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Why You Should Become a Financial Planner: Live from Changefest · Financial Planner Life Podcast

0:00
SPEAKER_04: Hello everyone, it's Elena here and Charlie from the Financial Planner Life, and this week we're really excited to bring you this extra special episode.
0:09
SPEAKER_04: A few weeks ago, we spoke at the CISI event Change Fest in Birmingham, and it's exclusively on the podcast for you all to listen to as well.
0:18
SPEAKER_08: We had the honour and privilege of speaking to aspiring students and graduates who want to join the financial planning profession.
0:26
SPEAKER_08: We touch upon the opportunities here and why it's such a ripe time to join the profession from the great transition of wealth to the retiring IFAs.
0:35
SPEAKER_08: We also talk about how to go about your job search, why you need your qualifications and how to go about them.
0:41
SPEAKER_08: We even talk about Financial Planner Life Academy and how that can benefit you if you're taking your qualifications.
0:47
SPEAKER_04: Therefore, if you're interested in a career in financial planning and want to know about how to get your foot into the door in a financial planning firm, this episode is especially for you.
0:56
SPEAKER_08: Enjoy.
1:06
SPEAKER_07: Okay, welcome back.
1:08
SPEAKER_07: So now we have Sam Oates.
1:10
SPEAKER_07: This is a phenomenal speaker.
1:13
SPEAKER_07: So Sam is the founder of Financial Planner Life and has over 8,000 listeners a month to his podcast.
1:21
SPEAKER_07: And he appears consistently within the top 10% of podcasts globally.
1:26
SPEAKER_07: So Sam, sorry, has a financial talks about financial planning in his podcast, and he's going to do a talk today.
1:33
SPEAKER_07: He's joined with by rather Eleanor and Charlie and they're going to have kind of fireside podcast style discussion.
1:41
SPEAKER_07: And then again, the floor will open up for QA at the end.
1:43
SPEAKER_07: So make sure you get your questions ready.
1:49
SPEAKER_01: Thank you.
1:55
SPEAKER_02: Right.
1:57
SPEAKER_02: Thanks for joining us today.
1:58
SPEAKER_02: So with the Financial Plan of Life, we are like introduced as a podcast, so we're a podcast for the financial planning profession.
2:05
SPEAKER_02: Notably, it there wasn't a major kind of emphasis on a career within financial planning.
2:11
SPEAKER_02: And we'll go into the impact that that's actually had as well.
2:14
SPEAKER_02: So yeah, we've got a podcast.
2:16
SPEAKER_02: You can go to the listen to the podcast, and we interview guests at varying stages in their careers.
2:20
SPEAKER_02: So it could be somebody who's an administrator, it could be somebody who's a power planner, uh, somebody who's a financial planner running their own business, it could be employed, it could be self-employed, and you get the opportunity to hear from them what it's like to work within the financial planning profession.
2:35
SPEAKER_02: The ups, the downs, the realities of the job.
2:38
SPEAKER_02: So it's kind of like a window into the profession.
2:40
SPEAKER_02: And it's about 150 episodes.
2:42
SPEAKER_02: It's top 10% globally within the first seven days, by the way.
2:45
SPEAKER_02: I don't think Joe Rogan would probably compete that one.
2:49
SPEAKER_02: But anyway, you can go and listen to that on Apple, Spotify, and all the rest of the big ones as well, and you can watch it on YouTube as well.
2:56
SPEAKER_02: We've just recently also released an academy, the Financial Planner Life Academy, and I'll talk about that a bit later on, because it's going to massively help you.
3:03
SPEAKER_02: If you're somebody that wants to get into the financial planning profession and you want to use that when it comes to uh driving engagement with those future employers and part of your personal brand, that Isabel very rightly explained, and we'll talk about a bit later on because that's gonna massively help you, and it's and it's the first of its kind within the financial planning profession as well.
3:22
SPEAKER_02: So, um, what we're gonna cover today, we're gonna do this as a bit of kind of like a live podcast, if you will.
3:28
SPEAKER_02: So it's the first attempt.
3:28
SPEAKER_02: We're actually gonna go out and do a live podcast next year.
3:30
SPEAKER_02: Hopefully, you can come along and do it.
3:32
SPEAKER_02: So, this is our first go at it, really, so bear with us.
3:34
SPEAKER_02: Um, so things that we're gonna cover today is a quick overview of some of the main job roles in financial planning, some of the salaries, because that's obviously important, along with the qualifications.
3:44
SPEAKER_02: It's worth at this point noting as well, you can download a salary guide from our website.
3:48
SPEAKER_02: So I'll give you the link for that as well.
3:50
SPEAKER_02: Links will go out, and you can download a salary guide for all the different roles within the financial planning profession as well.
3:54
SPEAKER_02: So, if you're interested in how much you can earn, we can give you the most up-to-date information.
3:58
SPEAKER_02: We do that every year as well, so worth getting that.
4:01
SPEAKER_02: Um, we're also gonna look at why you should join the financial planning profession.
4:04
SPEAKER_02: So, what are the reasons why you should join the financial planning profession?
4:09
SPEAKER_02: If you listen to or watch the financial planning news or articles, there tends to be a bit of an echo chamber of negativity around all the doom and gloom that might be happening to the profession.
4:19
SPEAKER_02: We're gonna flip that on his head today and talk about some of the opportunities for people like you, the younger generation coming through, the next generation, that are gonna shape the financial planning profession.
4:28
SPEAKER_02: And we need people like you within it.
4:30
SPEAKER_02: So, you know, hopefully it will inspire you and give you that reason why you should join the financial planning profession.
4:38
SPEAKER_02: And then we're gonna look at what you can do to secure a job within the financial planning profession.
4:44
SPEAKER_02: So we have combined years of recruitment experience.
4:48
SPEAKER_02: So I've got a seven-figure recruitment company specifically focused on placing people within the financial planning profession.
4:53
SPEAKER_02: So very often we get people approach us who want to get into the financial planning profession, but they don't have experience.
4:59
SPEAKER_02: A lot like you guys at the moment.
5:00
SPEAKER_02: You don't have that experience.
5:01
SPEAKER_02: So what we're gonna do is give you some hints and tips, and pretty much a guaranteed, so I shouldn't really say that, but I'm gonna say it because most people I've told have ended up getting a job off the back of it, a guaranteed way to get yourself out there, piggybacking off the back of Isabel and the personal brand and how you can use that effectively to get yourself in front of those decision makers and secure your entry-level job opportunity in the financial planning profession.
5:24
SPEAKER_02: And we're gonna talk about LinkedIn, because it is networking on steroids.
5:29
SPEAKER_02: It's uh how I make my money and it's how you are going to progress in your career over the next five, 10, 15 years until something better comes out.
5:36
SPEAKER_02: All right.
5:37
SPEAKER_02: So let's kick things off first of all.
5:38
SPEAKER_02: Elena, can you give us a brief overview of some of the jobs within the financial planning profession and what the earning potential could be?
5:45
SPEAKER_04: So, within the financial planning profession, lots of people go down loads of different avenues.
5:50
SPEAKER_04: You can go down compliance, you can step into marketing, people step into management.
5:54
SPEAKER_04: But with today, we're going to talk about the three key roles, which are administrators, paraplanners, and financial advisors.
6:02
SPEAKER_04: Administrators don't look down and think that it's basic.
6:04
SPEAKER_04: Administrators do a lot of the very specific work for financial advisors, but essentially all the administrative tasks.
6:11
SPEAKER_04: You have the paraplanners that do all the technical work and put all the cases together, and then you have the financial advisors that are the people that sit down in front of clients and deliver the financial advice, and they can be self-employed, so sort of their own boss essentially, or employed, so tied to a particular business.
6:27
SPEAKER_04: And in these roles, um, the earning potential is different.
6:30
SPEAKER_04: So entry-level administrators come in about 20,000, 20 to 22,000 pounds, all the way up to sort of 28,000 pounds for senior administrators.
6:40
SPEAKER_04: In terms of power planners, trainee power planners are coming in at about 28,000 pounds, and experienced senior chartered power planners are earning anywhere sort of 60,000, 60 plus.
6:51
SPEAKER_04: And then in terms of financial advisors, you know, trainee advisors at that 40,000 mark, but the earning potential as a financial advisor really is limitless, especially if you're self-employed.
7:01
SPEAKER_02: It's worth noting on that that I have come across administrators earning in the in the mid-40s when because the profession is crying out for talent, when it comes to somebody with experience landing in front of a hiring manager, for example, and you don't need that much, a year's experience, two years' experience, your salary expectations of what you can demand become so much higher because there isn't enough of people out there doing the job.
7:25
SPEAKER_02: So rare as hens teeth are power planners, rare as hens teeth are financial planners, and uh rare as rock and horseshit is administrators.
7:34
SPEAKER_02: So we've got lots of opportunities there for you guys to step on up into those roles and very quickly step up and earn some good money.
7:41
SPEAKER_02: Um, we'll get into a little bit about some of the opportunities as well around where, you know, if you're an administrator, you're a power planner, or if you're a financial advisor, where it can take you in respect of entrepreneurialism.
7:51
SPEAKER_02: You're an entrepreneurial bunch, and you are going to have some excellent opportunities in any of those roles to run your own businesses as well.
