Lincoln-based financial advice firm Almond Financial is leading industry innovation with the introduction of a four-day working week, as the finance sector grapples with a shrinking talent pool.
With the number of young advisors dropping by 60% from 2022 to 2024, financial advice firms may need to modernise their approach to attract new talent, with practices benefiting work-life balance aiming to attract Gen Z and Millennial candidates.
Almond Financial’s new four-day week will allow all staff to spend “more time with their families and to enjoy their hobbies, as well as to show our appreciation for their hard work”, says Principal Financial Advisor, Sam Robinson.
The permanent change, expected to take full effect later this year, will see the team operate Monday through Thursday, 9am – 5pm, without condensed hours or reduction in earnings.
Finance companies showed little interest in embracing shortened hours in the UK’s four-day week pilot trials in 2022, with industry spokespeople reporting it as “not relevant to the mortgage and advice sectors”.
Sam Robinson believes this perception is changing: “While each business is different, we’re seeing that innovative working practices can succeed in finance when properly implemented. The benefits of a motivated team are universal.”
“The research is clear – well-rested employees boost productivity, reduce stress, and take fewer sick days, which ultimately benefits employees and the business.”
Client service remains the top priority, with early feedback being overwhelmingly positive in receiving the “same level of service, with no drop in quality or responsiveness” according to Sam.
The move to a four-day week is anticipated to “strengthen relationships by demonstrating our focus on sustainability and well-being”.
This unconventional move in the industry is justified by its expected benefits, Sam Robinson believes “these factors will enhance the overall success and sustainability of the business and support our modern forward-thinking approach”.
The four-day week is a step towards modernising the financial advice sector, potentially offering a blueprint for other firms looking to attract and retain talented advisors in an increasingly competitive market.
For more information please visit: www.almondfinancial.co.uk
