Ageing advisers
Yet a career in financial advice is a largely untapped market particularly amongst the younger generation. Financial services have an ageing workforce, 33 percent of which are 50 years and older. As so many industries remain in choppy waters, fresh graduates are likely concerned about entering the jobs market. High levels of competition were already commonplace and have risen further during COVID, due to the decreasing number of jobs available in suffering sectors. The recent Northwestern Mutual 2020 Planning & Progress Study reveals that 84% of adults surveyed, aged 18+, expect the COVID-19 pandemic and subsequent economic downturn will have an impact on their ability to achieve long-term financial security. Almost six in 10 (59%) believed that impact would be moderate or high. A career in a stable, crisis-proof industry such as financial advice safeguards future generations.
It’s now a case of filling the employment gap and encouraging more young people to enter into the financial services sector. The ageing workforce means there is plenty of opportunity for young advisers, which is a refreshing contrast to the current job market as whole. This means there’s scope for quick progression and a prosperous career. The salary offering isn’t to be sniffed at either, with the average qualified adviser in the UK earning £63,000 per annum. Financial academies are growing in popularity, including our own, which runs online courses that support learners in gaining the Chartered Insurance Institute Level 4 Diploma in Financial Planning. The accessible nature of these courses is just the thing to encourage more young people to get certified.
Financial advice never stops being relevant, from recession and crisis through to an economic boom. It’s the best way to begin being experimental and investing, as well as knowing how best to save and safeguard your future. Although there’s always the possibility of economic downturn, the financial services sector remains resilient in the face of adversity. Now is the time to encourage more young people into the industry, through online learning and academies. It’s so important to get the country back on its feet economically — financial advice is the best place to start.