7:58
SPEAKER_02: And we can touch on that a bit later.
7:59
SPEAKER_02: So let's look at some of these opportunities for younger financial advisors in the UK financial planning profession right now.
8:07
SPEAKER_02: So, what I want you to do first of all is close your eyes and I want you to picture what you think a financial planner looks like.
8:16
SPEAKER_02: So close your eyes.
8:17
SPEAKER_02: Picture a financial planner.
8:21
SPEAKER_02: Right.
8:23
SPEAKER_02: Now raise your hand if you pictured a white middle-aged man.
8:28
SPEAKER_02: Not that, not that we go, lovely.
8:31
SPEAKER_02: So, yeah, so a few of you I could imagine the first thing that tends to come to people's mind is a white middle-aged man.
8:36
SPEAKER_02: Now, one of the biggest opportunities, and this is not bashing white middle-aged men, and believe it or not, I am a white middle-aged man.
8:42
SPEAKER_02: But um, I'm not bashing white middle-aged men at all, okay?
8:46
SPEAKER_02: However, there isn't a huge amount of diversity within the financial planning profession.
8:50
SPEAKER_02: There's a distinct lack of females in the financial planning profession as well, so we're going to get into that.
8:54
SPEAKER_02: But one of the biggest opportunities within financial planning right now is the retiring IFAs, the retiring financial advisors.
9:00
SPEAKER_02: There's a lot of financial planners that are leaving the profession.
9:03
SPEAKER_02: So give you some kind of facts and figures here around that.
9:05
SPEAKER_02: So there's approximately 27,000 financial advisors.
9:08
SPEAKER_02: So not that many regulated financial advisors in the UK.
9:12
SPEAKER_02: That's individuals giving financial advice.
9:14
SPEAKER_02: There's circa 27,000 of them.
9:16
SPEAKER_02: There used to be over 200,000, but some regulatory changes happened.
9:20
SPEAKER_02: It's now diminished down to 27,000.
9:22
SPEAKER_02: The average age is 58.
9:24
SPEAKER_02: So if you did think middle-aged man, you're not far off.
9:27
SPEAKER_02: The average age is 58 years old.
9:29
SPEAKER_02: 5.7% of advisors are under the age of 30 years old, and only 0.6% are under the age of 25.
9:38
SPEAKER_02: One third are in the bracket of 50 to 59, and 75% are aged 40 or older.
9:44
SPEAKER_02: So projected over the next decade, three-quarters of those advisors, advisors, those 27,000, are going to be retiring.
9:54
SPEAKER_02: So if you think about that, there's a huge opportunity for the next generation of advisors coming through, those that are thinking about joining the profession, whether you're starting as administrators, power planners, and your end goal is to be a financial planner.
10:07
SPEAKER_02: If they're retiring, who's looking after their clients?
10:10
SPEAKER_02: Who's looking after their sons and daughters?
10:12
SPEAKER_02: So you guys, you're the next generation coming through.
10:16
SPEAKER_02: And because they're aged 58, we're going to look at some of the other opportunities within financial planning, maybe that they're not embracing as much as you would, which leaves loads of opportunity again for you.
10:28
SPEAKER_02: So, Elena, let's look at some of the other things within that.
10:31
SPEAKER_02: So if we look at the age there of advisors, retiring advisors, that's a huge opportunity.
10:36
SPEAKER_02: If we look at things like the diversity and inclusivity opportunities within financial planning for the next generation as well.
10:42
SPEAKER_04: So within the profession at the moment, there is a massive spotlight on diversity and inclusivity.
10:47
SPEAKER_04: So by 20, I think it's 2025, women will command 60% of the UK's wealth, yet only 16% of financial advisers are female.
10:58
SPEAKER_04: So this disparity shows a significant gap, especially when we consider the different financial needs and preferences of women.
11:05
SPEAKER_04: And this is the same with ethnic minorities.
11:12
SPEAKER_04: And as the societal fabric changes, we need to ensure that they mirror each other so different communities can also access financial advice.
11:21
SPEAKER_04: And fundamentally, financial advice will become more accessible when people see people that look like them and talk like them in those kind of roles.
11:30
SPEAKER_04: And that's the same with the LGBT plus community.
11:33
SPEAKER_04: The representation within the profession doesn't mirror that of society, and it's another big area of inclusivity within financial planning at the moment.
11:41
SPEAKER_04: But ultimately, you know, this goes way beyond numbers.
11:45
SPEAKER_04: For the profession to genuinely evolve, we need inclusivity alongside that.
11:51
SPEAKER_04: So as the society as society becomes more vibrant and varied, we need the profession to reflect that.
11:58
SPEAKER_02: It's really worth holding on to that, that in 2025, the women will hold 60% of the wealth.
12:05
SPEAKER_02: That's pretty crazy statistic, there, which is another reason why something, would you say 16, 16% of advisors are women?
12:12
SPEAKER_02: And women do tend to want to seek advice from women.
12:17
SPEAKER_02: So there is such a huge opportunity out there.
12:20
SPEAKER_02: Someone said recently that men date different to women.
12:24
SPEAKER_02: Women date different to men, and it's the same when it comes to sitting down in front of somebody to give you financial planning.
12:30
SPEAKER_02: Do you want a different person when it comes to getting that advice?
12:35
SPEAKER_02: So uh thank you very much, Elena.
12:37
SPEAKER_02: So there is another huge opportunity for the next generation of financial planners, and it's something called the great transition of wealth.
12:43
SPEAKER_02: Wealth.
12:44
SPEAKER_02: So it's a great transition of wealth or the intergenerational wealth transfer.
12:48
SPEAKER_02: So, Charlie, can you give us an overview as to why this is such a huge opportunity?
12:53
SPEAKER_08: Absolutely, Sam.
12:54
SPEAKER_08: So over the coming years in the future, there is going to be a transformational shift in financial dynamics.
13:02
SPEAKER_08: It's estimated over the next 20 years in the UK, 5.5 trillion pounds worth of wealth will go from the older generations right into the hands of the Millennials and the Gen Z.
13:16
SPEAKER_02: So what does that actually mean, though, for say these individuals that are thinking about getting into the financial planning profession and might end up being financial planners?
13:25
SPEAKER_08: Yeah, absolutely.
13:26
SPEAKER_08: So, firstly, you guys here, millennials, Gen Z, you will be closer in a generational understanding to these people inheriting this wealth.
13:36
SPEAKER_08: That means you understand the values, you understand the aspirations, and you understand the concerns when it comes to money.
13:42
SPEAKER_08: And you will also be there as a guide to educate them.
13:46
SPEAKER_08: As a financial planner, you have a wealth of knowledge.
13:49
SPEAKER_08: And for a lot of these people, it could be the first time in their life they are encountering this substantial wealth.
13:54
SPEAKER_08: They need guidance on how to invest it, how to save it, and how to protect it.
13:59
SPEAKER_08: And as quite a digitally savvy generation, it's very important to integrate that into financial advice.
14:06
SPEAKER_08: And these clients will resonate with that.
14:08
SPEAKER_08: So bringing that into what you do is so crucial.
14:12
SPEAKER_02: There's a big piece there around financial education, isn't there?
14:15
SPEAKER_02: So if you're entering the profession right now and you're starting out, say early on, you know, you're starting out as an administrator, power planner, perhaps moving into training financial advice, you will be embracing social media very differently from others.
14:27
SPEAKER_02: And it's a huge opportunity for you to start to deliver real simplified financial education.
14:32
SPEAKER_02: And firms are starting to do that also as well.
14:34
SPEAKER_02: You know, there's a really great podcast episode that we did with a chap called Pete Matthew, and he's got something called the Meaningful Money Podcast.
14:40
SPEAKER_02: If you haven't listened to the Meaningful Money Podcast, he delivers free financial education, but he's made a business out of that with the Meaningful Money Academy.
14:47
SPEAKER_02: It's a six-figure turnover business, and all it does is offer financial education.
14:51
SPEAKER_02: He uses that as a marketing tool to be able to bring clients into his business.
14:55
SPEAKER_02: His podcast gets like over a million, I think it's a million listeners every year.
14:58
SPEAKER_02: Now, delivering financial education, you don't even need to be qualified.
15:02
SPEAKER_02: To be a financial coach, you don't need to be qualified.
15:04
SPEAKER_02: So you have to make sure you're not misleading anybody, but obviously you don't need to be qualified for it.
15:10
SPEAKER_02: So it's a huge opportunity for you to start to build a relationship with that next generation who are around the same age as you, and you're going to be getting older with those individuals.
15:18
SPEAKER_02: And businesses and firms are going to be looking to promote that type of financial education more and more and more as you guys step within the financial planning profession.
15:27
SPEAKER_02: Okay, so the landscape of financial advice is undergoing a seismic shift, and that's thanks to technological advances.
15:33
SPEAKER_02: Now, a PWC study highlighted that 70%, 77% of financial institutions are prioritize prioritizing innovation with a significant focus on digital tools.
15:46
SPEAKER_02: The financial planning profession is quite behind when it comes to technology.
15:50
SPEAKER_02: They're only really just starting to embrace it.
15:52
SPEAKER_02: I sat down with a number of uh FinTech companies a couple of weeks ago, actually, one of the founders of Monzo Bank, and there's a lot being done within the financial planning tech space, and it's brand new.
