The future of work in the advice market space

Financial Advisory

James Goad

Back OfficeBehavioursCultureEuropeFinancial AdvisoryFront OfficeRecruitmentRemunerationRetentionTrainingUK

As the client demographic shifts, recruiting, retaining and motivating your workforce is essential to business success. A talent shortage, flexible working demands and a shifting client demographic make this challenging. What is the future of work and how should Financial Advisors innovate?


  • Client demographics are changing, lack of understanding as to how to deal with younger clients and the way they operate.
  • There is an aging population of advisers. 50+ is the largest segment.
  • There is a lack of succession planning and hand over to new advisers.
  • Lack of talent pool of experienced advisers and lack of awareness as to where to find applicants.
  • Getting the right culture is paramount.
  • How do you free up talking across the organisation.
  • The future of work is changing and innovation has to be part of your business to survive and attract new talent.
  • Entrepreneurial business structures allow larger businesses to compete with smaller entrepreneurial businesses.
  • Understanding the cultures and values of the Millennials and Gen Z is key.

Key issues and challenges:

  • Lack of understanding of what firms are looking for in advisers.
  • Unable to articulate their offering to candidates.
  • They have no adviser proposition or an understanding as to why they should have one so no ability to ‘sell’ their business to candidates.
  • No formal training program or real understanding of why one might be beneficial.
  • Lack of awareness of where formal adviser training exists e.g. financial advice school.
  • Mentoring is a cost-effective way of developing advisers.
  • Lack of understanding of apprenticeships.
  • Redressing the gender gap: how do you overcome the distinct lack of female talent?
  • The meeting was dominated by discussions regarding recruitment there was no real conversation regarding the business practice, technology and robo advice which was a shame with the title of the Future of Work.
  • Make your staff shareholders in your business.
  • Creating collaboration and a sense of community in the business.
  • Resolving the conflict of flexible working structure vs delivery of service.
  • Shift in 9-5 models to outcome based models – how?
  • Talent shortage – be prepared to be interviewed by job applicants rather than the other way around.
  • Old existing beliefs being challenged – possibly hard to take on board in certain circumstances.
  • Is the work ethic of the Millennials and Gen Z there?

Conclusions and solutions:

  • Increased awareness needed as to what talent is needed to move the business forward and to deal with younger clients.
  • There is a need to educate the firms as to where to go to get trained advisers such as the financial advice school.
  • In the absence of financial services graduates, legal graduates seem to be a popular choice.
  • There is no longer the opportunity to recruit from the life offices and banks at this time.
  • Don’t have a mission have an ambition in your business and your staff.
  • Understand the values and beliefs of the Millennials and Gen Z is key they are your future staff and clients.
  • Look at ways people in your business could drive change/innovation and review how you can support them.
  • Think about the working lives of your people and what could you do to enhance it and increase employee engagement.

Expert: Neil Baines-Thomas - Owen James Group, Gareth Bullen - Intrapreneur International, Cris Beswick - Cris Beswick Consulting
Facilitator: Brod Whiting - Joynd Up, Neil Baines-Thomas - Owen James Group, Martyn Laverick - Soprano Consulting