With an ageing workforce, it’s no wonder wealth management and financial planning businesses are turning to academies to fast-track prospective advisers into the profession.
Having gone through one myself, I’ve experienced the real ups and downs of such a journey and learned how things can be improved.
The difficulty with any profession is getting someone to take a chance on you when you have little to no experience or qualifications—just a desire to get your foot in the door and build from there.
I spent months applying for IFA administrator roles that required a few years’ experience, effectively ruling out anyone looking to join the industry for the first time. This is where academies become invaluable.
By chance, a family friend recommended me to their adviser at St. James’s Place, leading to my introduction to their academy. After a rigorous, multi-stage application process, capped with a 4-on-1 grilling of my business plan, I was accepted into the programme.
Chris Jones: How the Quilter Academy has progressed
The next six months were gruelling yet rewarding, involving the completion of six RO exams in as many months, alongside extensive classroom work, role-plays, and more. Once deemed a competent adviser, apart from occasional check-ins from a regional director, you’re essentially on your own.
The main issue during the process is the false sense of security it can foster. Seeing the earnings of more established advisers, hearing about the shortage of advice, and the potential clients waiting for you can lead to a belief that success will come easily.
However, reality is often more challenging and stressful, making it hard for many to stick it out. You’re not only learning how to do your job but also acting as the marketing director, business development manager, administrator, and sometimes paraplanner—an incredible ask, even for seasoned advisers.
Not every lead turns into a client but having something to work with is invaluable
Alleviating some of this burden is crucial to ensure the success of graduates from academies. Quilter, as far as I know, is unique in providing new advisers with a minimum of two leads per week in their first year, generated from various workshops and events with unions and organisations nationwide.
I’ve benefited from this scheme myself during my nearly two years as a self-employed adviser with the business. Not every lead turns into a client but having something to work with, hone your skills, and find opportunities is invaluable.
It significantly relieves the initial stress of ‘where is my next opportunity coming from’, allowing advisers to grow their business organically rather than from a place of panic and desperation.
For most new advisers, lacking support in this area is a recipe for failure and the leads from Quilter and overall level of support helps to mitigate this.
There will inevitably be stressful moments throughout, but stick it out
I’m now over five years into my journey as an adviser; things do get easier with time. You naturally become better at your job, both in terms of knowledge and dealing with clients. People trust you quicker, you learn more effective ways of doing things, and so on.
There will inevitably be stressful moments throughout, but stick it out, and you will be rewarded with a fulfilling career that offers a lot of flexibility.
If I were to give advice to my younger self starting out in the academy, it would be:
- Start networking early: Begin building relationships with prospective clients and introducers through networking groups, business over breakfast events, sports clubs, etc. at the start or before you start in the academy.
- Have a financial safety net: Ensure you have at least six months of expenses saved.
- Utilise lead providers: They can be a good kick-starter when business is slow – but proceed with caution.
- Learn from others but stay authentic: Absorb knowledge from other advisers, but don’t mimic them; your authenticity lies in your unique personality.
However, ultimately, new entrants need to work out what works for them but being persistent and staying the course can mean that you end up with a fulfilling and rewarding career in advice.
Jordan Clark is a financial planner at Quilter Financial Advisers
