When young people try to break into financial advice, it can take a lot of time and effort to find work experience to add to their CV.
Writing to advice firm after advice firm may not yield the desired results, and it can be difficult to maintain momentum after sending hundreds of letters without success.
So why – when the profession is crying out for young people to join its ranks – is this process often so challenging? And what can aspiring advisers do to increase their chances of gaining a meaningful work experience placement or internship?
Understanding the challenges
There are many reasons why advice firms may not say yes to a work experience request, explains BRI Wealth Management investment committee chair Vince Hopkins.
Explain your interest in financial planning and why you’re approaching that firm. Be clear about what you’re hoping to gain and what you can offer in return
“To ensure the greatest benefit, companies must plan all aspects and ensure correct education and supervision,” he says.
“This takes time and could be seen as adding little value – even detracting focus, particularly through busy work periods.”
Starting Out: Helping young people take alternative routes into advice
Hopkins adds that, when working at an advice firm, access is often needed to systems that may contain confidential information. This a consideration for firms when deciding whether to provide work experience.
Another possibility is that firms may be inundated with similar requests.
“Many firms receive high volumes of applications, so timing and personalisation are crucial,” says Succession Wealth associate wealth planner Daniel Chaplow.
“Applying early and tailoring each application to the firm shows commitment.”
Even if formal work experience is hard to secure, says Chaplow, taking online courses or requesting an information-giving interview can demonstrate genuine interest, which helps an application stand out.
If you tailor your application to a company rather than just change the name on your cover letter each time, that’s going to have much more of an impact
Many financial advice firms are small and lack the resources to run formal internship programmes, explains Oakglen Wealth Planning managing director Chris Hall.
“Fortunately, good opportunities still exist and Oakglen has a strong record of welcoming placement roles and helping aspiring professionals,” he says.
Undergraduate students tend to fare better than GCSE or A-level students due to their age, independence and academic maturity, says Hall
“That said, motivated sixth formers with a genuine interest and strong communication skills can still make a good impression,” he adds.
Time to plan
Commentators say it is best to contact advice firms early – say, in the spring, to request work experience over the summer holidays when firms are less busy. This gives firms plenty of time to plan for the placement.
Many firms receive high volumes of applications, so timing and personalisation are crucial
“Reach out with a short, polite email, explaining your interest in financial planning and why you’re approaching that specific firm,” says Hall. “Be clear about what you’re hoping to gain and what you can offer in return.”
Firms are also likely to be more receptive to applications that stand out in some way.
“Studying and passing relevant exams can show a determination to enter an industry above and beyond other applications,” says Hopkins. “Even a basic knowledge of exams, progression, roles and industry terminology can help.”
Waterbridge Wealth financial planner Oliver Bullivant agrees that there is nothing to prevent aspiring advisers from doing their exams outside an advice firm.
“They’re quite easily accessible and not out of the realms of affordability if somebody was to put their mind to it and wanted to self-study,” he says.
Companies must plan all aspects and ensure correct education and supervision. This takes time and could be seen as adding little value
“Don’t get me wrong – being in a work environment where you’re all talking about it and it’s the day-to-day absolutely does help. But there are enough videos online that can help you study and get through it yourself.”
Other industries
If it proves difficult to find work experience at an advice firm, Bullivant suggests looking for placements in other industries that can help with transferable skills. This is how he got into the advice profession.
“I worked as a deputy general manager at a hotel and restaurant,” he says. “It was my customer service and clientele-facing experience that got me in the door; then it was a case of working my way through admin and paraplanning.”
Studying and passing relevant exams can show a determination to enter an industry above and beyond other applications
Bullivant also recommends spending time on only around 10 work experience applications, tailored for each company, rather than sending out 50 generic ones.
“I think, if you tailor your application to a company rather than just change the name on your cover letter each time, that’s going to have much more of an impact,” he says.
“And, if you’re working in a customer-facing environment while you’re doing that, it’s going to help you.”
Amanda Newman Smith is features writer for Money Marketing
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