We recently met with Jack Kennedy, The Academy’s Recruitment Manager, to chat all things – recruitment! However, very quickly during our chat, it was clear that Jack’s role encompasses so much more than guiding potential academists through the application process of the M&G Wealth Advice Academy.
And actually, what we’ve come to understand about The Academy is that although the team each have their own unique roles, they all appear to play a part in every stage of the programme. And, talking of stages, we thought we’d take a bit of a deep dive into each one, by sharing what Jack had to say about how it all works.
Let’s get started
Stage 1 primarily, is all about studying towards the qualification needed to become a financial adviser and The M&G Wealth Advice Academy supports their academists through the CII L4 Diploma in Regulated Financial Planning.
The ‘traditional’ route sees academists taking around 12 months to take the six CII exams. The Academy covers the costs of the exams, and provides supporting material and workshops, which during our chat, Jack said were a fantastic arm of support with a direct correlation in those attending them and first time passes.
Jack also noted that although the traditional route is around 12 months for completion, some have done it in three or four months, where The Academy is flexible and fluid enough to accommodate this. Quite often people fast track their exams but as we very well know at BTS, sometimes life gets in the way. The Academy is also set up to factor in the curved balls and the consistently positive feedback that we get highlights that they do everything they can to make sure that as academists go through the process, you’re on the right path for you and, with the right people.
You’ll not be studying alone, academists do so alongside other people on the same unit / path. You can be a part of WhatsApp groups, to share ideas, benefit from peer support and ultimately, really feel the community that The M&G Wealth Advice Academy is.
Although Stage 1, is heavily about the exams, many people complete their studies alongside their existing job. Around the time of nearing qualification, it’ll be time to think about handing in your notice or winding down from your work.
These earlier days are about transition into your new role as an adviser. The Academy will support you every step of the way whether it be in planning, business development or the FCA authorisation that you will need to be able to advise.
Onto stage 2
The second stage is about learning the fundamentals of being an advisor. You’ll focus on the first and second meetings of which Jack said, “The team have created a wonderful track which really gets people to understand those behavioural elements. The questioning techniques, the softer side of understanding what the client is looking to achieve and why. We help academists build vital skills in being able to analyse a client’s financial situation and then being able to put together solutions and present them in a way that makes sense to people.”
This part of the programme runs for around 7-8 weeks and is delivered remotely. The training is delivered remotely, albeit you’ll not continuously be at your screen. In fact, Jack highlighted that, “There’s time to reflect, there’s time to plan.”
During this stage of the programme, academists are also given a coach and a supervisor to help you get you through your route to what we call – ‘competent advisor status’ (CAS). This is where it’s ensured that the advice you give is where it needs to be from a regulatory aspect – it’s important stuff! One of the things M&G are proud of – and quite right too – is the fact that all of their supervisors have been financial advisors in the past, so their job is not just to tick boxes, they have some really valuable experience and insights that they bring to the way they work with academists.
The Academy’s supervisory team also do a wonderful job of maintaining the training and the learning, so they’ll have drop-in clinics and training sessions, where you continue your development as you go through. Jack added, “We could honestly have a training course that ran for six or seven months, and you’ll still be learning new things.”
With his own experience in being an adviser and running his own business, Jack also talked to us about some of the challenges new advisers have.
“One of the biggest challenges is having people to see. I remember when I first started my own business, I don’t think I saw anyone for five weeks. And then of course, you lose a little bit of confidence and you forget what you did on the training course. This is where provision of opportunity through leads and effective business development and planning become so important.”
The M&G Wealth Advice Academy fully support you in building your business. Another challenge, that we often talk to aspiring advisers about is the nervousness that can come with making the leap into self-employment. However, when you speak to academists that have been through the programme and now run their own successful businesses, they paint a very different picture.
Yes, it is self employed but you’re not alone in this either. In building your business with The M&G Wealth Advice Academy, you benefit from all that self-employment brings, such as flexibility, better work / life balance, but with the added benefit of the feeling and comforts of being employed brings, thanks to the structure of The Academy.
The Academy doesn’t just help you with the qualifications, it coaches you through every aspect of building your business, it is real wrap around support. And, to get your business off the ground, you will also benefit from 100 leads in the first two years, leads that you will be supported to nurture and work with. These leads will also help you get to CAS, ensuring you meet the requirements needed, across a range of different client types and circumstances – providing valuable real-life experience.
1, 2, 3, CAS!
Stage 3 and your route to CAS, develops confidence in what you do as an adviser and how. Not only that, by seeing real clients during this process you are already starting to build your brand as a business, you are building your reputation. As an example, Jack explained, “Clients might go on VouchedFor to feedback on the service you have provided or perhaps the services they could provide them. Potential clients will see how great you are, making it so much easier to generate new business organically, as opposed to having to do it cold, during a time when you are developing your confidence.”
Final stage – you are competent!
The third stage of the programme sees you develop into a competent adviser. By this point, the aim is for academists to have really worked on the overall landscape of your business. However, even when your business is up and running, the support offered by The Academy doesn’t just come to an end.
Instead, you enter the fourth stage of the programme, which is very much ongoing support. Jack told us, “When you reach stage 4, you are competent advisor. You’ve been seeing clients and things are going really well. However, you’ll likely need different types of support. You might want to think about next steps for your business, about how you could look at working with more clients, what options you have…that sort of thing.”
The Academy’s supervisory team are there to help with all of these things as well, so their role is so much more than just getting you to CAS, a little like Jack’s role is so much more than just the recruitment process where he is very much present throughout and continues to have relationships with academists who are well beyond stage 4 of the programme.
The Academy doesn’t just help you with the qualifications, it coaches you through every aspect of building your business, it is real wrap around support. And, to get your business off the ground, you will also benefit from 100 leads in the first two years, leads that you will be supported to nurture and work with. These leads will also help you get to CAS, ensuring you meet the requirements needed, across a range of different client types and circumstances – providing valuable real-life experience.
And talking of beyond stage 4…
The latter stages of The Academy programme tend to be around 12-18 months or so. We asked Jack what happens once advisers are, so to speak, ‘signed off’. Assuming an adviser has reached CAS, they’ve started to build a really successful business, is that it? Are they then on their own? Jack’s response? A firm no!
“No. You get a different type of support. At this point you’ll be passed to The Academy’s Support and Development Consultants and their job is to continue supporting you and your business.
They’ll start to give you really good analysis on where you’re spending your time. They’ll help you consider if you’re spending the right time with your clients and doing the right things. Perhaps it’s time to think about whether you need admin support, whether you need additional people within your business and how the best way to go about that.”
Although on paper The M&G Wealth Advice Academy has a very clear four stage process, the support that The Academy offers, really is continuous to help you with every aspect of becoming an adviser and doing so under the roof of your very own business.
Intrigued and want to learn more? Have a look at the M&G Wealth Advice Academy Featured Company page or get in touch with one of the BTS team for a chat or to answer all your burning questions.
Find out more about the opportunities with M&G Wealth Advice Academy, check out their Featured Company Profile page.
You can also connect with M&G Wealth Advice Academy by editing your profile and updating your connect with featured companies preferences to start a conversation.
Read another two helpful articles from M&G to help further understand the role of a Financial Adviser and their top tips on changing careers:
