BTS are in a privileged position to work with so many dedicated individuals and firms within the Financial Services industry. In this article Will Salmon, Candidate Support and Business Development Adviser, shares his view on a recurring conversation he has been having since joining the firm recently.
You will no doubt have heard something about the anticipated recruitment crisis in the Financial Services industry, specifically related to the need to recruit and train the next generation of Financial Advisers. A common statement that is thrown around in press articles, is that 50,000 new Financial Advisers will be needed over the next few years. What does this mean and why?
Firstly, the average age of a Financial Adviser in the UK is 58, meaning many of them will be considering retirement over the next few years.
Secondly, many more people than ever will find themselves needing to access Regulated Financial Advice, due to a combination of inheriting wealth and recent Government taxation changes. With more people liable for such things as Inheritance Tax, succession planning will be more crucial than ever before.
As things currently stand, there are approximately 27,000 Financial Advisers in the UK, a greatly reduced number since the requirement for all Advisers to be Level 4 qualified came into effect from the RDR in 2012.
This ‘crisis’ is a conversation that is being amplified more and more as firms start to grapple with the realisation that they will need to do more to retain and recruit new Advisers going forward if they want to maintain and grow their businesses. This is a great opportunity for individuals who are wanting to take the next step in their career (or the first step!) because companies are going to need to do all they can to attract the right talent if they want to stay competitive.
Having recently completed some of my own informal market research, coupled with the conversations I’ve been having with firms BTS currently has a relationship with, we know there is a huge opportunity for both employed and self-employed roles in the industry. But…these opportunities can be hard to find and you might have to do some digging (as I have been) to find them!
If you are studying or considering studying any of the CII R0 units then you are already in a great position to stand out to firms who are recruiting. Firms often like to see that an individual has started their qualification journey before making an application.
If you would like some help with your hunt for opportunities, please contact the BTS team, we would be delighted to support you!
Is your firm getting ready to recruit? would they like to be part of our journey? Please pass this article to them so they can contact us to find out how we might be able to help them find and recruit their next generation of advisers.
Read our Newly-Qualified Financial Adviser Role Profile for information on salary expectations, entry requirements, exams, and where to look for vacancies.
View our Jobs Board page to find your next role as a Financial Adviser or other roles within the financial sector.
Browse all R0 Exams, including an overview of each and exam resources BTS supply to help you pass your R0 exams.
Find out more about our Featured Companies and the opportunities available by visiting the Featured Companies Page, including how to contact them directly.
