The financial advice industry has been suffering a talent draught, with thousands of players set to leave the sector and only be replaced by a fraction of young professionals.
Despite the slow turnover, financial advice and wealth management firms have a duty to come across as attractive sectors not only to young people, but to young women in particular.
Often, this is because a career in financial services is not the first one that comes to mind, Marlene Outrim, managing director at Uniq Family Wealth, told International Adviser.
But that should push firms to go out there and make the sector more accessible and appealing to young people.
“Youngsters are doing A levels and they’re looking at potential careers, and then go to university, but financial services very rarely comes up,” Outrim added.
“Accountancy and the legal profession, yes; parents tend to promote those and encourage their children, especially girls into that area, but financial services rarely comes up.”
To understand what it is like for young women to start their career in financial services, IA spoke with female professionals who decided to join the industry straight out of school.
Out of the blue
Gemma Siddle is the director of client services and a chartered financial planner at Eldon Financial Planning and she turned down an offer to study law at the University of Cambridge to take up a trainee role.
“I saw a notice in the local paper, a financial planning firm in Darlington that was expanding to new premises,” she said.
Since she was never exposed to financial advice or planning, she thought she was going to train to become an accountant.
But the firm’s managing director explained to her the firm provided financial advice.
“He kept my CV and rang me four months later, asked me in for a coffee, and told me what financial planning [was]: helping people with their finances, help them understand their relationships with money and where they can get the best out of life.
“And the idea of having a mix of technical knowledge and helping people all at the same time seemed like the only actual career that I had come across but had that proper mix of the two.”
After Siddle finished her A levels, she joined as a trainee at age 19.
Taking it seriously
“When I first started the qualification to FP 1,2 and 3, the company I worked for, called KWM Consulting, paid for my exams and gave me the day off [to sit them], but I needed to study alone [and] work full time,” Siddle said.
“I had help in the office; I came in as a trainee, so I worked my way up. I started doing simple things and built my technical knowledge outside of work.
“When I started in summer 2003, a lot of people were coming out of university and [were] not finding jobs, and I saw [that] degrees weren’t always getting people where they wanted to be.”
Awareness of the financial advice sector wasn’t very prominent either, she said. “The [Personal Finance Society (PFS)] was a brand-new body at that time.”
But her employer encouraged her to attend regional PFS conferences.
“That was fairly rare to be allowed out and about for young people in trainee roles,” Siddle said.
“That was quite an issue back in the early mid-2000s; there was often an assumption that, perhaps, I was there only because business owners couldn’t quite make it.”
Cultural shift
Siddle said the industry is evolving to accommodate the needs of the ‘modern worker’.
“There’s a changing culture within the UK, more and more people are interested in balancing living today with providing for the future.
“The old demographic [used to work] till 60 or 65, and then hung up their hat, having taken their pension and that’s when they enjoy themselves.
“That culture is changing now, and I think that’s changing how financial advice is given.
“Clients want more. We are finding that younger clients want the knowledge, they don’t just want to sign, [like] perhaps my parents would have wanted.
“I’m 36 now; I’d go out 10/15 years ago and walk into a sea of grey-haired men in grey suits.
“It used to be the joke, there was never queue at the ladies,” she said.
But things have changed in the past decade, according to Siddle, as now there actually is a queue to go to the ladies’ at financial events.
Clients appreciate diversity
Gabriela Strug, financial planner at Quilter Private Client Advisers; and Ines Tavarela Coutinhas, trainee analyst at Kleinwort Hambros, both joined the sector quite young.
Strug did some work experience in financial services and realised she was keen to join the industry.
“However, I knew that I wanted a role which was flexible, gave me the ability to travel and most importantly was people focused, so I researched how I might be able to achieve that in this industry.
“Becoming a financial planner seemed to tick all these boxes and I have not looked back since.”
But there is still a long way ahead for true gender equality in the profession, she added.
“There is a serious lack of female financial planners in the industry, and while this needs to be addressed, it should also represent a huge opportunity for female graduates who want a flexible and fulfilling career.
“Some of my clients say that they prefer speaking to a female financial planner as they feel more comfortable sharing their personal issues in this environment.”
From arts to finance
Coutinhas took a left turn into financial services after completing a master’s degree in art business.
“I was introduced to art investing and art management; these sectors can be found in several banks and family offices, with clients interested in collecting and investing in art.
“As a graduate with little work experience, the first challenge I found was breaking the barrier into the finance sector. Once I started working there were plenty of opportunities, and I didn’t find gender to be an issue.
“There are many training opportunities out there, but the challenge is to find one that fits you. I was lucky enough to land in a team which has invested in my learning and professional development.
“My advice to other young women trying to enter this world for the first time, is to look for opportunities that fit you and your goals and aspirations.
“Look for inspiring places to work in, that support the same values as you do and above all that take the time to invest in your development.”
To celebrate International Women’s Day 2020, International Adviser spoke with women across the financial advice and wealth management industry to understand their experiences and what needs to be done to support an ever-changing, diverse workforce.
