Future of Advice is a collaboration of local advisers, universities, Simplify Consulting and The Personal Finance Society (PFS) whose key aim is to add value to all businesses involved and help secure the future of financial advice through encouraging undergraduate students to consider Financial Advice for their placement year and as a future potential career choice.
With only 6% of financial advisers being under 30 years old and 50% being in the over 50 bracket we are looking at a potential gap in Financial Advice. Smaller firms may not have a contingency plan for when their older advisers look to retire, recruitment is also proving challenging.
We are looking to bring together enthusiastic students with firms who have recognised that in order to meet client demand, they have to balance the need for young entrants with that of experienced staff and believe in the value that the student can bring to them.
Placements usually start between June and August and can last between 6 months to a year depending on the university and the business requirements. Students are paid for the placement and the annual salary offered, whilst determined by the business, is generally between £19,000-£22,000.
Advisers who have taken part in the scheme have reported that the benefits are: Students come to placements with new ideas and a variety of legislative knowledge, which can benefit a Financial Adviser Firm – learning is a two-way process. They contribute to research, projects, client meetings, relationship management meetings and they are also given the opportunity to study professional qualifications, which benefits both parties.
Future of Advice is aiming to build a sustainable, repeatable and scalable framework working with universities, advisers and the PFS firstly across the South of England and then nationwide.
We are excited about this opportunity and are available to talk with IFAs, students and organisations interested in providing their support for this initiative.
Please get in touch to find out more!
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Kirstin Brooks
Business Support Manager
