According to St James’s Place and hiring platform Indeed, only 4% of UK workers have considered being a Financial Adviser. Why is this number so low?
The study including more than 4,000 people found almost a quarter of UK workers are dissatisfied with their jobs, with a third aiming to switch careers in the next year. However, many have a limited awareness of what a Financial Adviser is, or how they work. In a recent Financial Times Adviser article, they revealed that the idea of the Financial Adviser is stereotyped as an ‘old man’s job’. These factors, combined with people having a lack of self-confidence in their own skills, means that candidates – whether they’re thinking of a career change, coming out of university or looking for a sector to go into for work experience – write this off as a career path. This all contributes to the question, why be a Financial Adviser?
We talked to our own Financial Advisers about why they got into the industry, their personal views of the benefits and what they would say to anyone considering becoming an Adviser.
Lloyd Mashatise, Adviser
“Being a Financial Adviser for me is one of the most rewarding roles I could have picked as its varied nature makes it interesting. It combines economics, politics, law, accounting/tax and, the best of them all, investments. One day you’re dealing with the complexities of a testamentary trust and the next you’re getting an updated value on a cash account. It is the varied nature of the role that makes me genuinely excited to come into work every day as you don’t know what you are going to learn next. Working with clients from different backgrounds, including entrepreneurs, farmers and engineers, is fascinating. I also get the joy of building strong relationships with clients, and I love being able to solve their problems and alleviate their worries – which is what we are ultimately here to do.
In my humble opinion, the role suits someone personable who enjoys working with people, stays curious, enjoys learning and is – most importantly – a problem solver. Typically, you can have five or six different cases going on at the same time, so organisation and multitasking are essential too.”
The age problem: being too young or too old
Age can be a barrier to becoming a Financial Adviser.
If you become a Financial Adviser straight after finishing college – or university – even after passing all your exams, there can be an unfair age discrimination. However, clients should change their mind when it becomes clear you are knowledgeable and can offer them the bespoke financial planning they need.
On the other hand, if you have a lucrative career in a different field already or you’ve just started a family, moving into financial advice could be too much of a commitment. You can find yourself having to take a steep pay cut while you work through your exams and build your skills. However, the payoff for when your become a fully trained Financial Adviser could mean it was all worth it financially and emotionally.
Callum Rowe, Trainee Private Client Adviser
“I am passionate about becoming a financial adviser, especially when it comes to breaking the stereotype and misconception that it’s an ‘old man’s’ job.
I’ve started my career at a young age, which means that I can use my drive and commitment to continuous growth to gain an abundance of experience by the time I reach the so-called ‘correct age’ for this profession. Building trust with clients can be challenging, but it’s incredibly rewarding to help them meet their objectives and show them I can help them achieve their goals.
The job is constantly stimulating; no two days are ever the same, fuelled by the diversity and unique nature of each client. I am constantly learning, adapting and developing. I firmly believe that if you are good enough, you are old enough, and I know my experience is going to mean I can offer the best service to my clients once I’ve achieved the relevant qualifications.
With many experienced advisers retiring, there is a significant opportunity and demand for young professionals like me to fill the widening advice gap. It also means we look at the needs of the upcoming generation of clients with the knowledge of previous generations alongside our own experiences to offer the best we can. This means we can protect, build and continue to pass on client’s wealth to their loved ones.
A culmination of all these reasons is why I chose to become a financial adviser.”
Benefits of being a Financial Adviser:
- The biggest benefit of being a financial adviser is that you will actively help people. Just like a doctor or dentist, you get the chance to work with your clients closely, understanding their needs and wants, and forming a good relationship that offers them the best, unique outcome for them.
- You can also use your knowledge and expertise to ensure that you can work with the clients you want to, offering you the opportunity to address any diversity, or support any vulnerable customers the way they need.
- No two days will be the same, whether that’s to ensure you’re meeting clients, working on an attitude to risk questionnaire or increasing your training, you’ll work in a fast-paced, energic position that leaves little room for mundanity.
- You’ll gain an understanding of your own financial needs, as well as increase your own financial education. Understanding investment tactics or how compound interest works ensures you remain abreast of what’s happening in the market and understand the longer-term view.
Overall, you’ll be making a difference
The biggest benefit of being a Financial Adviser is the clients you work with. You will be working with people to help their life’s dreams come true, building their wealth to ensure they are and remain comfortable and even pass that wealth and knowledge down through generations. Every day, you will work towards making a difference in people’s lives, before seeing those results in real time further along the line.