“I want to be a financial adviser,” said nobody ever.
Perhaps that’s a bit dramatic, but financial advice – or financial planning – simply isn’t first in the queue when it comes to career consideration among young people.
To help with this, Money Marketing has launched a new digital community, Future Financial Adviser (FFA), in collaboration with M&G Wealth Advice, St. James’s Place and Quilter, plus our commercial partners Bespoke Training Solutions, The Patterson Group and Redmill Advance.
FFA provides a community to attract, engage and inform 17–25-year-olds on career pathways into financial advice, and to help those already in the profession to progress.
If we are honest, financial advice simply isn’t on the radar when it comes to young people weighing their career options – but it should be.
With an adviser shortage estimated to reach 50,000 over the next decade and an increase in demand, there has never been a better time to get into this sector.
Built around community, FFA provides young people with career advice, peer-to-peer connections, mentors, events and career opportunities within the financial-advice sector.
Based upon the principle of collaboration, FFA asserts the benefits of the profession, raising its profile and helping to solve a common problem – the capacity crunch.
Tom Hegarty, managing director of M&G Wealth Advice, commented: “We’re delighted to be part of the FFA programme, helping to inspire the next generation to pursue a career in financial advice and, crucially, supporting them to achieve it.
“There is great opportunity for all those entering it to build a rewarding-career centred around helping people to achieve their long-term financial goals.”
Chris Jones, the Quilter Financial Adviser School academy director, adds: “A career in financial services can be rewarding in many ways, but it is often overlooked by younger adults as a career choice. As an industry, we need to attract new people to our profession. This is a fantastic chance to share the potential opportunities and support available.”
FFA aims to provide a comprehensive resource that time-poor career advisers at schools and colleges can reference when talking to young people looking for advice.
If we can achieve this and engage with the career networks and platforms – as well as directly with young people – then we will provide a legacy value for the entire profession and wider industry.
Andy Payne at St. James’s Place Financial Adviser Academy knows first-hand some of the issues the profession faces.
“Many students have a limited understanding of what a financial adviser does, especially compared with more commonly known professions such as accountancy, law or teaching. However, when discussing the role of a financial adviser with students, there’s a keenness to understand more.
“The challenge lies in the lack of dedicated resources or educational hubs to guide them. There’s a clear need for a platform where students can access comprehensive information about the profession.”
As important as attracting new blood into the profession is, this isn’t just about those outside the profession looking in. FFA can also help those inside the profession who are looking up, by supporting those embarking on their first steps with information and advice from selected trainers and job opportunities from our partners.
Together, we wish to nurture the next generation of financial advisers. FFA will be reaching out to career advisers, societies, platforms and fairs across the UK, as well as engaging with higher-learning facilities and established professionals. Please help us spread the word where you can.
To view our community, please visit the FFA website here
Start learning, start earning, start a career.
Piers Johnson is Managing Director of Metropolis Financial Platforms
