Closing out our illuminate live reimagined series is Ewan Rosie, chief operating officer at Cooper Parry Wealth. 

    Ewan talks about his journey into the leadership team, and the need to shout more loudly to get new entrants into the profession. 

    He discusses how recruiting with younger talent in mind has changed business processes and added a different perspective for the existing team. 

    He also looks at what younger people's expectations are, and some of the things, such as unlimited holidays and email curfews, that Cooper Parry Wealth has brought in to inspire team loyalty. 

    Below Ewan writes about why it's worth investing in young talent. 

    The average age of a financial planner in the UK is 58, and research suggests that one in five advisers are planning to retire in the next five years.

    Now, more than ever before, we need more young people entering our profession.

    Whether you’re looking to attract young talent or to shape your succession plan, it’s all eyes on the next generation.

    Attracting and supporting younger planners is a subject that’s particularly close to my heart given my own journey, which has seen me go from paraplanner to chief operating officer at Cooper Parry Wealth.

    I started building my client bank at 26, making me the youngest adviser at the firm at the time.

    Having seen things from both sides, as a new entrant and as part of the leadership team, there’s a few things I’ve learned about the benefits younger talent can bring to a business.

    1. Experience isn’t always the right approach

    Hiring a veteran adviser/planner can cost you when they aren’t the right fit. And I’m not just talking about the salary costs.

    Like many of our peers, we have spent a lot of time developing thorough business processes. These have been built on years of learning and listening to clients, and they are there to be followed for a reason.

    By nurturing young, existing talent within your business you can shape their development, making sure it’s in line with your expectations of how financial planning should be done. With someone who’s set in their ways, this can be a lot trickier. 

    2. Challenge tradition

    You might still be of the mindset that clients don’t trust a younger person to manage their money or guide them towards their goals.

    But I believe taking this view won’t just hold you back, it will get in the heads of your younger employees – making them think progression opportunities are years away.

    With the right training and support, younger planners are more than capable of building and maintaining excellent client relationships.

    3. Values over volume

    Of course, this doesn’t mean you should be trying to push anyone and everyone up the ranks.

    The fit has got to be right, and it works both ways.

    Do you know what you stand for as a business and what sort of people you want? At Cooper Parry Wealth we have five key values:

    • Be brave
    • Play all in
    • Keep learning
    • Be nice
    • In it together

    We hire and appraise based on these areas. So before you get that development plan in place, it’s worth making sure everyone involved is on the same page.

    4. Make your business irresistible

    Competition is fierce these days.

    Businesses up and down the country are realising that an old school benefits package just doesn’t cut it anymore.

    Unlimited holidays, agile workspaces, exercise classes, nutritional guidance and treadmill desks are just some of the ‘out of the box’ benefits we offer.

    These kinds of things can inspire loyalty, giving you the opportunity to attract and keep the cream of the crop.

    Illuminate live reimagined was curated by our friends at NextGen Planners. You can watch back the previous sessions here, featuring Ewan Rosie, Ruth Sturkey, Jo Little and guest editor Rohan Sivajoti

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