Latest / Financial Planner Life Podcast / The ultimate review of the St James's Place Financial Adviser Academy - Gee Foottit

Transcript

The ultimate review of the St James's Place Financial Adviser Academy - Gee Foottit · Financial Planner Life Podcast

0:04
SPEAKER_00: Hi, and welcome to the Financial Planner Life Podcast, where we talk to professionals at varying stages in their career about what it's like working in the wonderful world of financial planning and financial advice.
0:17
SPEAKER_00: This podcast is proudly sponsored by Recruit UK, a recruitment consultancy specifically focused on the financial services.
0:25
SPEAKER_00: They have a niche specialism, recruiting, within the financial planning industry.
0:29
SPEAKER_00: So check out their website for the latest job opportunities, hints and tips, and blog articles.
0:38
SPEAKER_00: Welcome to the Financial Planner Life Academy, and today it's series two, episode two of Financial Planner Life Academies, where we take a deep dive into the entry-level opportunities and advice academies that are out there to make it easier for you to enter the profession of financial planning as a financial advisor or a financial planner.
1:00
SPEAKER_00: Today I'm joined by G Foote from the St.
1:03
SPEAKER_00: James's Place Academy, where we cover topics such as what is a financial advisor and why there is a need for more financial advisors to join the profession.
1:13
SPEAKER_00: We look over the history of the St.
1:14
SPEAKER_00: James's Place Academy and some of the successes that they have.
1:19
SPEAKER_00: We look at the qualifications that you will be taking if you join the Financial Advisor Academy there at St.
1:26
SPEAKER_00: James's Place.
1:27
SPEAKER_00: We look at why becoming a financial advisor is such a good career over a second careerist.
1:33
SPEAKER_00: We look at the structure of St.
1:34
SPEAKER_00: James's Place and how you will be remunerated if you went through the Academy process.
1:41
SPEAKER_00: We look at running your own partner practice under St.
1:45
SPEAKER_00: James's Place and the benefits of that.
1:47
SPEAKER_00: We look at diversity, inclusivity, the interview and the selection process, or the actual four terms that you go through within the academy and what each term actually is, and what you should expect from the culture of St.
2:02
SPEAKER_00: James's Place.
2:03
SPEAKER_00: And we look at how they're using virtual reality to help you train to become a financial advisor.
2:11
SPEAKER_00: And I get to have a go on that.
2:12
SPEAKER_00: And it's an absolutely super training aid.
2:16
SPEAKER_00: This is a huge podcast.
2:17
SPEAKER_00: It's fantastic for anybody that's looking to become a financial planner.
2:21
SPEAKER_00: And if you are, St.
2:22
SPEAKER_00: James's Place Academy needs to be on your list of companies to look at when training to become a financial planner.
2:31
SPEAKER_00: I hope you enjoyed the podcast.
2:32
SPEAKER_00: Now, if you want to join the Academy, remember in the show notes there is a link to their page where you can take a deep dive into more information about the Academy, what's required to sign up, there's loads of videos, more content, and I'll guarantee you an interview.
2:49
SPEAKER_00: And just remember, five percent of the turnover of Financial Plan of Life Academies goes towards helping the Talk Club, the Men's Mental Fitness Charity.
3:00
SPEAKER_00: Every placement is the equivalent of helping one man go through eight counselling sessions.
3:07
SPEAKER_00: So a bit of recruitment for purpose.
3:10
SPEAKER_00: Enjoy the podcast today.
3:11
SPEAKER_00: G, thank you so much for joining me today.
3:13
SPEAKER_00: How are you?
3:14
SPEAKER_01: Very well, thank you, and thank you so much for having us.
3:15
SPEAKER_00: That's right, no worries.
3:16
SPEAKER_00: I got here.
3:21
SPEAKER_00: Absolutely.
3:22
SPEAKER_00: So that's London.
3:23
SPEAKER_00: We're used to the uh the casual Bristol life.
3:25
SPEAKER_00: So, Gee, let's crack things off then.
3:27
SPEAKER_00: Let's talk about the St.
3:28
SPEAKER_00: James's Place Academy.
3:29
SPEAKER_00: Um, I mean, in your uh brochure itself, you talk about providing the qualifications, the skills, and the experience that's needed and required to be a fantastic financial advisor.
3:39
SPEAKER_00: Um, today it's all about taking a deep dive into how you guys do support new trainee financial advisors and how you support them on their journey to be up and running and potentially running their own partner practices.
3:51
SPEAKER_00: Um, first off though, for those that don't know, can you sort of give us an overview of what a financial advisor actually is, just to educate a few people and also just to add on to that, why there is such a need now for financial advisors?
4:06
SPEAKER_01: Yeah, really good starting point, Sam.
4:07
SPEAKER_01: Thanks for asking the questions.
4:09
SPEAKER_01: So we'll try and keep it really simple for the viewers because I know there'll be people here listening that have never understood what a financial advisor is before and it's brand new to them, it's a new idea.
4:18
SPEAKER_01: So, what does a financial advisor effectively do?
4:21
SPEAKER_01: And I like to, if I'm speaking to a recruit, speak to them about their personal circumstances.
4:25
SPEAKER_01: So, how old are you?
4:26
SPEAKER_01: Not necessarily asking that on the first question, but in general terms, how old are you, what stage of life are you at, and what's important to you right now, what things are you worried about.
4:35
SPEAKER_01: So a financial advisor's role is to really understand the person sitting in front of them, help them understand where they want their future to go and look like.
4:44
SPEAKER_01: So it's a bit of future pacing, helping them imagine into the future what they want their life to be like.
4:49
SPEAKER_01: The next stage for them is to help them understand what today looks like, and then understand what that gap is between the two and build a plan to get them to that place.
4:58
SPEAKER_01: So if you think about the skills required to do that job, very much a people role, fascinating role, and a really, really rewarding role because you're helping people have financial security and realise they're effectively their dreams in the future.
5:11
SPEAKER_01: Of course, along with that, there needs to be a lot of technical knowledge as well.
5:13
SPEAKER_01: So you can't just say, oh, that sounds great, I'll help people imagine their futures and we'll build a bridge to get there.
5:18
SPEAKER_01: Of course, there's a lot of regulation and technical knowledge that needs to take place as well.
5:22
SPEAKER_01: But effectively, you're helping people to have a secure financial future, that's what they're there for.
5:26
SPEAKER_01: Fantastic.
5:27
SPEAKER_01: And why do we need more of them?
5:29
SPEAKER_01: That's quite an interesting story.
5:30
SPEAKER_01: So if we go back to the early 90s when SJB was founded, there were over 250,000 people in the UK calling themselves financial advisors of some description or another.
5:40
SPEAKER_01: Um, and depending on the age of your viewers today, um, some of people will remember the banking crisis, um, etc.
