Most Financial Advisers Apprehensive About Future Workplace Changes

by | Jan 8, 2016

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New research reveals that some 88% of financial advisers are apprehensive about future changes in their workplace. Particularly, they are worried about business planning, performance management, technology and a diverse workforce.

The findings come from a new report called ‘A Future That Works’ from BrightHR.

It has put together a team of experts which have devised five top tips to help advisers cope with 2016 and beyond. The tips are:

  1. embrace technology (work with technology as opposed to against it),

The report said: “Financial Advisors must have the confidence to disrupt their business models through use of technology — this could be through automated HR systems or performance monitoring systems. Having employees within the business who understand these systems and are digitally skilled will be one of the key drivers for success within the industry;”

  1. keep compliant (an everyday concern for firms),

“For Financial Advisors who work alongside their clients regularly, keeping up to date with changes in the workplace can be of mutual benefit whilst also improving business relationships;”

  1. processes and productivity (big problem is organisational complexity),

Financial Advisors can take this on board, by looking at the processes they have in place and making time to simplify them. Intuitive technology that simplifies the context of work and reduces the amount of time wasted on administration is essential;”

  1. diversified workforce (working smoothly together is essential),

By 2020, 36 per cent of the UK working population will be aged over 50, and by 2028 a quarter of UK employees could be working until they are 70. The difference between the two generations will become increasingly apparent within the workplace unless businesses make a conscious effort to integrate the two. Businesses can harness the needs of both workers by sharing the skill set between them, for example using the younger generation to share digital skills;”

  1. recruit and harness talent (some middle skills roles in decline),

“A straightforward career path has become a thing of the past, leaving both companies and employees with a need to creatively think about how to address this. Companies, including Financial Advisors can navigate this by considering adapting progression models based on promotion with ones based on learning and development which allows employees to enhance and renew their skills.”

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