advice gap as a particularly pressing one but added that “I don’t think it’s as simple as that”.

She explained: “There aren't enough advisers for the people that need advice, but there’s also not enough guidance for people who are ready for advice but still need guidance.

“There’s not enough education out there, there’s not enough women in the industry, there’s not enough diversity in the industry, there’s a lot of gaps.”

To address this issue, Rabbets stated: “I think financial advisers themselves could do a little bit more.”

She emphasised that “even the simple things like putting out blogs and podcasts” can be beneficial to addressing these issues.

“Every single person can do something and, if every single person did something, it would have a huge impact on the industry.”

She went on to explain that “there’s lots that can be done”, mentioning delivering workshops, offering services pro bono, raising awareness, and helping organisations like the Verve Foundation.

However, Rabbets additionally stated that, while the advice gap “is definitely a problem now” there are other issues that will need to be addressed in the future.

She additionally stated: “Once we get enough people in to finance, it’s about keeping them.”

She outlined the way to do this was to support new entrants' growth, and be “more noisy” about the roles that are available so potential applicants are informed about the variety of roles that exist within the industry.

“I know we’ve come leaps and bounds with even the paraplanner role. There’s a lot more people who know what a paraplanner is but not in the general public,” she added.

Rabbets also suggested that a lot more could be done to “showcase” the industry in a much better light.

Current initiatives

Rabbets additionally spoke about the Verve Foundation's current efforts to break taboos associated with finance such as “you can’t be an adviser because you’re young or a women (both of which I’ve heard)”.

She outlined two current initiatives being undertaken by the foundation to address similar issues, including We Are Change and the Adviser Incubator programme. 

Rabbets explained that the We Are Change initiative was launched back in 2021 following the Covid pandemic to help people get into the financial services industry.

She outlined the initiative offers a two year, fully funded programme which provides a diploma in regulated financial planning at its conclusion.

Rabbets added that the Adviser Incubator programme was launched in June of this year as a pilot and is aimed at new and early stage advice firms.

This initiative includes a series of sessions each week to help the new firms “start out on the right foot”.

tom.dunstan@ft.com

What's your view?

Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com