5:46
SPEAKER_01: So that was in 2008-2009.
5:48
SPEAKER_01: And of course, after the banking crisis, the whole financial services sector had to look at itself and think how can we increase professionalism across the board, and that affected financial advice as well.
5:58
SPEAKER_01: So in 2012, in financial advice, we had uh a day, a day it was called, where there was increased regulation, increased um qualification standards to get into the profession.
6:09
SPEAKER_01: So, prior to that, if you think of the banking crisis, you used to be able to go to your high street bank and access a financial advisor, but of course, they had to be bailed out by the government, they had to restructure, and many people from the profession lost their jobs at that time.
6:21
SPEAKER_01: With the increased entry level in the exams, many people were approaching retirement and didn't want to do those exams.
6:27
SPEAKER_01: So there are many reasons influencing why there was a sort of a decrease, a decline in numbers.
6:32
SPEAKER_01: And because that all happened really quickly, we haven't had the chance to build those numbers back up again.
6:37
SPEAKER_01: So today there are 30,000 professional or regulated, registered with the FCA advisors in the UK.
6:42
SPEAKER_01: So that's a big decrease.
6:45
SPEAKER_01: And then if you couple that with the increasing demand for advice, we've got more tax complications coming up around the corner than we've ever had before.
6:51
SPEAKER_01: We've got to pay back COVID and all the things that are happening with us right now.
6:55
SPEAKER_01: People are inheriting wealth as well.
6:58
SPEAKER_01: We've got a wealth transfer in the trillions happening over the next 30 years, handing down money from one generation to the next.
7:03
SPEAKER_01: And again, let's put that in really simple terms for people to understand.
7:06
SPEAKER_01: The average house price in the UK, depending where you are, we're in London today, so we'll use that as an example.
7:12
SPEAKER_01: Pretty much a million pounds.
7:14
SPEAKER_01: So somebody inheriting a house historically could have been, you know, a situation.
7:19
SPEAKER_01: Now it's a wow, I've got more money than I've ever had to deal with before.
7:22
SPEAKER_01: So financial advice is only going to be in more demand.
7:24
SPEAKER_01: So those are the reasons why we believe now is a really good time to get into financial planning.
7:29
SPEAKER_01: And we've done a really quick calculation and we've estimated that 50,000 more financial advisors are needed.
7:34
SPEAKER_01: So there's no way that SJP can fill the advice gap on our own.
7:38
SPEAKER_01: So we're really delighted to be here talking to you today, Sam, and uh sharing our knowledge with other people.
7:43
SPEAKER_00: Fantastic.
7:43
SPEAKER_00: And you know, this advice gap that we're we're seeing looming also due to financial advisors aging out of the profession.
7:50
SPEAKER_00: I think five to ten thousand financial advisors due to exit over the next five to ten years.
7:55
SPEAKER_00: And I think COVID has actually brought that a little bit further forward.
7:58
SPEAKER_00: So uh that looming advice gap, consumers not being able to get advice, not enough financial advisors, leaves also a fantastic opportunity for somebody to start a career within the financial planning profession and make a really positive impact.
8:11
SPEAKER_00: Because, as you said, there's plenty of people out there that need advice, plenty of complex tax issues, complex financial issues that need solving.
8:18
SPEAKER_00: And uh you guys are working towards attracting more people into the academy, therefore attracting more people into the profession.
8:24
SPEAKER_00: And that's what we're all about here at the Financial Planner Life Academies is bringing academies together, companies of all different shapes and sizes, and um sharing how you do things to be able to collectively, as a social movement, I'm positioning this, um, attract more people to profession.
8:41
SPEAKER_00: So, Gaya, thanks so much for coming along and sharing with us today about St.
8:45
SPEAKER_00: James's Place and the great things that you're doing.
8:48
SPEAKER_00: Um, St.
8:49
SPEAKER_00: James's Place were quite pioneers really in the Academy space.
8:53
SPEAKER_00: Could you give us an overview of when you started this and some of the success rates perhaps that you've had since starting it?
8:59
SPEAKER_00: What have you learned along the way?
9:01
SPEAKER_01: Yeah, really, really great point.
9:03
SPEAKER_01: So the Academy was born, if you like, in 2012, and that was formally.
9:06
SPEAKER_01: So prior to that, we'd had a couple of pilot test runs.
9:09
SPEAKER_01: Um so we've got over 10 years of experience of training and developing people.
9:14
SPEAKER_01: And if we think about the reasons why, you've you've touched on it already, it's an ageing profession.
9:18
SPEAKER_01: So the average age of those 30,000 advisors in the UK is mid to late 50s, so 56, 57 years old.
9:25
SPEAKER_01: Because we've had our academy running for the last 10 years, we've brought our average age down within our partnership to 46, 47.
9:32
SPEAKER_01: So that's a real positive.
9:33
SPEAKER_01: And the average age of people joining our program is 34.
9:36
SPEAKER_01: So hopefully we'll continue to have a similar number of people retiring, similar number of people coming up through the ranks who may want to take on those clients.
9:44
SPEAKER_01: So that was really the four the four sides.
9:47
SPEAKER_01: And since then we've really understood that actually this isn't just an SJP crisis, this is a UK deal uh issue that we need to deal with.
9:55
SPEAKER_00: So, in respect to the St.
9:57
SPEAKER_00: James's Place Academy, when did it start?
9:59
SPEAKER_00: So 2012, it formally launched.
10:01
SPEAKER_00: It formally launched.
10:01
SPEAKER_00: How many people have you had to go through the Academy since it launched?
10:04
SPEAKER_01: Well, over a thousand and over 300 currently in training with us right now.
10:08
SPEAKER_00: Okay, so you have to be qualified to become a financial planner.
10:12
SPEAKER_00: And under the St.
10:12
SPEAKER_00: James's Place Academy, you are supporting the new entrants to pass their qualifications to become level four qualified to give financial advice.
10:20
SPEAKER_00: So, what's the qualification route that you have chosen at St.
10:23
SPEAKER_00: James's Place Academy and why?
10:25
SPEAKER_01: So we've been working with the Chartered Insurance Institute since our Academy began back in 2012.
10:30
SPEAKER_01: And for us, it's the most widely recognised body in the profession, but also we really like the modular approach that they have taken with the exams.
10:38
SPEAKER_01: So if I run through what that looks like, there are six exams that make up the qualification.
10:43
SPEAKER_01: The first exam is all about regulation and ethics of the industry, and then they'll go through the different topics or product types, if you like.
10:51
SPEAKER_01: So there's an exam on protection, there's an exam on taxation and trusts, there's a pensions exam, for example.
10:56
SPEAKER_01: So it's quite a modular approach, and I think it helps to focus the mind in that way when somebody's learning it for the first time.
11:02
SPEAKER_00: And do you find that the qualifications can take a long time to pass?
