1. ACCEPT HELP -
I’ve been in this profession for just over two years and although it isn’t easy to break into, the majority of advisers want to help out new blood. I recently signed up to NextGen Planners, which aims to provide a hub for younger advisers to go to with questions and requests for help. Most of the people I’ve spoken to have found themselves in the advisory side of financial services by circumstance rather than design. This is the case for me too, having chosen to go into the family business.
2. TRAINING COULD BE MORE ENGAGING -
Examinations will always be part of being an adviser, which is as it should be; after all, we are in control of people’s financial futures. However, there could be other, more hands on aid given to those coming up through the profession, rather than being left to read a dull textbook. In fairness, there are some tools that help, but what is lacking is any form of schooling to help explain a topic and achieve real understanding rather than purely memorising it.
"I’d been wrong to assume the world of financial advice was boring"
3. FINANCIAL ADVICE ISN’T BORING -
Having refuted the concept of working for my father since the idea arose when I was 15, once I actually got involved with the company I realised I’d been wrong to assume the world of financial advice was boring. As a profession, it’s always changing and moving forward (mostly), which is why it provides that challenge as well as scope to excel.
4. FAMILY BUSINESSES HAVE PROS AND CONS -
Somewhat naively, I hadn’t quite expected the challenge that one experiences when the boundaries merge between your parents, your employer and your colleagues. Although it comes with extra downsides, a family business also has added freedoms.
5. CHANGE IS NEEDED TO ENGAGE MILLENNIALS -
As a millennial myself, I can see how my generation will not be able to save, invest or buy properties in the same fashion as their parents and grandparents did before them. The profession will have to change and adapt, perhaps more toward robo-advice, if it wants to capture the thoughts of younger investors.