Growing your financial advice business – what’s changed in 2016?
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We’ve got access to a great report from Intelliflo about how financial businesses are growing, especially the increasing importance of face-to-face contact, in a sector ever more comfortable with digital communication as a client handling solution.
The report covers the following areas:
Recruitment
“Recruitment is a major challenge for advice firms in the UK today and remains hugely important to the growth of many businesses. Attracting, and keeping, the right personnel has arguably never been more important or more challenging. Such has been the pace of change over the past decade that advisers need to
be more highly qualified than they have ever been before. This has resulted in something of a dearth of available, qualified candidates to recruit.”
Grow your own
“The notion that advisers are staying put with their current firms in order to receive training and progression plays into the concept of ‚Äògrow your own‚Äô advisers; recruit unqualified staff, help them attain their qualifications and then reap the benefits of having a secure, happy workforce within your business. This can, however, be a long-term burn with no guarantees that the fully qualified adviser will stay with the firm.”
RDR and the advice gap
“We are currently at an interesting cross roads for financial advice. There is the much talked about ‚Äòadvice gap‚Äô and that is something that is being played out at the moment. More people would at least like access to and certainly need financial advice, but it is simply unaffordable to the vast majority.”
Model millennial
“So where does this leave the future of advice? Young advisers need experience to supplement their qualifications, but many firms are not in a position, or are unwilling to, offer them the exposure to this necessary experience. So how can those advice firms reach their business potential with a dwindling pool of readily qualified advisers available?”