11:09
SPEAKER_00: Do you feel that people do need to have support when they go through their qualifications?
11:14
SPEAKER_00: For example, if I was thinking about becoming a financial advisor, uh, maybe I was doing a you know, I'm a recruitment consultant, I'm working as a recruitment consultant.
11:21
SPEAKER_00: Do you think me doing my qualifications in my back bedroom within my spare time is going to be more difficult than say running through an academy where there's support in place to help me pass those qualifications?
11:33
SPEAKER_01: Yeah, I guess it really depends on your personal circumstances as what route might be best for you.
11:37
SPEAKER_01: I certainly passed my exams way back when I was working full-time and like you say in your bedroom at the weekend or in the evenings.
11:44
SPEAKER_01: Um, I didn't pass every exam first time doing it that method and studying on my own.
11:48
SPEAKER_01: Um, so again, over the last 10 years, the structure of our program has changed.
11:54
SPEAKER_01: So it used to be six months training, which would have been the qualifications and skills over the six-month period.
11:59
SPEAKER_01: We've now separated the two out.
12:01
SPEAKER_01: So the the qualifications form uh the first part of our training.
12:05
SPEAKER_01: Um a lot of that is technology enabled, but as well very much people focused with revision workshops and you know technical people available to answer your questions.
12:16
SPEAKER_01: And we've been using a new platform since January 2020, and we've since then had a 91% first-time pass rate on our exams.
12:23
SPEAKER_01: And that's against an industry average pass rate of about 55-60%.
12:27
SPEAKER_01: So that's a significant increase in the pass rate by training with us.
12:31
SPEAKER_01: I guess the difference if you did come and train and do your exams with us is you're focusing on that full-time for a short period.
12:37
SPEAKER_01: So for us, term one is exams, we focus on three exams in that time, so you've got an exam per month to go through.
12:43
SPEAKER_01: If you were studying part-time while you were working, it might take you a number of months to pass one exam.
12:48
SPEAKER_01: So it just depends on your personal circumstances, how fast you want to go, and what your financial position is as well.
12:54
SPEAKER_00: Excellent.
12:55
SPEAKER_00: So, a question I also have is that I've seen lots of second careerists come into financial planning.
13:02
SPEAKER_00: Okay.
13:03
SPEAKER_00: More so than I see people that are graduating out of university and then going straight into a financial planner role.
13:08
SPEAKER_00: Why do you think the position of a financial planner suits a second careerist so well?
13:14
SPEAKER_01: There are probably a number of reasons.
13:16
SPEAKER_01: I think, first of all, general life experience and confidence really help and having a network.
13:21
SPEAKER_01: And also, if you think about having a client, I always use, if I'm speaking to a recruit, as I said before, themselves as an example of who their clients might be.
13:30
SPEAKER_01: So thinking about themselves, what are your personal circumstances, what stage of life are you at, what financial concerns do you have, how much savings do you have on a personal level, etc.
13:39
SPEAKER_01: So then you can get a feel for okay, I know other people, typically around my age, as we grow up, we kind of keep friends around our own age.
13:47
SPEAKER_01: Um, and if you've been working for a while, you'll have ex-colleagues and ex-peers that potentially might need your help with advice.
13:53
SPEAKER_01: So that often really helps.
13:55
SPEAKER_01: Also, people are looking for something they don't have right now.
13:58
SPEAKER_01: So it could be more flexibility and freedom, it could be that they've hit a glass ceiling in terms of career progression or earnings potential.
14:05
SPEAKER_01: So this is really attracted to people who want to break that glass ceiling and create freedom for themselves and their families.
14:11
SPEAKER_00: Are you seeing lots of second careerists come through the academy?
14:14
SPEAKER_00: Do they tend to be the type of entrants that you're seeing?
14:17
SPEAKER_00: Are they do they tend to be more successful because they have a bit more life experience and perhaps worked in another profession where they built a network of individuals that they could leverage off of and potentially give financial planning advice to?
14:31
SPEAKER_01: It depends on the individual, really, but we we tend to attract people who are ambitious and they want they can see themselves being successful.
14:39
SPEAKER_01: And I think mindset is really important when you're coming into anything and setting up on your own.
14:43
SPEAKER_01: But we have opportunities for younger people coming through to join some of our existing practices.
14:48
SPEAKER_01: So it might be worthwhile actually just explaining how St.
14:51
SPEAKER_01: James's place is structured, so then people can start to think about okay, I can see myself fitting in this route or that route.
14:58
SPEAKER_01: But in answer to your question, absolutely, I think if you're coming in with it with a network, we'll help you leverage that network if that makes sense and help you understand how you can best place yourself to help the people that you know your nearest and dearest.
15:11
SPEAKER_01: And actually, advocacy is a really important thing.
15:13
SPEAKER_01: So again, use yourself as your first client.
15:16
SPEAKER_01: And when you understand how you can help you and your family, I think advocacy is the most infectious way that you can influence somebody else.
15:22
SPEAKER_01: So if you're saying, Well, look, I've done this for my family, somebody might think, Oh god, I'd love to do that for my family.
15:27
SPEAKER_01: That would give me peace of mind.
15:28
SPEAKER_01: Um, so that tends to help help people.
15:30
SPEAKER_01: So let's go back to SJP and the structure.
15:32
SPEAKER_01: So from the outside, people might not be too sure of how we're set up.
15:35
SPEAKER_01: So we're a FTSE 100 company, we've got 2,000 employees, but none of them give financial advice.
15:41
SPEAKER_01: So that might be the first surprise to somebody listening.
15:44
SPEAKER_01: So, where are the advisors?
15:46
SPEAKER_01: So they sit in what we describe as the partnership.
15:49
SPEAKER_01: So, thinking about that in general terms, that could be our distribution arm, if you like.
15:53
SPEAKER_01: So, what does that partnership look like?
15:55
SPEAKER_01: What's it made up of?
15:56
SPEAKER_01: So, it's made up of two and a half thousand individual businesses, or two and a half thousand entrepreneurs, if you like, business owners, you sit within our partnership.
16:04
SPEAKER_01: And within those businesses, four and a half thousand people giving advice.
16:09
SPEAKER_01: So, if we just break that down for a moment to understand what those businesses look like because they vary quite dramatically.
16:15
SPEAKER_01: So we've got lots of people coming through our academy programme, starting their own business.
16:18
SPEAKER_01: There'll be a one-person business effectively doing everything for themselves, and then they could grow into any number of different things.
16:26
SPEAKER_01: So you might come in and think, I want to have a lifestyle business, I want to be the only person in my business that really suits me and my family.
16:32
SPEAKER_01: Or you might want to have really ambitious growth aspirations.
16:35
SPEAKER_01: So we've got partner businesses with one person giving advice with a team around them, helping and supporting them, so they can focus their time just with the clients.
16:43
SPEAKER_01: Then they might have too many clients for them to service.
