Lack of trainee roles creates a 'catch 22' for advice gap

Speaking to FT Adviser, Beck discussed how recruiting more second careerists, like himself, could help plug the advice gap however the lack of available trainee roles makes it a 'catch 22' situation. 

He said: “Even if we’ve raised awareness of the profession, have brought in lots of people who are raring to go, and people have started to do their exams there are just hardly any trainee roles out there. It’s difficult to know how to fix that. 

“I hope in the future there is a straightforward solution, perhaps with the introduction of an industry think tank that puts together another academy, or firms somehow finding a way to take on more trainees.

"I don’t have the answers but I certainly couldn’t have done what many people do, which is finish within an academy and go straight into self-employment, it’s just fraught with so many risks.” 

Second careerists

Beck believed there was a large pool of second careerists who could help plug the advice gap as well as recruiting talent from universities.

He said: “The reason I chose this profession was because it involves human beings and the outcome is to make someone’s life better.

"In the army you are required to work in a large organisation and work within a team but at the same time you need to be able to work on your own and be self sufficient when given a task. There are so many transferable skills.

“Those types of transferable skills needed in this profession can be found in other areas like teaching or nursing but we just need to spread awareness. Often people who are looking to change careers are the most resourceful people out there because they are really willing to learn.” 

Speaking from experience, Beck said when he was looking to enter the profession he had to go out and learn on his own what that entailed.

He said there weren’t many resources available but since then things have improved.

“Veterans are taking it upon themselves to shout about it more, which makes it easier for those who are now going through the journey of moving careers. LinkedIn has been absolutely brilliant as well.

“The amount of people willing to help and collaborate and actually help more people get a helping hand into the industry blows my mind,” he added.

Beck said there are increasing numbers of people using social media and online forums to ask for support and guidance on how to get into the industry.

“More often than not, if I see someone asking for support, people will reshare on to their networks. And lo and behold, they end up having an hour conversation with an adviser who has just retired and has a wealth of experience. The profession is helping itself to get the recruitment going.”

Social media 

Beck believed social media was being used by the industry as a force for good in raising awareness about the profession. 

He explained: “It can only be a force for good if it's used to create awareness. Everyday people are asking for help on LinkedIn and they're getting help with quite a few success stories.

“Firms are clubbing together, they're saying, 'we just had a candidate come through the door. Unfortunately, we don't have any space but this person is amazing. Let's get this person a role.' So for that reason, it's just a win win.”

Beck believed that more advisers using social media channels like LinkedIn to raise awareness and be more proactive will ultimately help to get more people into the profession.

“There are so many resources available for young entrants, like podcasts and newsletters, which I didn’t have when I was starting out. This is thanks to the people in our industry who are constantly raising the profile of the sector. By being more proactive as an industry I can prevent the ‘Ben’ behind me having the same issues I had.”

alina.khan@ft.com