Finance Monthly August 2019 Edition

There has never been a greater time to pursue a career in financial planning. A broader marketplace combined with a decline in practising advisers has offered up a range of new opportunities for individuals looking to make their mark within the profession. With peer-to-peer competition at its lowest level in years and the requirement for advice growing, Victoria Hicks, Director at City & Capital Acquisitions, looks at the five things you need to know if you’re thinking of taking up a position within this varied and rewarding sector. Only 15 years ago the financial advisory sector was ‘home’ to more than 200,00 practitioners, and competition was fierce. But an ageing population and stricter regulations – particularly as a result of the retail distribution review (RDR) – has seen that figure shrink to around 25,000 planners in recent years, with many of the ‘old guard’ retiring and less talent coming from other industries. At the same time, regular changes in legislation and tax allowances, as well as an increase in demand for even more complex advice, is creating a wealth of opportunities as individuals look to take hold of their financial futures. CHANGE IS AFOOT Historically, many workers adopted a ‘job for life’ mentality, which tended to come with good pension and retirement schemes to boot. With this safety net diminishing, there is a need for people to take far better care of their finances from an early age, providing a great opportunity for advice. Additionally, the industry as a whole is seen as less of a male-dominated, sales-led business, and more of a profession whereby clients select an adviser they trust – and like. Empathy and clear moral code are central to a successful career in financial planning, as customers look for someone to understand their current situation, as well as their ambitions for later in life. Women are doing particularly well within this sector. An uplift in financially independent females – either as a result of a career or marital separation – has generated an increase in demand for advice from the same sex. THINGS YOU NEED TO KNOW ABOUT A CAREER IN 1 FINANCIAL PLANNING Victoria Hicks, Director of The City & Capital Group www.cityandcapital.co.uk 60 www.finance-monthly.com FINANCE CAREERS - FINANCIAL PLANNING