This is a group of aspiring financial advisers, many of whom are self-funding their level 4 diplomas as they work towards leaving their current industry and starting anew in financial services.
This is where I’d start looking – plus you’re saving on recruitment fees.
FTA: Which careers are good breeding grounds for future advisers?
MP: For second careerists, it’s army veterans and airline pilots.
Ben Beck is an army veteran-turned-adviser who has become one of the most influential voices for millennial-age financial advisers.
And, when the pandemic hit, many airline pilots found themselves made redundant and entered financial services.
I’ve had the pleasure of working with a couple and found them to be highly capable, intelligent, and great communicators.
FTA: Is there a sense that talent is being lost to coaching?
MP: If there is, I’ve not noticed it. I’ve never spoken to any qualification candidates or aspiring advisers who have either gone into coaching or even mentioned it to me.
FTA: Is advice a 'frightening' industry to enter due to the strict regulation?
MP: I disagree that advice is a ‘frightening’ industry to enter due to the strict regulation.
Don’t get me wrong – I have met a few people who say, 'I don’t want to be a financial adviser, I’m happy to be a paraplanner, I just don’t want to take the risk of getting it wrong', but generally, when I meet aspiring advisers, they just can’t wait to get started.
The reality is that lots of industries and professions are regulated to some extent, and trainee financial advisers are generally supported by their firm’s compliance officer, a unit on regulation in their level 4 diploma, and a robust CAS process.
If you’re competent and compliant because you’re well-trained and supported, regulation shouldn’t be intimidating.
carmen.reichman@ft.com
