We grow up learning there are different ways to do many things, from tying our shoelaces to working out ‘number problems’ in maths.
In adulthood, the ability to think laterally to find solutions and workarounds when faced with challenges builds resilience and helps people achieve their goals.
For aspiring financial advisers, a lack of experience may feel like a locked door. Some may be caught by the vicious circle of work experience being difficult to come by because they have no financial services experience.
Transferable skills that prove a candidate’s productivity and efficiency are likely to significantly improve their hiring prospects
But there is more than one way into the advice profession. Gaining skills in other industries that will be useful in an advice firm may be the way forward. These are known as transferable skills.
The right skills
Industry commentators say that, because financial advice is about building trusted relationships with clients, employers will look for transferable skills such as communication, problem solving, teamwork, empathy and resilience.
“Employers in financial advice value these just as much as technical knowledge, because the profession is as much about relationships and trust as it is about numbers,” says Liz Sebag-Montefiore, director and co-founder at HR consultancy 10Eighty.
“Employers recognise that technical knowledge can be taught. Interpersonal and ethical skills are often what really distinguish future advisers.”
A head start
Experienced financial advisers agree. For Oakglen Wealth Planning managing director Chris Hall, a genuine interest in people and a desire to help them achieve their goals are essential qualities.
People from healthcare, education or counselling often have a head start. They know how to ask questions that bring out the real issue behind someone’s words
“Listening attentively to clients and communicating complex financial concepts in a clear, accessible way will help you guide them effectively,” he says.
Emotional intelligence and active listening are two of the strongest transferable skills for anyone moving into financial advice, say commentators.
“You’re dealing with people at a vulnerable point in their life, perhaps retirement, bereavement or a big life change,” says Joel Marotti, senior managing partner at career consulting firm Vertical Media Solutions.
“So, understanding emotion along with the numbers is definitely important. If you can read tone, body
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Skills gained in customer-facing or service roles can be particularly useful for people wanting to move into financial advice. Sebag-Montefiore says relevant experience can be gained in hospitality, retail or call centres because these roles build listening skills, confidence in handling client queries and the ability to explain complex information.
Skills developed in administrative or analytical jobs, such as attention to detail, organisation and data handling, are directly relevant to paraplanning and compliance work
“You often see that people coming from healthcare, education or counselling have a head start,” adds Marotti.
“They already know how to ask questions that bring out the real issue behind someone’s words. That ability to stay calm under pressure and communicate complex ideas clearly carries straight over to client meetings.”
Volunteering in support or mentoring roles also helps because you are practising empathy and communication in unpredictable situations, explains Marotti.
“Those soft skills make you better at advice. They’re what make clients stay,” he says.
Practical skills
However, employers may also look for more practical skills ─ not just ‘people’ skills ─ for certain roles. Therefore anything that aspiring advisers can refer to that shows organisational and time-management skills or their ability to apply knowledge they have learned, for example, should not be ignored.
“Skills developed in administrative or analytical jobs, such as attention to detail, organisation and data handling, are directly relevant to paraplanning and compliance work,” says Sebag-Montefiore.
Interpersonal and ethical skills are often what really distinguish future advisers
Some advisers think the best transferable skills are the most basic ones.
“The ability to touch-type, multi-task, and be organised and meticulous is highly valuable to financial services employers,” says Boon Brokers managing director Gerard Boon.
“In my view, transferable skills that prove a candidate’s productivity and efficiency are likely to significantly improve their hiring prospects.”
Smith & Pinching associate director and chartered financial planner Matt Beck started out in advice through the graduate programme at IFA firm Almary Green, which merged with Smith & Pinching in 2018.
After graduating from university with an economics degree, Beck worked for his father’s fruit-and-vegetable wholesale business before joining the advice profession in 2014.
If you can read tone, body language and hesitation, you’ll build trust faster than someone relying purely on technical skill
“I had no experience in financial services and I’d never worked in an office,” says Beck. “Apart from my degree, I had no experience at all.”
When he applied to Smith & Pinching, however, he found that his time at his father’s company had given him practical experience in business, as well as people skills.
“If you’ve got the skills that demonstrate you can build relationships and be relatable to people, that is a great first step,” says Beck.
“Then we can build the academic aspect on top of that, which is equally important.”
Amanda Newman Smith is features writer for Money Marketing
