that brokers should focus more on professional development to reinstate career aspirations not centred on financial gains. “The trappings of the bonus and


commission culture, which perhaps fed some of the excesses in the industry looks likely to be curbed in the future which I think is a good thing. It encouraged short-termism and we should be getting back to building careers not pay cheques. Careers are aspirational. In general most people starting out on a ladder want to climb the ladder.” He says the industry must work harder


to improve its attitude towards continuous professional development as “it builds trust; it says I’m investing in you for the future. It says there is a future for me”.


fiNdiNg solutioNs Patrick Day says more needs to be done raising awareness about financial advice as a career. “One the status of being an adviser has gone from the career market,” he says. “Two, the earning capacity before the crunch is no longer there; and three not really promoted or advertised. AMI could do something more about this – the industry’s future is still vital.” John Cupis says Sesame has started


making plans to enable the industry to support new talent coming in. The network is working with the Financial Services Skills Council and other institutions to create the appropriate courses and funding to increase awareness about financial advice as a career path. “We’re planning to support the training


and development of existing IFAs to upskill, and also encourage new graduates into the sector, as well as advisers who want to retrain as IFAs,” he says. “I think the key to getting new blood into


the industry is making sure there’s an exit strategy at the other end. If you’re putting money in up front it’s imperative that you get something out of your investment, but that exit needs to be agreed at the start of the process. “I would think any scheme should


ensure that the emerging trainee is offered


some form of work placement after completing their training which should mitigate the chances of losing that person, and the investment in them. “The big accountancy firms tie in their


graduate trainees for a set period of time, and I wouldn’t be surprised if we began to see something similar develop in the financial advice sector.” Tenet Group is also working on the


problem. It introduced two apprenticeship programmes last year for both professional mortgage and investment advisers with the assistance of the National Skills Academy for Financial Services (NSAFS) which aims to bring new advisers into the industry. Initially the programme ran in


partnership with Derby based Babington Business College and obtained government funding for work based training, significantly reducing the financial impact on the adviser firm. Apprentices have to complete their


professional qualifications, attend specialist tuition at Tenet’s training department in Leeds and then gain evidence of the learning being transferred to their actual work via observations and assessments. Tenet is also set to launch a ‘first year


foundation degree’, in partnership with Leeds City College where the aim is to create an effective entry route for new entrants to the advice sector structured in a way which will allow them to give advice after initial qualification. “These initiatives form part of our wider


professional development programme, which provides the structure and support required for everyone from industry new entrants to experienced competent professionals,” says Richards. “Providing effective entry routes and career development to attract talented new blood is vital for the long term success of the advice sector which is again preparing itself for a further reduction in adviser numbers likely to occur as a result of the Retail Distribution Review.” Matt Morris, senior policy adviser at


protection advisers LifeSearch, says he doesn’t think there is so much of an issue with attracting and retaining younger advisers to the profession – if you get your


training and development right. “At LifeSearch the average age is late


twenties early thirties; I think our youngest adviser is around 22. We have an ongoing training scheme and a mentoring system where the most successful advisers help to nurture the younger guys and develop their skills.” And it’s a similar situation for


Countrywide.“We constantly monitor the quality of advice being given by our consultants and update our consultants on new regulation and changes in the industry in periodic training sessions run by management teams,” says training manager Steve Ferguson. “Advisers are also put on Continuing Professional Development (CPD) modules and annual refresher course to maintain standards.” Recruiters too are making moves to


improve the quality of training and development in the mortgage market. “We’re really committed to reigniting the growth of the mortgage advice


market,” says Katy O’Neill from Kingston Knight, “We’re meeting with training companies to offer training to candidates via our own training arm. We believe in educating candidates and getting fresh blood back into the industry – developing candidates for the longer term is vital for the health of the market and the wider economy.” Quoting LP Hartley’s famous novel “The


Go-Between”, Patrick Day has a practical view. “The past is foreign country,” he quotes, an in his own words adds, “We have to look to the future now.”


sex, skirts aNd sChool ties Whether the efforts being made in the industry will have a significant impact on the demographics in the financial advice industry remains to be seen, but one thing seems clear: we need to make a concerted effort to improve the industry’s image. We’ve had suggestions for “sexing it


up” and others for focusing on professional development rather than pay cheques. I will leave it up to you to decide what the best tact is, but I vote for sex, skirts and school ties. After all, it worked for Britney. n


mortgage Introducer SEPTEMBER 2010 27


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