16:04
SPEAKER_02: And if you're entering the profession, that technology is going to be there for you to embrace and to deliver a different level of financial advice.
16:13
SPEAKER_02: So, Elena, tell us a little bit more about that.
16:15
SPEAKER_04: Well, first and foremost, all you guys are digital natives.
16:18
SPEAKER_04: You've grown up knowing all the ins and outs of technology, all these middle-aged people that Sam was referring to earlier, they've had to continue to keep evolving and adapting to this.
16:27
SPEAKER_04: So you guys are naturally always gonna have a competitive edge.
16:31
SPEAKER_04: Um and we talk a lot about artificial intelligence at the moment, AI, and it's not just a buzzword.
16:37
SPEAKER_04: It can um it can manage unprecedented amounts of data at a super speed.
16:43
SPEAKER_04: So new advisors that come in and are able to adapt and use AI are gonna be able to deliver more personalized and precise financial advice.
16:52
SPEAKER_04: And within the profession, we're also seeing um the increase of robo advice, which delivers automated, algorithm-driven financial planning.
17:01
SPEAKER_04: However, people still crave that human touch.
17:04
SPEAKER_04: So new advisors like yourselves that come into the profession are gonna be able to use a hybrid advice model that's still gonna provide the empathing and the understanding that people are craving.
17:14
SPEAKER_04: And I think the thing that's really exciting at the moment is that the profession is not looking to just stay updated.
17:20
SPEAKER_04: Um new advisors that come in are gonna be able to pioneer a new age of financial planning, which is gonna be more precise, more efficient, and more accurate.
17:30
SPEAKER_02: There's a big thing around the cost of financial advice.
17:32
SPEAKER_02: There's apparently 95% of the population that would usually seek advice are not seeking it, pretty much to do with the cost.
17:40
SPEAKER_02: So as technology comes in and allows the advisor to simplify a huge amount of the tasks that a financial planner would usually do, that will reduce the overall feeing cost involved delivering that financial advice.
17:53
SPEAKER_02: So again, when we look at the opportunity for you coming into the profession, retiring IAFI advisors, not very tech savvy, you lot coming in who are, being able to then offer and deliver advice to 95% of the population which haven't got act that don't have access to financial advice at the moment.
18:10
SPEAKER_02: So either whether that's through financial education, marketing, branding, drawing them in, but also giving them a solution, a financial planning solution that is cheap enough for them to actually use.
18:20
SPEAKER_02: And that's one of the mega exciting things that you can do.
18:23
SPEAKER_02: So you might be able, and I was talking to Mr.
18:25
SPEAKER_02: Monzo a couple of weeks ago, deliver advice to the whole population of the UK in a very simplified manner through a hybrid approach like robo advice.
18:34
SPEAKER_02: So that is, I think, hugely exciting.
18:36
SPEAKER_02: And there was a time when robo advice was demonizing word that was going to destroy the financial planning profession.
18:41
SPEAKER_02: It's not, it goes hand in hand with humans, and you're coming through to benefit from that technology that comes on in, which I think is massively exciting.
18:50
SPEAKER_02: That really excites me.
18:51
SPEAKER_02: You know, I'm somebody that runs a recruitment company, but I'm heavily considering getting into the financial planning profession to run a financial planning business because of the huge opportunity for you to uh to have a fantastic career and earn a lot of money as well at the same time.
19:06
SPEAKER_02: Right, okay.
19:07
SPEAKER_02: Uh it's it's um mental health and well-being is huge right now, okay?
19:11
SPEAKER_02: Absolutely it's huge, and rightfully so.
19:14
SPEAKER_02: Financial well-being goes beyond pounds and pence, so it's intrinsically intertwined with our mental and emotional states.
19:21
SPEAKER_02: So as financial concerns rank among the top source of stress globally, the role of a financial planner becomes more crucial.
19:31
SPEAKER_02: So it becomes a job with purpose.
19:34
SPEAKER_02: You are helping people with their financial well-being.
19:37
SPEAKER_02: And we're going to look into that now.
19:39
SPEAKER_02: But how can sort of younger advisors, Charlie, navigate this landscape when it comes to financial well-being?
19:46
SPEAKER_08: I mean, I'm sure I've been a student myself.
19:49
SPEAKER_08: You guys here probably understand financial stress, it sucks.
19:53
SPEAKER_08: It's one of the worst ones to go through.
19:55
SPEAKER_08: And as a financial advisor, you're there as that guiding light.
19:58
SPEAKER_08: And it's crucial to understand that when clients come to you for advice, they're not just seeking a financial plan, they're seeking peace of mind.
20:06
SPEAKER_08: And it's your role as an advisor to relax them, take care of their worries, reduce those stresses when it comes to monetary issues, and that holistic approach.
20:15
SPEAKER_08: And by holistic, I mean the bigger picture all of their life.
20:20
SPEAKER_08: And it also comes with, I mentioned earlier, you're coming from similar generations to them.
20:24
SPEAKER_08: So the empathy and the understanding you will have will resonate with them.
20:29
SPEAKER_08: They could be going through big life decisions, coming to you for advice about buying a house, settling down, opening a business.
20:36
SPEAKER_08: That's something you might be able to resonate with as well.
20:38
SPEAKER_08: So when you're giving them that advice, it's going to really hit where their values are, and it will give them that inspiration to continue coming to yourself.
20:47
SPEAKER_08: Lovely.
20:47
SPEAKER_08: And coming into financial advice as a financial advisor, you're that person that takes complex information and delivers it to your clients jargon-free.
20:57
SPEAKER_08: So you're going to be educating them, you're going to be empowering them with this knowledge, and that will transfer through generationally.
21:04
SPEAKER_08: And clients these days don't just want a financial plan to land in their lap.
21:09
SPEAKER_08: They want to be hands-on and collaborate with you, and you can help them come into the process, give them that research, give them the analysis, bring them into the conversation, and relax those monetary worries.
21:20
SPEAKER_08: So, financial well-being, you are such an important person.
21:23
SPEAKER_08: You are the expert for that.
21:26
SPEAKER_02: Yeah, it's like looking at the psychology of money, money beliefs, past trauma, what you've learned growing up from your parents when it comes to money.
21:35
SPEAKER_02: And these are all the things that people carry on in their lives.
21:37
SPEAKER_02: And believe it or not, I speak to a lot of financial planners over the last 15 years.
21:42
SPEAKER_02: And regardless of the amount of money that somebody has, their money beliefs can still be quite damaging or quite negative.
21:51
SPEAKER_02: It could be a scarcity mindset or an abundance mindset.
21:54
SPEAKER_02: I sat down with a financial planner quite recently to go through my financial plan, and they identified we Me that I had a scarcity mindset.
22:02
SPEAKER_02: I was always worried about money.
22:03
SPEAKER_02: Even though I had it, I was worried about it.
22:05
SPEAKER_02: And that was causing undue stress on me, and it was unit was causing undue stress on my family and my business, and it can create toxicity in your life.
22:13
SPEAKER_02: Financial planners are now coaches, they're able to sit down with individuals and really unpick that and transform people's lives.
22:19
SPEAKER_02: Imagine somebody thinking they've got to work till, you know, that you know, to the I've got to keep working, I've got to keep working, and then someone sits down with a financial plan and says, No, you don't.
22:26
SPEAKER_02: What are these things you want to do with your life?
22:28
SPEAKER_02: We just worked out that you don't need to keep working, and you actually have enough money to retire based on what it is that you actually want to do with your life.
22:35
SPEAKER_02: Imagine being able to sit down and free somebody up.
22:38
SPEAKER_02: That's a job with purpose again.
22:40
SPEAKER_02: And this is what a lot of I'm finding people like of your age, especially, it's not about just money, it's about what can you do to change people's lives and the positive impact it also has on the world as a whole.
22:55
SPEAKER_02: So what's becoming, yeah, so you know, um, staggering 76% of Gen Zs and millennials prioritize um a company's social and environmental commitment uh when choosing a job.
23:09
SPEAKER_02: That's statistically what we're looking at.
23:11
SPEAKER_02: When you're looking for a job, you're looking at a company that's got purpose, okay, someone to join.
23:15
SPEAKER_02: I, for example, have a recruitment company and we're a B Corp.
23:18
SPEAKER_02: We're committed to uh people, plan it, and purpose.
23:21
SPEAKER_02: And a lot of people that come and work for us like that about us because we're committed to making a change uh within our social environments.
23:27
SPEAKER_02: Now, Charlie, tell us a little bit about that when it comes to financial planning.
23:30
SPEAKER_08: Yeah, absolutely.
23:31
SPEAKER_08: I think when we were talking about coming here, Elena mentioned that when you come to graduate, you want to go into something where you feel like you have a purpose, where you're going to make a difference.
23:41
SPEAKER_08: And if you're considering financial planning, excellent news for you because it is worlds away from the realms of mere asset management.
23:50
SPEAKER_08: You have financial well-being, you have ethical investing, and you do have that profound purpose.
23:56
SPEAKER_08: And out of that emerges the contemporary modern advisor as a pivotal force for change.
24:04
SPEAKER_08: So, like I mentioned earlier, the holistic approach, you're impacting upon people's lives, you're telling them they can retire early, you're giving them that financial education that we don't receive in this country.
