Starting at the bottom can make you a better adviser

Savage explained: “It’s very hard to come in at a high level, because you need to understand how the foundations are built to understand what is created at the top.”

It pays to start from the bottomAshley Savage

He outlined what this looks like in practice saying: “When I’m talking to clients sometimes there’s a bit of a disassociation.

“When the adviser has done their job and walked out of the meeting there is still a lot of admin work that needs to be done, such as typing up notes.

“As I’ve done paraplanning and administration work in the past, I can get an idea of the real timescales of how long things are going to take on the admin side.

“All the necessary minutiae that needs to go into a report is sometimes easily forgotten when you’re in the conversion until you get asked.

“I think having the experience of knowing what will go into the role, knowing what forms need to be signed, knowing how long it takes just makes the service better and give clients better expectations.”

He also explained how this has informed his own experience in the industry, as although Savage enjoys talking to people, he would not have gotten to this stage if it weren't for the paraplanning work he did before.

Savage attributed his experience in this to getting him to where he is today.

He underlined the importance of this work and the experience it offers: “I would suggest to anyone looking to get into the industry to sit as many exams as they can and broaden their knowledge as much as possible.

“The experience then comes after that and that’s when you understand how it works in the real world.

“You learn things which you wouldn’t find in a textbook but it’s best to have all that textbook knowledge as soon as you can and work on that experience after.”

Industry improvements

Discussing areas in which the advice industry could improve, Savage said visibility of the profession could be better stating it needs to show what “rewarding” careers it can offer.

“I didn’t really know what financial advisers do, even through university I didn’t have that awareness,” he explained.

“So to bring new people in I think the industry needs to tell them about it.”

Savage suggested that this could be done while also improving people's financial literacy, a sentiment that has been echoed by other members of the industry. 

“The amount of people I speak to who question why financial literacy isn’t taught in school. Why don’t they teach you about mortgage rates? Why don’t they teach you about compounding and those sort of things?”

He added this is an area in which the industry may be able to assist, suggesting that “financial advice firms can run workshops as part of sales strategies".

He stated this visibility should extend to younger members of society: “Advice firms could try and get clients to bring in their children so you can talk to them and encourage them at a younger age.”

Personal journey

Savage graduated from the University of Essex in accounting and finance before moving into a dealing role at a stockbrokers.

From there, Savage entered a financial advice wealth management firm where he first received his experience of paraplanning and administration.

Within his first two jobs, he became a member of the Chartered Institute of Securities and Investments.

He explained that, after becoming qualified and spending 10 months as an adviser, he became a market maker for an investment bank. 

After realising “it wasn’t for me”, Savage returned to financial services and started working for Adsumus.

A welcoming industry

Despite not knowing anyone involved in the financial services industry before achieving his first job, Savage praised the industry for being welcoming.

“I didn’t feel any barriers or anything like that,” he explained.

He added that this feeling of acceptance by the industry was compounded by his ability to find a workplace suited to his needs.

In looking for his place of work Savage said he prefers a company “who put client outcomes at the front at what they’re doing.”

He added that the social aspect of a company remains an important facet as “you want to work at a place where the people are nice”.

tom.dunstan@ft.com

What's your view?

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