16:45
SPEAKER_01: So we can come onto the servicing a bit later, but you can't just keep growing and growing, so you've got to service your existing clients.
16:50
SPEAKER_01: So you would either need to pass some clients on to somebody else or recruit in another advisor to help you.
16:55
SPEAKER_01: So we've got partner businesses with two advisors in and large businesses, everything in between, 50 plus advisors.
17:02
SPEAKER_01: So some of our larger businesses have growth plans to you know grow by 10 advisors per annum, for example.
17:07
SPEAKER_01: So they all started with just one person starting a business.
17:10
SPEAKER_01: So with somebody coming in to join us, we'll have we already understand who they are, what their personal aspirations are, and their aspirations might be to have their own business one day, but they're not quite ready to do that.
17:21
SPEAKER_01: And I don't think age is necessarily the right category to put somebody in each box because somebody in their 20s might have the attributes to start their own business straight away, somebody in their 30s might not.
17:32
SPEAKER_01: So it doesn't really matter.
17:33
SPEAKER_01: But at SJP, we do have that infrastructure.
17:35
SPEAKER_01: We've got two and a half thousand firms, and there's we could use those as a growth.
17:40
SPEAKER_01: So we recruit in to grow those businesses to help them to grow.
17:43
SPEAKER_01: It could be a stepping stone for somebody, so they might say, Well, I actually I really think I need to come and join a practice early on and learn how the profession works, maybe get some clients and share some clients with that person, and then later on they can stepping stone out to run their own business.
17:56
SPEAKER_01: So I feel like we're fortunate to be able to offer a range of opportunities to people that come and come and speak to us.
18:02
SPEAKER_00: That's really good to hear because there are people on completely different journeys in their career, and you're absolutely right.
18:08
SPEAKER_00: Some people are going to be ready to start their own business, others are not.
18:10
SPEAKER_00: And often I challenge individuals that come to me around exactly that, you know.
18:15
SPEAKER_00: And lots of people are less confident that they can run their business, but from having a conversation with them, I'm like, well, you should definitely be running your business.
18:25
SPEAKER_00: I mean, Natasha Percy Baxter.
18:27
SPEAKER_01: Yes.
18:27
SPEAKER_00: You know, she came on my podcast.
18:29
SPEAKER_00: Fantastic.
18:30
SPEAKER_00: And she went through the process and she sat down with one of you guys, and very quickly you were like, Oh my god, you're a superstar.
18:38
SPEAKER_00: You know, you could absolutely run your own business.
18:40
SPEAKER_00: But for her, she wasn't sure about that, was she?
18:42
SPEAKER_01: Absolutely, absolutely.
18:44
SPEAKER_01: And I think this that the other nice thing is, so we we will go through with a with a recruit in a lot of detail to help, as you say, them really understand the opportunity that they bring themselves and give them confidence in giving it a go if that's what they want to do.
18:57
SPEAKER_01: But the other thing that's really nice within SJP is there there is that sort of safety net, if you like, and if they do give it a go and for whatever reason it isn't working as they expected, there are options to think about later on.
19:09
SPEAKER_01: So it could be I need more help and more support, in which case we'll wrap that around that person.
19:13
SPEAKER_01: It could be actually I do want to join a practice and we'll go and join a practice at that stage.
19:17
SPEAKER_01: So again, I think that gives somebody peace of mind and confidence that, you know, this isn't signed in blood, this is the only choice I've got.
19:23
SPEAKER_01: It's very much we back you, you back yourself, you've got every reason to be successful.
19:28
SPEAKER_01: Should the worst happen, there are all these other options.
19:31
SPEAKER_01: And all that is going to be is a little satnav redirect, and you'll still get to the end result by the end of your career.
19:37
SPEAKER_00: When people come to me and they're interested in joining the financial planning profession, sometimes they're so used to having a salary.
19:45
SPEAKER_00: A lot of the academies aren't really geared towards providing somebody a salary.
19:51
SPEAKER_00: You know, they don't want to employ financial advisors.
19:54
SPEAKER_00: They want advisors to come in and really run their own practices, their own businesses.
19:59
SPEAKER_00: Some of the firms out there are offering employed options, but not everybody.
20:05
SPEAKER_00: So if I was listening to this podcast now, I'm used to having a salary.
20:09
SPEAKER_00: I really want to be a financial planner.
20:11
SPEAKER_00: I'm looking at all the job adverts out there, and the salaries are really low.
20:15
SPEAKER_00: I'm used to earning quite big bucks.
20:17
SPEAKER_00: Yeah.
20:18
SPEAKER_00: I want to move into financial planning.
20:20
SPEAKER_00: What would you say to those types of individuals?
20:21
SPEAKER_00: So they're really top of their game, really high skill set, they're used to earning a good level of income.
20:28
SPEAKER_00: Is there a place for those types of people in the St.
20:31
SPEAKER_00: James's Place partnership?
20:32
SPEAKER_01: Absolutely.
20:33
SPEAKER_01: So we've got a range of different financing options.
20:37
SPEAKER_01: Um, so what I can't say today is a one-size-fits-all opportunity that we have, but I can share with you some uh information.
20:46
SPEAKER_01: So again, it does depend on the individual.
20:48
SPEAKER_01: So we'll meet people from all walks of life, and as you say, some of them will be earning very well, six figures north of six figures already, but they don't have the control over their career, there's a glass ceiling, whatever it is.
21:00
SPEAKER_01: So you might think, well, why would somebody want to change careers if they're in that level of success?
21:04
SPEAKER_01: Well, there could be many reasons.
21:05
SPEAKER_01: And then we'll have people who may be earning 40,000 and they're coming to see us.
21:10
SPEAKER_01: So the most common question we'll get asked is how quickly can I earn what I'm earning now?
21:15
SPEAKER_01: And so the conversation, you know, depending on who you're speaking to, the answer is going to be different.
21:20
SPEAKER_01: But how do we help them bridge that process?
21:23
SPEAKER_01: So, first of all, there are options in terms of do I study while I'm still working?
21:28
SPEAKER_01: Do I join SJP and I know that my study period is going to be really short if I do that?
21:32
SPEAKER_01: So those are some decisions that need to be made.
21:35
SPEAKER_01: We do provide funding for anyone starting their own business.
21:38
SPEAKER_01: So if you were to come and join, and we did obviously a lot of work with you to make sure that we thought that was the right thing for you.
21:44
SPEAKER_01: We would pay you£1,000 per month over that three month period while you're doing your studying.
21:49
SPEAKER_01: The next three months is the skills, and we would pay you£2,000 per month over that time period as well.
21:56
SPEAKER_01: So that is non refundable.
21:58
SPEAKER_01: Again, if you're starting a business, Once you're out there seeing clients, we know that in the early stages you've got to build that momentum and consistency in terms of fee revenue coming through.