24:14
SPEAKER_08: You're either taught it or you go and find it.
24:17
SPEAKER_08: So you're helping individuals.
24:19
SPEAKER_08: Now, I don't know if anyone's sat there and they're thinking, okay, well, where does the environment come into this?
24:24
SPEAKER_08: Where does the planet come into this?
24:25
SPEAKER_08: Let me talk to you about pensions.
24:27
SPEAKER_08: And for the financial advisors in the room, they're probably aware what I'm about to tell you.
24:31
SPEAKER_08: So pensions are a big pot of money, an investment.
24:34
SPEAKER_08: You put money in there when you join a job, it's auto-enrollment and it sits there until you retire, hopefully early if you seek financial advice.
24:42
SPEAKER_08: And that money will be invested for you.
24:45
SPEAKER_08: So it accumulates over time.
24:47
SPEAKER_08: Now, if you put that money into a pot, which isn't necessarily eco-friendly, that's going to be doing some damage.
24:54
SPEAKER_08: You could be investing in oil, gas, tobacco.
24:57
SPEAKER_08: So when you look at the news and you think, who's funding deforestation?
25:00
SPEAKER_08: It could be your back pocket.
25:01
SPEAKER_08: However, if you move that pension into an eco-friendly fund and you will reduce your carbon footprint, there was a study done by Make My Money Matter and People's Pension.
25:13
SPEAKER_08: If you put your pension into a sustainable fund that has 27 times more impact than if you were to quit flying and go vegan.
25:23
SPEAKER_08: So when thinking about that, there is a rise of ESG and ethical investments at the moment in the investment landscape.
25:31
SPEAKER_08: And this demonstrates a generational shift, a shift in priorities.
25:36
SPEAKER_08: And the modern-day client is going to gravitate more towards things that align with their values.
25:41
SPEAKER_08: And for a lot of us, it is the environment.
25:43
SPEAKER_08: We want an investment that's going to deliver profitability but responsibility.
25:48
SPEAKER_08: And it's also important when looking at that, the next generation has a mission.
25:54
SPEAKER_08: And that mission, as financial planners coming in, it's not just a job for you, it is a mission to empower individuals, to champion sustainable investments, but to also incite lasting positive change in the workforce.
26:10
SPEAKER_02: So on the podcast as well, you'll be able to check out an episode with a really interesting company called The Path.
26:16
SPEAKER_02: Um, and they talk all about the difference between ethical investing and positive impact investing, something that I had no clue about until I interviewed them.
26:24
SPEAKER_02: Um and it was really, really interesting.
26:25
SPEAKER_02: So check that out on the Financial Planning Live podcast episode with The Path.
26:28
SPEAKER_02: We send out these links afterwards as well.
26:29
SPEAKER_02: Uh but obviously come up to me afterwards and I'll show you any of the episodes that I could recommend for you.
26:33
SPEAKER_02: Okay, cool, great.
26:34
SPEAKER_02: So um entrepreneurialism, entrepreneurialism within the financial planning profession.
26:38
SPEAKER_02: So we touched on that quite recently.
26:40
SPEAKER_02: Um, innovation opportunities within the profession.
26:42
SPEAKER_02: Um, you know, you are an innovative bunch, you're constantly marketed to set up side hustles.
26:49
SPEAKER_02: I don't know about how many people here have got side hustles going on at the moment, how many people are thinking that they're that when they join a profession or a company, they're one day gonna run their own businesses.
26:58
SPEAKER_02: Um I noticed something that was always in the back of my mind when I was your age.
27:01
SPEAKER_02: I was always determined to run my own business, and now's the time to do it in the financial planning profession.
27:06
SPEAKER_02: Believe it or not, you might think, well, I'm gonna go work for a FTSE100 or massive wealth company, and that's it, and go to work with my suitcase and sit at the desk, and that's what I'm gonna do.
27:14
SPEAKER_02: Absolutely not.
27:15
SPEAKER_02: There's absolutely huge opportunities for innovation and entrepreneurialism within the financial planning profession, and it's again you individuals that are coming through that are gonna absolutely benefit from that.
27:25
SPEAKER_02: Elena, tell us a little bit about that.
27:27
SPEAKER_04: So the industry is ripe for innovative thinkers at the moment, new advisors that come in, uh got a golden opportunity to either um acquire financial planning firms from individuals that are retiring and leaving the profession or launching your own businesses.
27:41
SPEAKER_04: And this is probably one of the things that I get love so much about the financial planning profession is when we look at financial planning, we only think financial advisors can run their own businesses.
27:50
SPEAKER_04: I've spoken to successful power planners on the podcast who have gone to run their own businesses.
27:55
SPEAKER_04: I've spoken to successful office managers who have then gone out to run their own businesses.
27:59
SPEAKER_04: So if you've got that entrepreneurial, I can't say that word, but if you've got that mindset and you're determined and you're driven, financial planning is an industry where you can really branch out, carve your own niche and be your own boss, which are big things that are attractive to loads of different people.
28:15
SPEAKER_04: And there's loads of different ways that um innovation is really being pushed within the profession.
28:20
SPEAKER_04: Charlie touched on earlier on about that great transition of wealth.
28:24
SPEAKER_04: You know, you're in an ample position to speak to different people, not only from a financial gain element, but navigate life's milestones with them, build trust that lasts decades.
28:36
SPEAKER_04: Um, and you're also in a position to carve out some really exciting niche specialisms.
28:41
SPEAKER_04: As different industries keep growing, we see the rise of influencers, YouTubers, the industry is screaming out for people to give specialized financial advice, and in the same way, you're able to use what you're passionate about and what you're interested about to be niche specialisms.
28:57
SPEAKER_04: So I've spoken to people on the podcast that have gone through divorces.
29:00
SPEAKER_04: Obviously, I'll admit it's not the most pleasant experience, but um, they use those experiences to build out those own client banks and speak to individuals that they can really relate to on a personal level.
29:11
SPEAKER_04: So for people that have got that innovative mindset who really want to push things forward, you can be in a pro in a profession where you're not only driving a business forward, but the whole industry as a whole.
29:22
SPEAKER_02: Absolutely.
29:22
SPEAKER_02: I loved what you said about the niche specialism side.
29:24
SPEAKER_02: Um, we've had people on the podcast that are niche specialising, their niche specialism would be gamers.
29:30
SPEAKER_02: So gamers like e-gamers are earning considerable amounts of money right now.
29:33
SPEAKER_02: This person loves gaming, so why not talk about gaming to gamers and bring financial planning into it?
29:40
SPEAKER_02: You know, that that's what we mean by niching down and looking at those opportunities.
29:44
SPEAKER_02: Traditionally, it's accountancy firms, they're solicitor firms, but you can pick any niche.
29:48
SPEAKER_02: Footballers, if you're into football and you like professional footballers, get into giving advice to professional footballers.
29:52
SPEAKER_02: But there's so many niches.
29:54
SPEAKER_02: There was somebody that was an Amazon seller, uh like an Amazon e-commerce seller, so that was his job to help Amazon stores.
30:00
SPEAKER_02: He left that, totally fully understanding who the top stores were on Amazon, and then went back and approached these top 100 stores because he knows a thing or two about how to um position their companies correctly to earn more money for their companies.
30:13
SPEAKER_02: He then niched in on the fact that he was then a financial planner.
30:16
SPEAKER_02: You can use technology such as we can use marketing techniques such as you can use LinkedIn.
30:20
SPEAKER_02: I know I was banging on about LinkedIn, and we're gonna go on that in a minute, but LinkedIn's an amazing way for you to then promote your services.
30:26
SPEAKER_02: You know, I make a huge amount of money through LinkedIn, and my networking on there is absolutely amazing.
30:30
SPEAKER_02: I get so many leads on through through LinkedIn.
30:32
SPEAKER_02: Podcasting.
30:33
SPEAKER_02: You could be a podcaster talking about gaming, getting gamers on, entwining that in with financial planning.
30:39
SPEAKER_02: The opportunity to huge YouTube channels.
30:41
SPEAKER_02: There's just so much opportunity that isn't getting capitalized on it.
30:44
SPEAKER_02: You'll be stunned by how open that actually is.
30:47
SPEAKER_02: So your passion and your interest, you can take that in.
30:51
SPEAKER_02: Highly recommend a book.
30:52
SPEAKER_02: Can't remember the guy's name because I can't remember names of a nightmare.
30:55
SPEAKER_02: Key person of influence.
30:57
SPEAKER_02: That book changed my life.
31:00
SPEAKER_02: Key person of influence.
31:01
SPEAKER_02: Download that, and it gives you a foolproof plan of how to become a key person of influence within any sector.
31:07
SPEAKER_02: And that's what you want to become when you're in the financial planning profession or with any profession that you choose to go into.
31:14
SPEAKER_02: Right, that's enough of that.
31:16
SPEAKER_02: Well, we talked about all the sort of opportunities and the reasons why you should get into the financial planning, why it should be an exciting place for you to think about joining as a career.
31:24
SPEAKER_02: So we want to start looking at the mastering the job hunt, okay?
31:28
SPEAKER_02: Now, one of the things that happens a lot when somebody is looking for a new job is they kind of don't quite know how to do it.
