The wealth management industry is facing one of its greatest challenges in decades. A constantly growing population, the increasing need for financial advice, and the pool of existing Financial Advisers diminishing year-on-year, means this loss to the industry is significant.
The retirement of the baby boomers has driven the need for wealth management and will contribute to the 32% growth the industry is expected to experience over the next decade. However, the aging and retirement of Financial Advisers has reduced the number ready to manage that growth by 4.3% over the last decade.
Financial Adviser ‘trainees’
Nearly 36,000 Financial Adviser ‘trainees’ were working in the UK in 2015 (by ‘Trainee Advisers’ we mean individuals with less than three years experience as a Financial Adviser). However, in the same year it was also found that 29,600 Advisers, who had started working the field within the previous five years, had either changed roles or left the industry altogether.
Plus, many small firms don’t have the time, resources or expertise to train beyond the regulatory minimum, and many larger firms have reached capacity and tend to focus on maximising profits now, rather than investing for the future.
Facing the challenge
Financial Planning is a job that offers great flexibility, potentially great earnings and an interesting, varied pattern of work. And, in our own experience there are young, enthusiastic people out there who want to forge a career in financial planning and with the right support, training and clear direction we know they can become a wonderful asset to any business.
This is why we set up the Magus Chartered Financial Planner Academy. We give young, talented people the opportunity to study while learning from our own experienced pool of Financial Planners, helping them bridge the gap between academia and the real world. With a clear career plan in place that’s designed to take them from trainee to fully qualified Financial Planner, or even another route – Paraplanner or Technical Manager.
Andy Gardner, Elizabeth Hollamby and Karin Fagerholm are currently part of the Magus academy – they’ve proven to be committed, ambitious and eager to learn. They work across all area’s of Magus so they really understand the nuts and bolts of our business.
We thought it would be interesting to hear from Andy, Elizabeth and Karin, as they progress through their academy journey – from the highs, the lows, the challenges and the fun times.
If you want to find out more about the Magus Academy click here or get in touch.
Phone: 0203 175 5888