22:07
SPEAKER_01: So you might need to have some kind of cash flow going on.
22:10
SPEAKER_01: So what we offer to people starting their own business is internally we called it a work and capital allowance.
22:15
SPEAKER_01: Effectively, it's a business loan, and they can manage that, they can they can draw down as much or as little as available as they need to.
22:21
SPEAKER_01: And that is repayable over time, but there's no set time to pay it back, it's very flexible.
22:25
SPEAKER_01: So again, if there were no fees coming through the door in a particular month and there's no payment to make that month to SJP.
22:30
SPEAKER_01: So we found that that works really well for business owners.
22:33
SPEAKER_01: If somebody's coming through and they are going to be an advisor and they're going to join an existing practice, typically those conversations will be had with the practice.
22:41
SPEAKER_01: So the practice might say, yes, we can support you financially while you're doing your exams, while you're um studying, etc.
22:48
SPEAKER_01: And that can vary.
22:49
SPEAKER_01: And so we really like to understand the person in front of us, what their financial requirements and needs are, and then try and match them with a practice that can support them to that level.
22:57
SPEAKER_00: And that's something that you would do prior to them even joining the academy.
23:01
SPEAKER_01: Absolutely, yeah.
23:01
SPEAKER_01: All that all of that process happens up front in our onboarding, selection uh interview process, whatever you want to call it, yeah, application process, yeah.
23:10
SPEAKER_00: Application, interview process, the things that drive people to complete illness are anxiety and work.
23:15
SPEAKER_01: Yeah, I don't know.
23:15
SPEAKER_01: It's like these words are a little bit scary, aren't they?
23:17
SPEAKER_01: So I I didn't want to make it sound like that, but yeah, but a lot of work's done up front to get to know the individual who's sitting in front of us and really understanding who they are and making sure that they are taking the right path for them.
23:31
SPEAKER_01: So we've got lots of different options in terms of avenues to go down.
23:34
SPEAKER_00: So there is an interview process involved, there's a screening process involved, but it's about you getting to know that person, challenging them, ensuring that they are making the right decision.
23:46
SPEAKER_00: Do you do enough to try and put them off as well?
23:48
SPEAKER_00: Is that the sort of thing that you do just to make sure 100% of the financial planning is the right route for them based on um what they really want from their future career?
23:56
SPEAKER_01: Absolutely.
23:57
SPEAKER_01: So we do a lot of work with them around their own personal why, you know, why are you are you going to do this?
24:01
SPEAKER_01: This isn't easy.
24:01
SPEAKER_01: And as you say, if you're actually coming from a well-paid role, you are going to have a reduction in earnings.
24:06
SPEAKER_01: So making sure they fully understand that and doing a bit of a cash flow forecast with them and making sure they're comfortable, but also involving their family.
24:13
SPEAKER_01: So if somebody's the main breadwinner coming through this process, we've got to make sure that everybody's happy with what they're doing.
24:18
SPEAKER_01: Other people are coming through the process where there's another person's the main breadwinner and therefore there's less pressure, if you like, on that person.
24:24
SPEAKER_01: So again, it's just understanding the personal circumstances.
24:27
SPEAKER_00: So let's just demystify the selection process because someone might be listening to this podcast now and thinking, I really would like to find out more about the St.
24:36
SPEAKER_00: James's Place Academy and become a financial advisor, but I don't want to enter the interview process.
24:41
SPEAKER_00: It seems too formal.
24:43
SPEAKER_00: Um, what would we say to those people?
24:45
SPEAKER_00: What would they expect from, say, the pre-screening process from St.
24:49
SPEAKER_00: James's Place?
24:50
SPEAKER_01: Yeah, and I'm I've got a smile on my face when you said that because the last thing we want anybody to feel is that it is going to be straight into one of those kind of formal panel interviews or anything like that.
24:59
SPEAKER_01: So it's a very human experience with us.
25:01
SPEAKER_01: So the first thing we'll ask people to do is we call it a statement of interest.
25:04
SPEAKER_01: So write down why you want to do this.
25:06
SPEAKER_01: We really want to understand your reasons behind it.
25:09
SPEAKER_01: Um, the next stage of the process we'll be having a conversation with one of our team and then maybe a face-to-face or a virtual meeting.
25:17
SPEAKER_01: And this is an informal conversation, and really want to understand that person's aspirations.
25:23
SPEAKER_01: Um, are they moving towards something they don't have right now?
25:25
SPEAKER_01: Are they moving away from something they don't like?
25:28
SPEAKER_01: So then thinking, well, again, thinking about which route is right for me.
25:33
SPEAKER_01: So it's conversational, but we have a number of tools to help somebody understand whether this really is right for them.
25:38
SPEAKER_01: So we have personality profilers, and I hope that people watching will have experienced doing one of those before.
25:43
SPEAKER_01: They're not particularly onerous, you're in the comfort of your own home, you're answering a few questions on your computer.
25:47
SPEAKER_01: And at the time you sort of think, what does it want me to say?
25:50
SPEAKER_01: And you're trying to second guess it, but really the advice is just don't think about it, just answer the questions really, really quickly.
25:56
SPEAKER_01: Um so those really help us get a really rounded view and an impartial view on the individual.
26:01
SPEAKER_01: And the selection is absolutely not based on that, but it helps us understand any development areas for that person and just have conversations with them ultimately.
26:10
SPEAKER_01: Other things that we do, which I think are super valuable, is help them speak to people that they know, people that they know their nearest and dearest, are going to have an opinion and they care for that person.
26:21
SPEAKER_01: So we have an exercise that we describe internally as soundings, and that is go and speak to, I don't know, 10 people that you know and ask what their opinion of your career change.
26:31
SPEAKER_01: So simple questions, and you could do this quite informally before you've even spoken to anybody at SJP, and it'd be probably quite a good idea.
26:37
SPEAKER_01: So speak to your nearest and dearest.
26:39
SPEAKER_01: Have you ever sat down in front of a financial advisor before?
26:42
SPEAKER_01: So that's going to be a good test of you know, is my network already saturated?
26:46
SPEAKER_01: Do they already have advisors?
26:48
SPEAKER_01: You'll probably be quite surprised to hear that most of them maybe don't.
26:51
SPEAKER_01: So that's a positive thing, first of all.
26:53
SPEAKER_01: The ones that have, that's a really good learning opportunity because you can say, well, how was that for you?
26:58
SPEAKER_01: Are you still in touch with them?
26:59
SPEAKER_01: What's the service like?
27:00
SPEAKER_01: What do they do really well?
27:01
SPEAKER_01: And you'll be learning some information from them.
27:03
SPEAKER_01: And the next question might be, well, can you see me doing that role?
27:07
SPEAKER_01: And of course, if it was one of my friends and I honestly didn't think they would, I'd be have to be really honest with them and say, I can't see you doing that.