31:37
SPEAKER_02: And what's the most effective way for getting out there and finding a job opportunity in case giving yourself the best chance of getting in front of somebody because you want to get in front of somebody then to convince them that you're the best person for the job.
31:47
SPEAKER_02: It's even harder, really, when you are coming straight out of university because you don't have any transferable experience of, say, working in the profession.
31:54
SPEAKER_02: So today we're gonna give you a kind of uh program, if you like, that if you follow it, I guarantee you it will open up opportunities for you.
32:02
SPEAKER_02: Anyone that's come to me and asked me to help them find a job and I can't do it because they don't have relevant experience for me to try to help them.
32:09
SPEAKER_02: I've given this full booth program, they've gone away and come back to me and said, I've got job opportunities and I've got job offers.
32:14
SPEAKER_02: So we're gonna talk a little bit about that.
32:16
SPEAKER_02: First off, let's look at academies because during your job search, you're bang to come across them.
32:20
SPEAKER_02: So there are a number of financial advisor academies out there.
32:24
SPEAKER_02: St.
32:24
SPEAKER_02: James's Place has got a stand out there in the hallway.
32:27
SPEAKER_02: We work in partnership with St.
32:28
SPEAKER_02: James's Place.
32:29
SPEAKER_02: They're fantastic.
32:29
SPEAKER_02: And they'll take you through your qualifications, give you the soft skills, practical skills, they've got the VR headsets out there, and you can go onto my podcast uh channel as well, and you can listen to the ultimate guide to the financial uh uh the ultimate guide to the to the SJP Academy, and it will give you a massive insight into what their academy is.
32:45
SPEAKER_02: But it these types of academies are geared towards really becoming self-employed.
32:50
SPEAKER_02: You're at the beginning of your journey, so it might not help you in respect of going self-employed, okay?
32:56
SPEAKER_02: We have just set up a financial, and by the way, I'm not slating SJP, because I love SJP actually in respect to what they're doing.
33:02
SPEAKER_02: We've just recently set up an academy called the Financial Planner Life Academy for people like you.
33:07
SPEAKER_02: So, what it does, the Financial Planner Life Academy, is a community and it's and it's built by financial planners, administrators, and power planners.
33:14
SPEAKER_02: We're in there as well, and we're giving you expert careers advice, and when you're in that community, you can do your financial planning qualifications, get yourself up to level four, and you get the expertise of us helping you with your soft skills and your practical skills and your job hunting as well.
33:29
SPEAKER_02: So when you go in there, and Isabelle talked about this, it's like building up a personal brand and building up a profile, and it's going into our academy, and it's$19.99 a month, no subscription.
33:38
SPEAKER_02: You can go in there and you can build all those skills that employers are looking for, and you can fill up your LinkedIn profile with it all.
33:46
SPEAKER_02: So when it comes to you applying, and we're gonna get into that in a minute, they'll see that you are already embarking on your education and seriousness about getting into the financial planning profession, whether that's taking some qualifications or taking part in some of the practical and soft skills that are so desperately required within the financial planning profession as well.
34:05
SPEAKER_02: So, um, there we go.
34:07
SPEAKER_02: Push Financial Planner Life Academy.
34:10
SPEAKER_04: I was gonna say, first things first, I would always say, and I it's a really cringy line, but you have to view this with seriousness.
34:19
SPEAKER_04: Make finding a job your full-time job.
34:22
SPEAKER_04: If you sit here and you're, and I I get earlier on, you know, applying loads of job adverts online, but if you sit there and use that approach from speaking to people in the profession, you'll very often find that you're hitting your head against a brick roll and a brick wall and you're not getting anywhere.
34:36
SPEAKER_04: So, as Sam touched on earlier on, we've got 15 years of recruitment experience between us.
34:42
SPEAKER_04: I hope from what you were saying, uh what we were saying earlier on, you can understand that we're obviously really passionate about the profession.
34:48
SPEAKER_04: Um, so use what we're doing as a step-by-step guide, but you've got to be proactive.
34:54
SPEAKER_04: If you sit on your hands, unfortunately, it's very likely that you're not gonna get anywhere.
34:58
SPEAKER_04: One thing that we find time and time again about this industry is those entry-level positions don't just land in your lap.
35:04
SPEAKER_02: Absolutely.
35:05
SPEAKER_02: So let's kick things off then, Charlie.
35:07
SPEAKER_02: Tell us a little bit about the first point of call when somebody, what we would say to somebody to do to empower them to go out and start their job hunting.
35:14
SPEAKER_02: What would you say step one would be?
35:17
SPEAKER_08: Step one, obviously, Google.
35:19
SPEAKER_08: Obviously, go to Google, and we call it market mapping, don't we guys?
35:24
SPEAKER_08: And market mapping is something we do as recruiters to find the companies we want to work with and find the opportunities.
35:31
SPEAKER_08: So if it works for us, it's going to work for you.
35:34
SPEAKER_08: So you go to Google, you type in financial planning opportunities, Birmingham, and boom, bring up maps, and it will give you the map.
35:42
SPEAKER_08: It's pretty basic.
35:43
SPEAKER_08: Get yourself a spreadsheet.
35:45
SPEAKER_08: You guys, I'm sure you all have spreadsheets of what you study at the moment.
35:48
SPEAKER_08: So get your spreadsheet.
35:50
SPEAKER_08: And you want to start taking a note down of all of these opportunities in Birmingham.
35:54
SPEAKER_08: You want to take down the name of the company, the size of the company, anything that's particularly unique about them.
35:59
SPEAKER_08: Maybe they're a B Corp like we are.
36:01
SPEAKER_08: You also want to take note of potentially the careers page, has jobs on there.
36:06
SPEAKER_08: Maybe they're a big wealth manager and they've got a grad scheme.
36:09
SPEAKER_08: Every bit of information you can gather, you want to put on this spreadsheet.
36:13
SPEAKER_08: And you also want to start looking for those key people of contacts.
36:17
SPEAKER_08: Isabel mentioned hiring managers earlier.
36:19
SPEAKER_08: You want to find out who they are.
36:21
SPEAKER_08: I would recommend HR, talent acquisition, but when you get to the smaller ones, it's probably going to be the main advisor running the business.
36:28
SPEAKER_08: And you want to take down the contact details so you have fully gained the landscape of that area, and that will be how you map it.
36:36
SPEAKER_08: But if I type in financial planning opportunities, Shropshire, it's going to look a little bit different.
36:42
SPEAKER_08: So when you're choosing your location, it's really important to bring up that map because it might influence your decision.
36:49
SPEAKER_08: You might look at other opportunities.
36:51
SPEAKER_08: And touching upon location, as recruiters, we can speak to people and we say, where are you open to working?
36:58
SPEAKER_08: Absolutely anywhere, they say.
36:59
SPEAKER_08: Well, if I give you an opportunity in Inverness versus an opportunity in London, it's going to be a bit of a different reality for you.
37:05
SPEAKER_08: So focus on where you can picture yourself living.
37:08
SPEAKER_08: Are there friends there?
37:09
SPEAKER_08: Is there family there?
37:11
SPEAKER_08: What is going to sustain your life outside of that?
37:14
SPEAKER_08: But market map your area, build that database almost of information so you have a very clear lay of the land.
37:23
SPEAKER_02: So some of the key words I'd probably search for on Google would be like wealth wealth managers, financial planners, financial advisors, um, and search for that.
37:30
SPEAKER_02: So when you say like wealth opportunity, I don't know what it meant, but some of the job opportunities might come up, but you also want to find those companies as well.
37:37
SPEAKER_02: Because guess what?
37:38
SPEAKER_02: Most companies, not every single company will advertise a job, and you need to get that into your mindset.
37:43
SPEAKER_02: Not every company will advertise a job opportunity.
37:45
SPEAKER_02: Because what you're gonna do next is gonna trigger them to think I should employ this person, even though we haven't got a job opportunity advertised.
37:52
SPEAKER_02: So not every firm advertises jobs.
37:54
SPEAKER_02: Sometimes you just land in their inbox or you land in their uh DMs on LinkedIn at the right time in the right way, and you say it with the right message.
38:01
SPEAKER_02: So we're gonna talk a little bit about that as well, okay?
38:03
SPEAKER_02: So, yeah, that map it market mapping, and once you've done that, you know, you know you've mapped that market, you know you've exhausted it, you've got that list, and then what you're gonna do is you're gonna take that list into LinkedIn.
38:12
SPEAKER_02: Isabel touched on that earlier.
38:14
SPEAKER_02: It's a net I can't, you can't LinkedIn is is is networking literally, literally on steroids.
38:20
SPEAKER_02: Everybody's there, everybody's in the mindset of doing business, um, and it's an amazing place then to connect with people and to talk to people as well.
38:29
SPEAKER_02: Because you can't just keep running around these networking events, you'd be knackered.
38:32
SPEAKER_02: You could do a sh a year's worth of networking within a week on LinkedIn.
38:36
SPEAKER_02: So you take yourself over to LinkedIn, you've got your spreadsheet, now you're gonna go on to LinkedIn, and my advice on this one would be to see all the companies, you're gonna follow every single company.
38:45
SPEAKER_02: So you go to the company pages and you follow them.
38:47
SPEAKER_02: So when you follow them, you like their top three posts.
