New financial training scheme launched after fears about talent pool
AMIDLAND firm of chartered financial planners has launched a training scheme over fears of a lack of talent entering the profession.
Eastcote Wealth Management (EWM) has linked up with Aston University to secure some of the recruits it needs.
Based at Eastcote, near Solihull, the firm specialises in private client and corporate financial planning.
It has more than 30 staff including 12 advisers, approaching £500 million of funds under management, and over 1,500 clients.
But so concerned at the lack of young talent coming into the profession – a 2016 EY survey found that just 22 per cent of financial advisors were under 40 – it has launched a specific Financial Planner Trainee programme.
Josh Foster, Naomi Fielder, Ben Brayshay and James Luke have all been signed up.
In addition, in liaison with Aston University, one of its graduates is due to arrive in September.
Rob Kenyon, an EWM director, said: “We have taken people on before though they weren’t part of an official trainee adviser scheme – they just showed promise, impressed us with how bright and motivated they were and how quickly they picked up the skills, not burdened with any entrenched ideas on how to be successful in the business, so we fast-tracked them to adviser status.
“But now we have a proper system in place. Basically we want to attract young, keen individuals that we can train to do the job in the right way.
“The vast majority of current financial advisers across the industry are 50-plus and there is a shortage of new ones coming into the business. EWM wants to be proactive in this area and are looking to attract recent graduates and part qualified para-planners onto the scheme.
“We have been working with Graduate Advantage to identify candidates and to show to graduates that financial planning is an interesting and varied career that they should look on in a similar way to the law or accountancy.
“We won’t exclusively use Graduate Advantage and won’t exclusively recruit graduates but it is a good source of talent and we want to build a relationship.”
EWM fund the trainees to achieve the necessary exams to become qualified financial planners.
“Learning the practical skills from our experienced adviser team is vitally important as well,” said Mr Kenyon.
The recruits will be on initial salaries around £20-22,000 depending upon experience, plus pension, plus benefits.
Freya Jensen, employer engagement coordinator in Aston University’s Careers+Placements department, said: “Eastcote Wealth Management recently reached out to Graduate Advantage (GA) and we were glad to help.
“GA is a free recruitment service for small and medium sized businesses in the West Midlands. We support these businesses by matching the best graduate talent to their vacancy.”