27:13
SPEAKER_01: So getting that 360 view from other people, it's not just SJP saying, Yeah, we want to recruit you, we want to recruit you, and you know, people saying, Yes, you can do this, you've got to get those honest opinions and a rounded opinion.
27:23
SPEAKER_01: So that will help somebody challenge themselves and they'll take that maybe um constructive feedback, and we can help work with them and say, Well, look, well, we can help you plug this gap in knowledge or whatever it might be.
27:33
SPEAKER_01: Another thing that we work with people to do is um we call it a business launch plan as opposed to a business plan, and that's we hope makes it sound a little bit less onerous than saying write a business plan, because 90% of the people that come to us have never written a business plan before, and certainly probably 99% of people never written in it in this context to you know run a financial planning business.
27:55
SPEAKER_01: So, in order to help with that, we've got sort of templates, if you like, some ideas, things for them to start thinking about.
28:01
SPEAKER_01: And I think once they've been through that process for themselves, you were saying earlier, it's suddenly their confidence levels skyrocket.
28:07
SPEAKER_01: They suddenly realise actually I have got all of these tools and people around me that are going to help me, and SJP are gonna help me too.
28:14
SPEAKER_01: Well, the back end of a FT100 company, so hopefully things are gonna be okay.
28:18
SPEAKER_01: So those are part, those are parts of the journey in terms of before you even get into joining the academy.
28:22
SPEAKER_00: Which I absolutely love.
28:23
SPEAKER_00: I mean, pre-screening somebody that thorough is it's not only beneficial to the company itself who's hiring that person to make sure they're hiring the right person, but it just shows that you care about that applicant's um decision.
28:37
SPEAKER_01: Yeah, well look, we invest about£60,000 per person coming through our training.
28:41
SPEAKER_01: So of course there's a cost implication to us, but we know that this person's decision is a massive life-changing decision.
28:50
SPEAKER_01: So actually it being right for them is far more important.
28:53
SPEAKER_00: And not only for them, but for their family as well.
28:55
SPEAKER_00: Exactly.
28:56
SPEAKER_00: Everybody involved.
28:57
SPEAKER_00: There's probably lots of anxieties come up that come up for, you know, I see, you know, I've got a young daughter, my wife, you know, if I've turned around all of a sudden and said, look, I'm having a career change, um, she'd probably say, go for it.
29:06
SPEAKER_00: No, but but at the same time, she would be like, how are we gonna how are we gonna pay the bills?
29:10
SPEAKER_00: We just bought a house, Sam.
29:12
SPEAKER_00: So, you know, how does that work?
29:13
SPEAKER_00: So um I really like the fact that you go very furrow on that pre-screening to determine they're making the right decision.
29:21
SPEAKER_00: But what I also love about it is you put some tools in place to help them uncover and discover is it the right thing for them?
29:28
SPEAKER_00: Because we have these ideas about starting our own businesses, but do we ever sit down and go for a formulated structure?
29:33
SPEAKER_00: And things like writing a business plan, often we think, oh my god, I've got to write a business plan, that's 10, 12, 15 pages of what a bank wants to see.
29:40
SPEAKER_00: And actually, it's not like that at all, is it?
29:42
SPEAKER_00: It's just bringing to light some of the things that you're going to do and what you think's a good idea.
29:47
SPEAKER_00: And having somebody there to encourage you to bring that to the surface or to give you some perspective and challenge you on your thinking.
29:53
SPEAKER_00: Absolutely.
29:53
SPEAKER_00: Because more often than not, when you bring those thoughts out into the light, they're either not as bad as you think, or um, there are certainly thoughts that can be uh expressed and built upon, and uh you guys do a good job of doing that.
30:05
SPEAKER_01: Yeah, and just to again, let's make it really simple for people to understand so they can start to think, okay, yeah, I I can do that.
30:10
SPEAKER_01: First of all, you're going to have a recruitment manager working with you the whole way through that prepare, you know, they'll work with you on all of these ideas I've just mentioned.
30:17
SPEAKER_01: And there is an interview stage at the at the at the at the end.
30:20
SPEAKER_01: We've got selection managers who are impartial, who you know haven't been working with this person for X number of weeks or however long it takes to make the final decisions.
30:29
SPEAKER_01: But there's so much help and preparation to help get you to that point.
30:33
SPEAKER_00: So, gee, diversity and inclusivity is such a big thing at the moment.
30:37
SPEAKER_00: The financial planning profession has a distinct lack of female financial advisors, for example.
30:43
SPEAKER_00: What are SJP doing about that?
30:45
SPEAKER_00: And what how are you making this process massively inclusive for everybody?
30:49
SPEAKER_01: Yeah, I'm glad you asked it.
30:51
SPEAKER_01: It's something I'm personally really, really passionate about, Sam.
30:54
SPEAKER_01: So we work with a lot of affinity, we call them affinity partnerships.
30:58
SPEAKER_01: So, how can we engage with people who are actively looking for a career change for one reason or another?
31:03
SPEAKER_01: And that could be things like professional sports, where they retire younger than most people from that profession.
31:10
SPEAKER_01: Uh, it could be the military.
31:11
SPEAKER_01: Often people work in the military for X number of years and then they're looking for something else, settling down with their families, for example, want to move around less.
31:18
SPEAKER_01: And another real key area for us which addresses the problem is women returning from having a career break.
31:24
SPEAKER_01: So we've got affinity partners that give us access to audiences of people who are, you know, really want to progress in their career.
31:30
SPEAKER_01: They want to earn what they were owning before, but they might have a family now and they're looking for something that might be a bit more flexible.
31:36
SPEAKER_01: And this is a really good opportunity for those people, and we tend to have real great success when we we do events in that space.
31:43
SPEAKER_01: So, what else are we doing?
31:44
SPEAKER_01: So, trying our hardest to make sure that all of our events are inclusive, so our lineup of speakers show a broad spectrum of people from different backgrounds as well as gender.
31:55
SPEAKER_01: So, um, doing a lot of work here really, um, and yeah, hope that today's video will help attract a few more women as well as men to our profession.
32:03
SPEAKER_00: Financial planning is a profession that's open to everybody.
32:06
SPEAKER_00: Historically, the vision of the financial advisor tend to be a male, didn't it, you know, of a certain of a certain age.
32:12
SPEAKER_00: You know, that's been knocking about the profession for a while.
32:14
SPEAKER_00: It's very rare that you'd see somebody of um a different ethnic background even within the financial planning profession.
32:20
SPEAKER_00: Um, as I'm sort of outwardly looking out in my job now, we're seeing more and more diversity across the profession.
32:26
SPEAKER_00: So St.
32:26
SPEAKER_00: James's place are 100% obviously behind that.
32:29
SPEAKER_00: This is an academy that's open to everybody.
32:31
SPEAKER_00: Um, anybody can apply?