38:51
SPEAKER_02: So go on there and like their top three posts.
38:55
SPEAKER_02: If you're brave enough and you should be in this situation, because the algorithms and LinkedIn are gonna reward things back to you if you start commenting on those posts as well.
39:03
SPEAKER_02: So read what it is they've said.
39:05
SPEAKER_02: If you've got a comment in you, start to comment on those company posts.
39:08
SPEAKER_02: That's gonna start raising your personal brand awareness with those businesses.
39:13
SPEAKER_02: Going to go back a bit, because I just missed a part.
39:15
SPEAKER_02: What you need to do is really build your profile out on LinkedIn as well to show that you are somebody who is keen and interested in working within the financial planning profession.
39:23
SPEAKER_02: So whatever your qualifications are, whatever degree that you're doing, your reasons why you want to work within the financial planning profession, are they in your bio?
39:30
SPEAKER_02: Does your headline say recent graduate of a financial planning degree or economics degree, looking for the entry-level opportunity into financial planning?
39:38
SPEAKER_02: Does it scream that you want to join the profession?
39:41
SPEAKER_02: Does your bio scream that you want to join it?
39:43
SPEAKER_02: Have you put in there some of your extracurricular activities you do, some of your charity work you do, anything like that?
39:48
SPEAKER_02: Make sure it's on there, but try to personalize it to the companies that you want to work for if you are a hundred percent confirming that you want to work within that profession.
39:57
SPEAKER_02: Because they'll look at that, that's the first thing they'll look at.
40:00
SPEAKER_02: Who's liking my post and who's commenting on it?
40:01
SPEAKER_02: And the first thing they'll do is look at your look at your LinkedIn page, which essentially is your landing page, which essentially is your interactive CV.
40:08
SPEAKER_02: So that's one thing you definitely want to do.
40:10
SPEAKER_02: So you've gone through your spreadsheet, you bring a spreadsheet out, you follow all those companies, like and comment.
40:13
SPEAKER_02: Now you're going to go back to your spreadsheet.
40:14
SPEAKER_02: Who are the main who are the decision makers within those businesses?
40:17
SPEAKER_02: So when you look at those companies, you can then search first, second, and third connections on there.
40:20
SPEAKER_02: Start to connect and link in with, and follow, because you can follow without having to connect, people within those businesses.
40:28
SPEAKER_02: Once you've done that, pick, say, three or four or five people that you think are influential and don't worry about just going straight to the top.
40:35
SPEAKER_02: Go to administrators or power planners, send a message.
40:38
SPEAKER_02: I'm really interested in joining the financial planning profession.
40:40
SPEAKER_02: I was hoping you could help point me in the right direction to somebody within your business who can talk to me about a career within the profession.
40:47
SPEAKER_02: You don't want to go in there, can I have a job?
40:49
SPEAKER_02: Have you got a job?
40:50
SPEAKER_02: You want to go in there and start a conversation with these people.
40:53
SPEAKER_02: Start to get a bit of back and forth on chat.
40:55
SPEAKER_02: So I'll tell you one thing: when somebody reaches out to me and asks me a question on LinkedIn and it's genuine and they ask me a question, I find it really hard not to respond.
41:05
SPEAKER_02: Really hard.
41:05
SPEAKER_02: The first message, if someone sends me something and it's sell, sell, and they want one, I tend to be like, no, I'm not interested.
41:12
SPEAKER_02: So start a soft conversation.
41:14
SPEAKER_02: I've seen your profile, I see that you work for Dave's IFA.
41:18
SPEAKER_02: I also saw a money marketing article about Dave's IFA and the impact in ethical investing.
41:23
SPEAKER_02: Is it okay if I connect with you?
41:25
SPEAKER_02: Next one.
41:25
SPEAKER_02: Really, really want to join the financial planning profession?
41:28
SPEAKER_02: Is there somebody within the business perhaps it would take up five minutes of time just to have a have a conversation with?
41:32
SPEAKER_02: So as you go through LinkedIn and you go through your profile, you'll go through your um your spreadsheet, you're following companies, you're liking your comment in, then you're linking in and connecting with and sending messages to those that are in that business.
41:43
SPEAKER_02: Don't worry if they don't connect with you, give them a follow.
41:46
SPEAKER_02: Because if you're giving them a follow, you're gonna start to see their posts.
41:50
SPEAKER_02: And if you start to see their posts, what are you gonna do?
41:52
SPEAKER_02: You're gonna like them, you're gonna comment them, and they're gonna see you again.
41:55
SPEAKER_02: And they're gonna be like, who is this person who keeps liking and commenting?
41:58
SPEAKER_02: Comment with some useful stuff, don't comment with something that just makes you look silly, but you know, comment with some useful things, and they'll start to think, well, this person's quite interesting and engaging.
42:07
SPEAKER_02: So as you're going through that, you're building up your your LinkedIn connections, you're building an environment around you of companies that you would like to work for within your geographical location.
42:17
SPEAKER_02: So you're starting to be seen, you're starting to be heard.
42:19
SPEAKER_02: And as you're going through that LinkedIn, that's what you're doing.
42:22
SPEAKER_02: Now, the brave amongst you would also do some direct outreach via email directly to those companies.
42:30
SPEAKER_02: So you remember you took their email list, so approach them with an email directly to those companies.
42:36
SPEAKER_02: Send a message directly to some of the key decision makers within that business, keep it really simple, don't worry about cover letters.
42:42
SPEAKER_02: No one sends cover letters anymore.
42:44
SPEAKER_02: CVs, you know, Isabel touched on it, 30, I don't know, 30 seconds people spend looking at CVs.
42:50
SPEAKER_02: Write something in the body of the email that is specific about that person that you're sending a message to, personalise it, and also personalise it about the business that you're actually joining.
43:00
SPEAKER_02: So have they been in the news?
43:01
SPEAKER_02: Google that company.
43:02
SPEAKER_02: Is there anything that stands out that you can say, I absolutely love that?
43:06
SPEAKER_02: Someone might have won an award quite recently within the business.
43:09
SPEAKER_02: Touch on that.
43:10
SPEAKER_02: Then you pick out of that the reason why you're approaching them and why you're passionate about joining the financial planning profession.
43:17
SPEAKER_02: If you're unsure about why you should be passionate about joining the profession, listen to this because we're going to put this on our podcast and we'll go back to what we talked about in the beginning.
43:24
SPEAKER_02: There's loads of reasons why you should be passionate about joining the financial planning profession.
43:27
SPEAKER_02: So direct outreach via email, attach a copy of your CV by all means, give a hyperlink to your landing page of your LinkedIn that should really be your online CV anyway.
43:37
SPEAKER_02: So you should have updated all of that with your recent skills and all of those typical types of things, and reach out to them.
43:42
SPEAKER_02: Now the bold among you will also pick up the telephone.
43:45
SPEAKER_02: So if there's 50 companies within, there's a lot of you are going to cringe at this, but a lot of you will pick up the telephone, phone those companies, and actually say, I sent an email yesterday, I sent an email a couple of days ago, I'm passionate about the financial planning profession, I was hoping I could come in and speak to.
44:00
SPEAKER_02: Somebody about what it's like to work within your business, not have you got a job opportunity.
44:04
SPEAKER_02: Because if you get in front of somebody, you're going to gain valuable experience even if they don't have a job opportunity.
44:09
SPEAKER_02: And they will love you because what the profession is crying out for are people that have got the courage to go out and business develop.
44:17
SPEAKER_02: This gives them an example of the fact that you are going to stand up and actually step outside of your comfort comfort zone to approach people.
44:27
SPEAKER_02: One of the skills we teach within the Financial Plan of Life Academy.
44:30
SPEAKER_02: So if you're a bit worried about it, get into the Financial Plan of Life Academy and start learning those skills through our training and development.
44:35
SPEAKER_02: But these are the things they're actually looking for.
44:37
SPEAKER_02: Now, when you do that, that is a foolproof way of guaranteeing that people will come back to you.
44:46
SPEAKER_02: If you follow that process also throughout your career, you will shoot on up the career ladder.
44:53
SPEAKER_02: Because as soon as you think that you want to move on somewhere else, guess what you're going to do?
44:56
SPEAKER_02: Exactly the same.
44:57
SPEAKER_02: Guess which companies you've already got on your spreadsheet, all the companies within your geographical location.
45:01
SPEAKER_02: Bang, bang, bang, bang, bang.
45:02
SPEAKER_02: Instantly you can market yourself.
45:04
SPEAKER_02: Take control of your job hunt.
45:08
SPEAKER_02: Elena, there are things like job boards.
45:11
SPEAKER_02: Yeah.
45:12
SPEAKER_02: How can these guys leverage off the back of job boards and also, yeah, job boards, yeah.
45:16
SPEAKER_04: Yeah, you can put your CV on indeed, read, um, total jobs.
45:22
SPEAKER_04: There's so many different job boards, um, and recruiters like us do have access to them.
45:26
SPEAKER_04: It isn't always the way to yield the most success.
45:29
SPEAKER_04: What Sam's just the process that Sam's just talked you through is more likely to get you results, but you can still put your CV on job boards.
45:36
SPEAKER_04: Um I would just expect that you might get unundated calls by recruiters like us that will very often be trying to put you in a role that is not the one that you want to go for.
