The end of tertiary education seems a distant memory. A blessing for some, and a bind for some others who perhaps fear change and the unknown.
But change is usually good (as long as it is embraced), although it can come from unforeseen directions, with legislation being a good example. And you will be well aware that legislation and UK financial services are never far away from each other.
I find it a little depressing when you look at the adviser numbers revealed by the FCA in 2016 that demonstrated that the number of authorised UK individuals fell from their highs pre-2006 of around 105,710 (as of 01 January 2006) to the level of around 29,144 (at 11 February 2016). More detail can be found here: https://www.ftadviser.com/2016/05/18/regulation/adviser-cull-since-a-day-creates-lost-decade-of-advice-uO51r5ECr43yg2z1e9vV8H/article.html
So where does this leave us? Well, the word ‘opportunity’ springs to mind for a start! Sure, it will take time for adviser numbers to increase and some might argue that there are still threats to this market in the form of ‘robo-adviser’ arrangements. We disagree, seeing this as further opportunity for our profession to evolve a stage further as client needs - and possibly more importantly expectations - increase. Technology will help this progression as individuals seek to have greater understanding of their personal and business funds and this change is being experienced by advisers and investment managers alike. This change is to be embraced as we move into the ‘Fourth Industrial Revolution’, as the World Economic Forum has described the technological revolution that it expects to fundamentally alter our world (more here: https://www.weforum.org/agenda/2016/01/the-fourth-industrial-revolution-what-it-means-and-how-to-respond/ ).
We need to consider whether this transformative opportunity is for us to engage with and benefit from. I am sure we will – however, it is the younger generations who will be the driving force behind the coming changes and who deserve to benefit most. How can we help this evolution? We can start by engaging with younger generations by bringing them into the work place through accredited Apprenticeship programmes.
We are pleased to have recently recruited an Apprentice, Sam Bell, direct from local sixth form into the workplace to undertake a City & Guilds Business Administration course. Allied to this, we have also enrolled Sam as a student member of CISI. His challenge, along with completing the City & Guilds course programme over the first year, is to work towards his ACSI qualification over a two year period. We wish him every success as he progresses.
There are also eight new employer created apprenticeship programmes, with CISI qualifications incorporated into the training. This, coupled with government initiatives to grow new talent and develop existing staff through apprenticeships, demonstrates that there has never been a better time to review the way the sector develops and nurtures talent.
These opportunities, together with the CISI’s employer engagement initiatives in which students studying CISI qualifications (whilst at school/ college) are connected with employers through insight days and work experience, are a powerful prospect in attracting new talent to our varying professions.
More on this can be found here: http://www.cisi.org/cisiweb2/cisi-website/schools-colleges-universities/schools-colleges/work-experience
As we move into winter, and probably a period of business planning for 2017, have a think about how you can embrace the future and consider the opportunity of enhancing your business with an Apprentice, for more information on recruiting an apprenticeship and the upcoming changes to employing apprenticeships go to cisi.org/apprenticeships.
Vicky Fulcher MSc Dip PFS
Associate Director
Chapters Financial Limited