32:33
SPEAKER_01: Yeah, and and again, if we go back to the gender as well as everything else, we we we used to have locations and that used to limit people accessing the training.
32:43
SPEAKER_01: So we had four locations across the UK, and the training used to be intensive six months.
32:48
SPEAKER_01: So if you didn't live geographically close to it, it was difficult to come along.
32:51
SPEAKER_01: And that was especially we found for women, if they were sort of more of the caregivers, and that's generalistic comment, but in general, more of the caregivers.
32:58
SPEAKER_01: So now we've got a locationless program.
33:02
SPEAKER_01: The first three months are there's quite a lot of virtual, but if there is in-person training, it's very much across our 22 locations around the country.
33:08
SPEAKER_01: So therefore, geographically it should be accessible to everybody, and of course, you have to go there much less frequently than you used to.
33:14
SPEAKER_01: So taking those barriers away means that our um people joining the program has increased.
33:19
SPEAKER_01: So since inception, we've averaged 26% uh people being appointed from the program who are women, and last year we 32% of women joined the programme.
33:30
SPEAKER_01: People joined the program were women because of that locationness.
33:33
SPEAKER_00: Fantastic.
33:33
SPEAKER_00: So it makes it accessible to everybody.
33:34
SPEAKER_00: Accessible to everyone, yeah.
33:36
SPEAKER_00: So, gee, that sounds fantastic.
33:38
SPEAKER_00: Everything building up to actually joining the academy is in place to make sure that any individual that wants to become a financial advisor isn't going through a strenuous process to um make it difficult for them.
33:50
SPEAKER_00: It's about helping them make the right decision and the right career choice.
33:55
SPEAKER_00: So I think that's fantastic.
33:56
SPEAKER_00: And it's open to everybody, which is great.
33:59
SPEAKER_00: Absolutely great to hear.
34:00
SPEAKER_00: Okay, so before we get stuck into the actual academies itself and what it is you're doing and the process and the structure of it, the timescales, what someone should expect once they've actually joined the academy.
34:11
SPEAKER_00: Can you just give us a little bit of an overview of the culture of St.
34:14
SPEAKER_00: James's Place?
34:15
SPEAKER_00: What should somebody expect if they join St James's Place?
34:18
SPEAKER_01: Yeah, that's a really good question.
34:20
SPEAKER_01: So the first thing I'll mention is we call it the spirit of the partnership, and I think that shines through in our Academy programme because everybody that joins the program is assigned a mentor, and that is somebody effectively giving back.
34:32
SPEAKER_01: So of those two and a half thousand business owners, um, we have people mentoring the people coming through our program.
34:38
SPEAKER_01: So we have a culture wheel, we call it the wheel because it's in a circle diagram.
34:42
SPEAKER_01: So there are three spokes to that wheel.
34:44
SPEAKER_01: So the first one is doing the right thing.
34:45
SPEAKER_01: Of course, we're in financial advice, so that's really, really important.
34:48
SPEAKER_01: It has to be the life being the very, very veins of everything that we do.
34:52
SPEAKER_01: Um being the best version of yourself.
34:54
SPEAKER_01: So that's showing up every day, being resilient, but also educating yourself and being the very best person that you could possibly be, and encouraging that.
35:03
SPEAKER_01: And then finally, long-term relationships.
35:06
SPEAKER_01: So that's internally as an employee.
35:07
SPEAKER_01: I invest in my long-term relationships with everybody that I work with, but from a financial advisor and client perspective, that really is the most important thing, and that's that's what helps our business to grow.
35:16
SPEAKER_00: Fantastic.
35:17
SPEAKER_00: So you've got me.
35:18
SPEAKER_00: I've gone through the process, the application stage.
35:21
SPEAKER_00: I've met with you guys, you've uh quizzed me on my business plan, you've helped me develop myself to understand the position of a financial planner, and I really want to go for it.
35:30
SPEAKER_00: We've established also that there's possibly employed options.
35:33
SPEAKER_00: I could be go, I could even go and run my own partner practice if I wanted to.
35:37
SPEAKER_00: So we've all we've gone through that process, and hopefully at this point I've made a decision.
35:40
SPEAKER_00: And now I want to join the Financial Advisor Academy.
35:43
SPEAKER_00: So let's have a deep dive into the actual academy itself and let's look at things like how's it structured, timescales, and what should I expect from actually going through the Advisor Academy at St.
35:55
SPEAKER_00: James's Place.
35:57
SPEAKER_01: So we have we relaunched the Academy program in 2021, late 2021.
36:02
SPEAKER_01: So that was following a period of obviously transitioning through COVID and using technology a lot more.
36:08
SPEAKER_01: So we took that as an opportunity to redesign the program using our 10 years of experience and keeping the best parts of all of that.
36:16
SPEAKER_01: So we didn't want it to just be a virtual academy.
36:18
SPEAKER_01: We're a people business, we're our client-facing, and those meetings, where possible, need to be in person with our clients.
36:25
SPEAKER_01: So our training needs to be in person too.
36:27
SPEAKER_01: So we've broken it down into what we describe as terms or stages.
36:31
SPEAKER_01: So term one for us is get qualified.
36:34
SPEAKER_01: So it does what it says on the tin, that is thinking about the qualifications that you need to get.
36:38
SPEAKER_01: So part of our prerequisite as you're going through our engagement and selection process is passing two exams before you start on term one.
36:47
SPEAKER_01: And statistically, they're the most frequently passed first-time exams, so they're the regulation and ethics exam and then protection exam.
36:55
SPEAKER_01: And the reason they're most passed first time is the subject.
36:58
SPEAKER_01: So most people have experienced, well, depending on their age, but often people have experienced getting a mortgage, some life cover, etc.
37:04
SPEAKER_01: So having lived through that experience makes the reading more understandable, as opposed to the more complicated ones like tax and trusts.
37:11
SPEAKER_01: So during that first three terms, you've got access to our online portal, which gives you past exam papers, test your test your knowledge, etc., as well as frequent drop-ins and um focus groups.
37:24
SPEAKER_01: And prior to every exam, there will be exam cram days, etc., just to make sure you're really focused and really prepared.
37:29
SPEAKER_01: And as I said before, we've had a really strong success rate since we've been implementing this process.
37:34
SPEAKER_01: 91% first-time pass rates on those three exams that people are dismantling in term one.
37:38
SPEAKER_01: So we're really happy with that.
37:40
SPEAKER_00: Fantastic.
37:41
SPEAKER_00: So for me then, I'm I'm I want to join the academy, but I've got to pass two exams before I can actually start the academy.
37:48
SPEAKER_00: Or is those two exams inclusive within are they part of term one?
37:55
SPEAKER_01: They're not.
37:56
SPEAKER_01: So term one is RO two, three, and four.
37:59
SPEAKER_01: Right.
