Many advisers are experiencing difficulties finding the right people to join their firms.
Taking on graduates could be the solution to many recruitment problems. Young may not have the experience that an adviser who has been in the industry for over 20 years has, but has enthusiasm, motivation, fresh ideas and a naturally social media and online marketing-savvy mind which can really boost your business.
Another benefit to hiring graduates is that if you invest in their growth and give them an encouraging environment, they’re more than likely to stay for longer.
Here are my three top tips on how to attract young people to join your business and keep them.
- Explore national and local government schemes for apprenticeships
I was taken on as an apprentice via ‘Jobs Growth Wales’, a scheme funded by the Welsh government with a respectable salary, and study texts and exams were paid for by the firm and I was given one day a week as a study day.
The Jobs Growth Wales scheme meant that I was paid a salary, which the government contributed 50% towards for six months.
- Visit local universities and colleges to talk about financial services
I knew I wanted to be an adviser but I found it hard to find the information to help me get to this position. I definitely think there should be more awareness to careers in financial services in schools. Most people think that you need to work in a bank to join the profession.
It would be good for advisers to go talk about financial advice to highlight it as an option for students studying finance and raise awareness for the profession as some studying finance degrees may have not considered advice. It would also be good to set up a work experience placement agreement with the help of a lecturer or teacher.
3. Show young people a career progression plan so they know they’ve got a real future at your firm
I was fully supported by my firm and as far as I was concerned I had everything I needed to put my head down and pass the financial adviser exams- which I did within 18 months. My boss was also incredibly supportive and would help with areas I found particularly difficult. During the 18 months I also sat in and observed the client meetings. This made the study text easier to digest because I was able to pin what I was reading about to the real-life cases.
I didn’t mind having to start my career at a low level and working hard to progress. I felt that as long as there was the potential for progression within my employment then I would do all I could to get to that stage- I believe many young people feel this way. I was just very lucky to find an employer who did everything they could to support me.
My role at the firm was originally a paraplanner/trainee adviser whilst I was studying to become a qualified financial planner. My time was split between research and report writing, sitting-in on client meetings and taking exams.
Since qualifying I have inherited a group of existing clients – I will meet with these clients for annual reviews etc. and I am now their first point of contact at the firm. I hope to continue in this role and slowly take on more clients as I become more experienced. I am also currently studying for more exams and hope to be a chartered financial planner at the same firm in the near future.