45:45
SPEAKER_04: So know your priorities, know what you're looking for, but you can also use um these tools to help guide you on your search.
45:52
SPEAKER_02: And if you find one of those companies, have a look.
45:55
SPEAKER_02: Have they been on my podcast?
45:56
SPEAKER_02: Because if you listen on the podcast, and you can I can actually interview somebody who works at that company, and then you might reference the Financial Planner Life podcast.
46:03
SPEAKER_02: Even if you then reached out to someone, I'm really interested in joining the financial planner planning profession.
46:07
SPEAKER_02: I listened to an episode on the Financial Planner Life podcast where someone talked about a power planner who um moved on up into an advice role.
46:15
SPEAKER_02: Somebody who's quite new to the profession, that was really interesting to me.
46:17
SPEAKER_02: Is it something that you would do?
46:18
SPEAKER_02: Because all of a sudden you're confirming that you're doing research into the profession and you're listening to podcasts and all of that typical type of thing.
46:24
SPEAKER_02: Again, very, very difficult for somebody to turn somebody down who has started investigating what it's like to work within the profession.
46:33
SPEAKER_02: Naturally, people want to help others.
46:36
SPEAKER_02: If you go with an example of the things that you have done to help yourself, they will help you.
46:42
SPEAKER_02: Who believes anybody believe in the laws of attraction?
46:45
SPEAKER_02: What you put out you get back.
46:46
SPEAKER_02: It's absolutely 100% true when it comes to job hunting.
46:51
SPEAKER_02: Don't just sit on your hands waiting for things to come to you.
46:54
SPEAKER_02: Proactively go out there and do it.
46:56
SPEAKER_02: And it's a skill set that you will learn for life, and you will never have a problem in finding a job.
47:03
SPEAKER_02: Thank you.
47:11
SPEAKER_02: Oh, any questions?
47:13
SPEAKER_02: Oh, yeah.
47:14
SPEAKER_02: If we've got time, if we've got time, I didn't look at the clock.
47:17
SPEAKER_00: Thank you.
47:18
SPEAKER_00: My name is Felix from Northampton University.
47:21
SPEAKER_00: I want to know what is the difference between a financial planner and a financial analyst.
47:27
SPEAKER_00: And then how where does uh the financial planner fit in the fund and management industry in the UK?
47:37
SPEAKER_00: Thank you.
47:37
SPEAKER_02: So the difference between uh an analyst and a financial planner.
47:40
SPEAKER_02: So financial planner would be somebody that is sitting down with clients delivering um financial planning around their cash flow forecasting, the money they require for the rest of their life to uh retire.
47:54
SPEAKER_02: So they'll look at pension products, savings investments, protection products.
47:58
SPEAKER_02: They're kind of like an intermediary to all the investment solutions that are out there, and they'll sit down with the c with the client and actually deliver that on a face-to-face basis.
48:05
SPEAKER_02: An analyst, are you thinking more of a power planner in the financial planning sense or an analyst in the banking, like because analysts can be quite broad.
48:14
SPEAKER_00: So uh what I know of analyst is they analyze um in case you if you want to go into if you want to do some investment, okay, can make a recommendation for investments.
48:27
SPEAKER_00: They can make an investment recommendation.
48:30
SPEAKER_02: So somebody would so okay, so in in say financial planning, you might call an analyst, say a power planner.
48:35
SPEAKER_02: So they'll do the research.
48:36
SPEAKER_02: So they would be somebody that would get you know really into the spreadsheets, really into the research side of it, look at the performance, the funds, then look at all the uh all the current investments that the existing uh client would actually have.
48:48
SPEAKER_02: So that's tends that's really what a power planner now does.
48:51
SPEAKER_02: They do all the research side of it.
48:53
SPEAKER_02: That frees up the time then for a financial planner or a financial advisor, whatever you want to call it, to go out and wing clients.
48:59
SPEAKER_02: Financial planners and financial advisors can be very heavily business development focused, so very relationship focused.
49:06
SPEAKER_02: They tend to be more going out there, delivering, uh, going to networking events, meeting people, speaking to introducers like accountants and solicitors, sitting down with the the the um uh holding the relationships.
49:18
SPEAKER_02: Whereas a power planner and analyst would then put it all together, make sure it's all right, give it to the advisor.
49:25
SPEAKER_02: Now, what you're also seeing as well is client-facing power planners.
49:28
SPEAKER_02: So that's why it's an excellent way to get into a financial planner role because if you're a power planner doing all the research, you start to get to know the ins and outs of all the different investment solutions, the product providers, how they work, all that typical type of stuff to be able to get that information in place.
49:40
SPEAKER_02: And then what tends to happen is the financial advisor would then bring a power planner in, and together they'll present to the client.
49:46
SPEAKER_02: So one's more analytical, tends to be, and one's more relationship client focused that way.
49:53
SPEAKER_02: Some people say introvert, extrovert, like someone would see like an introvert rather as a power planner, but there's plenty of extrovert power planners that I know, and plenty of them go on to run their own businesses.
50:02
SPEAKER_00: So, where does that fit in the financial management in industry?
50:07
SPEAKER_00: Because we have assets managers that also do what financial planners do.
50:13
SPEAKER_00: Okay, talking of the ECG, and we have some funds as or assets that take care of all of that.
50:21
SPEAKER_00: Like investment managers where you uh the investment, they have active managers that do all of that.
50:28
SPEAKER_00: So, where does what is the distinction between these asset management industries and then financial planner?
50:35
SPEAKER_00: Because some of them have a one person one um relationship with clients, as you say.
50:42
SPEAKER_00: Yes.
50:42
SPEAKER_01: Well, investment managers.
50:44
SPEAKER_00: Yes.
50:44
SPEAKER_00: So what's the difference between like the yes, the investment managers or the asset managers to the financial planners?
50:52
SPEAKER_00: Because if you take uh a fundament management industry like Scrolldis, they have one-to-one uh one-to-one relationship with clients, some of the big, big clients, they have one-to-one relationship.
51:05
SPEAKER_00: So are they also a financial planner?
51:08
SPEAKER_02: Well, no, that's specifically dealing with investments.
51:12
SPEAKER_00: Okay, so financial planners are different from five.
51:15
SPEAKER_02: Yeah, they'll look at everything.
51:16
SPEAKER_00: Okay, so how do you get into the financial planning aspect of things?
51:22
SPEAKER_00: How do you get into a financial planner as a graduate?
51:26
SPEAKER_00: How do you get into financial planning if you want to?
51:29
SPEAKER_02: How do you get into the financial planner role?
51:30
unknown: Yes.
51:31
SPEAKER_02: So you've got different levels of entry.
51:33
SPEAKER_02: So you've got an administrative, you can start as like an administrator and then work your way up to become a financial planner.
51:38
SPEAKER_02: So you might go admin, power planning, which is like the research side, and then move into a financial planner position.
51:43
SPEAKER_02: But some people can go directly into financial advice.
51:46
SPEAKER_02: So you like to be a St.
51:47
SPEAKER_02: James's Place Academy, for example, would take somebody through their qualifications, train them on the relevant skills, get them up to what they call competent advisor status, and then set you off on your way either underneath a partner practice to start working with them, or go set up and run your own business.
52:03
SPEAKER_02: Does that make sense?
52:05
SPEAKER_04: Different people's journeys are very different.
52:07
SPEAKER_04: And if you listen to like people's episodes on the Financial Plan Live podcast, when they talk about their career, one person's route might it will be completely different to another person's route on how this ended up into a financial advisor role.
52:21
SPEAKER_04: And I think that that's why Sam's approach and what Charlie's saying about how to land that first role is the best way to do it, but is really individual.
52:28
SPEAKER_04: So you might have a conversation with one firm and they, you know, really buy into you and you can go straight into a training advisor role, or you might have a conversation with the firm the next day that go, okay, we're gonna start you in the administrator and then work you up you know over a journey of five to ten years to get you into into a financial advisor.
52:46
SPEAKER_04: And everyone's journey is really different to get them to that end point, and lots of people stay in different roles along that journey.
52:52
SPEAKER_04: But I think in your position, as we were touching on earlier, it can be really difficult to get that first role.
52:57
SPEAKER_04: So hopefully, by reaching out and having those conversations with firms, you'll be able to embed yourself within a business that can get you to that career point that you want to get to.
53:06
SPEAKER_02: I definitely look at the difference between power planners and financial planners and try to ascertain the difference in the roles.
53:11
SPEAKER_02: So if you go to our YouTube page, we've reached out, we've we've just put out um how to become an administrator, how to become a financial planner, and how to become a power planner.
53:19
SPEAKER_02: And it'll break down all those different role types and what's required in each one and what the job role actually is, and then listen to the podcast and you'll hear exactly what those are.
53:26
SPEAKER_02: Different companies have different sort of career structures.
53:28
SPEAKER_02: It's not like accounting or solicitors, where it's like straight from uni, you enter in a program.
53:33
SPEAKER_02: It's not really like that.
53:34
SPEAKER_02: Which is where when you reach out to all these different companies and say, I would like a career within financial planning, they might have a trainee role they can stick you on straight away.
53:41
SPEAKER_02: They might not.
