Advisers would recommend becoming a financial adviser to young people

Michael Lloyd

August 2, 2019

Nearly half (46%) of advice firms believe recommending a financial adviser would be a good career choice for school leavers and graduates but argued more needs to be done to attract them to the industry.

Openwork has found 48% of those questioned would recommend becoming a financial adviser to those considering a career change. However nearly three out of four (72%) believe there needs to be a coordinated approach by industry trade bodies and financial service providers to attract more recruits.

Claire Limon, director of learning and acquisition at Openwork, said: “The fact that so many advisers would recommend a career in financial advice is testament to the industry itself and the fantastic opportunities it has already provided for many.

“As the demand for advice continues to grow it’s great to see that advisers are positively recommending the profession. That said however there are concerns about the flow of new recruits into the industry.

“At Openwork we are passionate about encouraging both ‘career-starters’ and ‘career-changers’ to consider a career in financial advice and we are dedicated to attracting as diverse talent pool as possible.

“Our academy programme welcomes people from all walks of life to pursue a career in the advice industry.”

More than half want the government to consider sponsoring initiatives to attract more advisers into the industry, while two thirds (66%) of those asked said that providers should expand their apprenticeship programmes to attract and train potential future financial advisers.

Openwork is supporting people with no significant financial services experience to become financial advisers as a second career as part of the expansion of its Openwork Academy.

Recent graduates include former armed forces personnel, ex-teachers and those from the manufacturing sector.

Since its foundation in 2014, the Openwork Academy has trained and qualified more than 150 advisers and is now being expanded as Openwork focuses on increasing access to financial advice across the UK in response to growing demand.

It has welcomed 54 trainees to the scheme so far this year – almost equalling the total intake for 2018 – and will have a further three intakes in 2019.

Openwork has increased the number of training centres to three with courses available in Swindon, London and Newcastle, with further courses possible depending on demand and where trainees are located.

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