53:42
SPEAKER_02: They might have an admin role, and then from that admin role, they might train you up to then become a power planner and then become an advisor if that's your aspirations.
53:49
SPEAKER_02: You might settle at power planning.
53:50
SPEAKER_02: Does that make sense?
53:52
SPEAKER_02: Yeah?
53:52
SPEAKER_02: Ask me afterwards if you want some more.
53:54
SPEAKER_03: Yeah?
53:55
SPEAKER_03: Cheers.
53:55
SPEAKER_03: You told us that you were able to interview someone from Windsor.
54:00
SPEAKER_03: And I wanted to ask, how important do you think technology will be in the future?
54:05
SPEAKER_03: And do you really think it's not gonna threaten like jobs for like people?
54:10
SPEAKER_03: Because you also said that one person will be able to manage a lot more clients in future compared to now.
54:17
SPEAKER_03: So one person will be able to like look after a lot more.
54:21
SPEAKER_03: And I would prefer going to one person that is like renowned compared to like someone new.
54:29
SPEAKER_02: So, what part will technology play in job opportunities for new people coming to the profession, for example?
54:34
SPEAKER_02: Will it take away job opportunities?
54:35
SPEAKER_02: Is that what you're saying?
54:36
unknown: Yes.
54:37
SPEAKER_02: I don't think tech will do that.
54:38
SPEAKER_02: I think tech will support companies to develop business in different ways.
54:42
SPEAKER_02: So it'll free up somebody's time on tasks that don't need to be done by a human, therefore improve the amount of opportunities for human-to-human contact, which is why that you know, we'd look at robo advice, for example, that hybrid model where tech comes in, reduces the advice process, but frees up time then to go out and win more clients, or to sit down with clients, or to do the fun stuff, like the coaching, the psychology of money, the networking, the branding, the marketing, all the fun stuff.
55:09
SPEAKER_02: So I think tech is going to come in and basically free up people within the financial planning who are just overwhelmed with the amount of work that they actually have to do.
55:19
SPEAKER_03: And also, because I'm a fintech student, a fintech master's student, uh, do you think that a person that has a fintech degree will be a lot more like useful in future compared to like someone else that has a global financing degree, for example?
55:36
SPEAKER_02: Do I think that if somebody has a degree will related to fintech, yeah.
55:40
SPEAKER_02: Oh, a degree, yeah.
55:41
SPEAKER_02: A degree related to financial planning and it will yeah, there are there is a financial any of you guys actually doing the financial, there's a financial planning degree, isn't there?
55:48
SPEAKER_02: Yeah.
55:49
SPEAKER_02: So what I have seen, and there's a great podcast episode actually.
55:52
SPEAKER_02: So ask me about that one.
55:53
SPEAKER_02: Um, I'll try to remember the guy's name.
55:54
SPEAKER_02: So he did an internship, had a financial planning degree, did an internship.
55:58
SPEAKER_02: Whilst he was doing that, he did his level four qualifications.
56:00
SPEAKER_02: Now he's chartered running his own firm at 24 years old.
56:04
SPEAKER_02: So that is beneficial.
56:06
SPEAKER_02: In but firms will firms will look at somebody who's got a degree and they'll look at the type of degree they actually have and whether or not some of the skills and the things that you've learned with that are transferable.
56:16
SPEAKER_02: But enough financial planners in here will probably tell you if you did the level four qualifications, doesn't make you a financial planner, for instance.
56:23
SPEAKER_02: So it just shows I think you've got an aptitude for learning.
56:26
SPEAKER_02: Um, there's plenty of financial planners that I know that haven't got two GCSEs to rub together, but they're running one million pound turnover businesses on their own.
56:36
SPEAKER_02: So there's a chap called Warren Shute, like he's a very successful financial planner, and uh he's got a million-pound turnover business, and he came on my podcast and he explained, look, Sam, I wasn't, you know, I didn't have any educational background.
56:50
SPEAKER_02: I'm just got stuck into this career and made it mine, and he's got a million-pound turnover business, single advisor.
56:56
SPEAKER_02: And there is a rise of single advisors within the UK now making very, very good money, and that's not going anywhere.
57:03
SPEAKER_02: Does that answer your question?
57:05
SPEAKER_02: Just get stuck in, mate.
57:08
SPEAKER_08: Oh, no, two hello.
57:11
SPEAKER_05: Hello, hi.
57:12
SPEAKER_05: The guy you just spoke about who is single-handedly running a one million pound business as a financial partner.
57:19
SPEAKER_05: Where does the bulk of that income come from?
57:22
SPEAKER_05: Because obviously I guess he won't it won't it won't be from him having one-to-ones with different people.
57:30
SPEAKER_05: How does his how does his revenue split up?
57:32
SPEAKER_02: How is his revenue split up?
57:34
SPEAKER_05: Yeah, so where do you earn a million single-handedly?
57:38
SPEAKER_02: So it's a turnover.
57:39
SPEAKER_02: So I think it's like I can't remember specifically the turnover, it's like a 1.2 or 1.3 million.
57:43
SPEAKER_02: But within his business, he's got support staff.
57:45
SPEAKER_02: So he's not specifically doing it himself, doing absolutely everything.
57:49
SPEAKER_02: But the profitability of his business is huge.
57:51
SPEAKER_02: He's actually created a coaching program now to coach financial planners, how to follow his process.
57:56
SPEAKER_02: More in shoot, look him up and listen to the podcast episode that I did, because it will tell you everything about it.
58:01
SPEAKER_02: But he has got a team around him to support him, so like a power planner, administrator, operations manager.
58:08
SPEAKER_02: I think the profitability of his business after he's paid himself, I think it's something like 30, 40% profit within his business.
58:15
SPEAKER_02: It's huge.
58:15
SPEAKER_02: Is there a huge profit to be had also if you if you build a financial planning business the correct way, which is what he's teaching in his coaching courses?
58:24
SPEAKER_06: Okay, so as a graduate student trying to get a job and experience, but you have like a set intention for how much money you want to be earning for your salary.
58:38
SPEAKER_02: Yeah.
58:38
SPEAKER_06: Um what ways would you recommend a person to negotiate that with their boss without coming across rude or dismissably?
58:49
SPEAKER_04: So you're talking about like negotiating your like when you first come into the job, about like what salary you want.
58:55
SPEAKER_04: Um the one thing I would say is it is about managing your expectations in the initial.
59:01
SPEAKER_04: And I would definitely say obviously, we all need to be able to fund our lifestyles, and you, you know, you don't want to be earning tuppence, but I think it is also managing expectations that entry-level positions will come with entry-level salaries, but it's a conversation probably to be had six months later on down the line.
59:18
SPEAKER_04: I would say it's, you know, um, we've touched on in this conversation how like paraplanners, financial advisors, you know, the earning potential really can be limitless when you're experienced.
59:27
SPEAKER_04: So getting your foot in that door, I would say, is first and foremost the moment most important thing.
59:31
SPEAKER_04: It's better to have a job a couple of grand less than you want to be than no job in the profession at all.
59:36
SPEAKER_04: But the conversation that I would have is like in your first six months, be noting down, you know, what skills you've learned, what you're bringing to the table, you know, go after exams, get a few of those under your belt, and six months down the line at your probation period, go, this is the salary level I've come in at, this is what I want to be at.
59:54
SPEAKER_04: And I've demonstrated XYZ, I've done these exams, and this is why I think I deserve that.
59:59
SPEAKER_04: Because if you put yourself in the position of a potential employer, until you're in the business and you've proven what you're worth, they don't know what you're really gonna be able to do.
1:00:07
SPEAKER_04: So I would really view like getting your foot in the door as your priority, but in those first six months, your first year, really be writing down the value that you're adding, what you're learning, and six months down the line, as much as it's gonna be a difficult conversation, just you know, blow your own trumpet, pluck up the courage, ask to speak to your boss and have evidence of what you've really achieved.
1:00:26
SPEAKER_08: Yeah, I think adding on that as well, Sam mentioned our salary guide earlier.
1:00:30
SPEAKER_08: Think of that long-term earning potential.
1:00:33
SPEAKER_08: The first year you could be on 24 grand, but we've seen people go from 24 grand to 35 grand in the space of 18 months.
1:00:42
SPEAKER_08: And again, I think with it being a regulated profession, once you get that level four, as an in financial planning profession, it opens up those doors and it opens up those salaries for you.
1:00:52
SPEAKER_08: So definitely take yourself in and follow what Elena said, but think of that long-term earning potential as well.
1:00:58
SPEAKER_02: Follow the program of going out there and getting some job opportunities.
1:01:01
SPEAKER_02: So if you follow, if you get five job opportunities, one's offering you 25, one's offering you 30, one's offering you 28, you've got the ability to turn around and say, if you want me, pay for me.
1:01:12
SPEAKER_02: But I absolutely echo what you Sue just said.
1:01:15
SPEAKER_02: Within a year, the most important thing within financial planning is experience.
1:01:19
SPEAKER_02: Once you've got it, look at what the average is in the UK based on your level of experience, turn to your employer with a salary guide, which is proof, and say, This is what I'm looking for.
1:01:29
SPEAKER_02: But guess what?
1:01:30
SPEAKER_02: You've also got a foolproof system for marketing yourself, or then leaning into someone like us who can help experienced individuals increase their opportunity within the marketplace.