38:00
SPEAKER_01: So yeah, they are prerequisite to starting the program, but not starting engaging with us and having a conversation.
38:06
SPEAKER_01: Okay.
38:06
SPEAKER_01: So let's say we were speaking, you've gone through the selection process, you're you're selected, we think you're going to be great.
38:12
SPEAKER_01: There might be a period of a month or two months before you're actually going to join us, you'd have to get those exams under your belt.
38:18
SPEAKER_00: So I would be looking to do those in my own time, um, perhaps whilst I'm still working in my current role, um, or if I'm not working, I can dedicate some time to doing that.
38:27
SPEAKER_00: Is there a time limit that you're expecting?
38:29
SPEAKER_00: Is there a time you expect me to pass those two exams?
38:32
SPEAKER_01: Um, so we're fortunate now that we have a run a monthly rolling intake.
38:37
SPEAKER_01: So there's so much flexibility on when you join the program.
38:40
SPEAKER_01: If we go back to pre-COVID times, we'd have an intake once a quarter, for example.
38:44
SPEAKER_01: So often people get selected, they'd have to wait a couple of months before they could join.
38:47
SPEAKER_01: So we don't have that barrier anymore.
38:49
SPEAKER_01: So it really would be down to you in terms of the timing.
38:52
SPEAKER_00: I think also as well, it gives me the applicant an opportunity to run through a few of the exams and to really let it sink in because nothing sort of straightens the mind than having to sit down and run through, you know, study for an exam and to um and actually pass an exam.
39:09
SPEAKER_00: And at that point, I might make a decision that I've made the wrong decision.
39:12
SPEAKER_00: Exactly.
39:13
SPEAKER_00: And at that point, I don't, I'm, I've I haven't fully committed, have I two-footed, to um to joining the academy.
39:19
SPEAKER_00: So I think that's a really good way of starting it out.
39:22
SPEAKER_01: Yeah, so it's a it's a bit of a litmus test for you.
39:25
SPEAKER_01: Am I genuinely interested in what I'm reading?
39:27
SPEAKER_01: And also for us, it's a yeah, I'm really I want to do this and I'm gonna prove it to you, I'm gonna pass these two exams.
39:32
SPEAKER_01: So it's a two two-sided approach, really.
39:34
SPEAKER_01: But we found it really, really helps.
39:35
SPEAKER_01: And as you said, actually it does give people confidence.
39:37
SPEAKER_01: I've already got these two exams on my belt.
39:39
SPEAKER_01: I'm ready for the next one with your help and your your training.
39:42
SPEAKER_01: So yeah, it's really good.
39:44
SPEAKER_00: But I'm not on my own now, because I can log in, I can look at some training, pass training.
39:47
SPEAKER_00: Absolutely, absolutely.
39:48
SPEAKER_00: Yeah, then all the supports there.
39:50
SPEAKER_00: Okay, great.
39:51
SPEAKER_01: So the way we've structured it now is there are four stages, or we describe them as terms.
39:57
SPEAKER_01: So term one is get qualified.
39:59
SPEAKER_01: So get the qualifications, does what it says on the tin, and we'll go into that in a bit more detail in just a moment.
40:04
SPEAKER_01: Term two is what else do I need to know to sit down in front of my first client?
40:09
SPEAKER_01: Because it's all very well having the exams, but we know that there's soft skills involved, there's other technical knowledge that you need to know, all the things that you you know, you need to sit down in front of somebody confidently.
40:20
SPEAKER_01: So term two is skills.
40:23
SPEAKER_01: The next thing, term three, you're actually starting to see clients.
40:26
SPEAKER_01: So your downtime, if you like, your learning is either three or six months, depending if you're joining us fully qualified or doing the exams with us.
40:33
SPEAKER_01: So from term three, you start to be client-facing.
40:36
SPEAKER_01: Now that might sound quite scary and it's a short period of time that you've been learning.
40:40
SPEAKER_01: But the good thing is at SJP is we have development managers assigned to every single person for the whole duration of their training.
40:46
SPEAKER_01: So if they join at term one and term two, they'll have somebody, a development manager, working with them.
40:51
SPEAKER_01: Now they are qualified people themselves, they are FCA registered, and they will be responsible for the advice that you give until you're signed off as competent.
40:59
SPEAKER_01: So there's an industry term, competent advisor status, or we call it internally CAD.
41:04
SPEAKER_01: So term three is all about under supervision, seeing clients.
41:09
SPEAKER_01: Um, they shouldn't worry about the seeing clients at the early stage because, as I say, the other person is responsible for it, and every single piece of business throughout the whole academy period is goes to our business assurance team.
41:19
SPEAKER_01: So there'll be a second layer of checking to make sure that this advice is sound.
41:23
SPEAKER_01: And of course, you can use it as a learning process because if there is something missing, they'll come back to you and you'll know what to do next time, and also you'll go back to that client and get the relevant information.
41:31
SPEAKER_01: So, term three is all about getting to competent advisor status where you're then able to go and see clients on your own.
41:36
SPEAKER_01: So then we move into term four.
41:38
SPEAKER_01: You might think, well, I'm I'm done now, aren't I?
41:40
SPEAKER_01: I'm ready, I'm off, I'm out there in the world.
41:42
SPEAKER_01: Well, now we want to just make sure that we've embedded other things.
41:45
SPEAKER_01: So you might want to focus on a niche area, you might have a particular passion for a type of advice.
41:51
SPEAKER_01: Um, how do I really build my business to a point where it's now sustainable?
41:54
SPEAKER_01: So, four terms, get qualified, get the skills training, get yourself to CAS and become sustainable.
42:01
SPEAKER_00: So that all sounds really great, G.
42:03
SPEAKER_00: So can you just go into a bit of detail then about each of those terms and what a candidate should expect when they go through the terms?
42:10
SPEAKER_00: So let's start with term one.
42:12
SPEAKER_00: Tell us a little bit more about that.
42:14
SPEAKER_01: So you'll get your timetable up front, you'll understand exactly what's required of you.
42:17
SPEAKER_01: So the first thing I will say is what if you are joining at term one, the expectation is that it's a full-time commitment.
42:24
SPEAKER_01: Now, there is a degree of flexibility within the timetable, so you will know up front across the whole three months which days that you'll be required to either be in dialing into a live lesson virtually or you know if there are any in-person meetings to have with your development manager locally to you.
42:39
SPEAKER_01: So you'll know which days that those are going to be planned for.
42:41
SPEAKER_01: Otherwise, you kind of got your own time to invest in the learning, and you'll have your exams mapped out too.
42:48
SPEAKER_01: So we'll give you a timetable in terms of we ex we expect you to have completed X chapters by this time.
42:53
SPEAKER_01: Um, very much an interactive system, uh, engaging videos, test yourself with quizzes.
43:00
SPEAKER_01: So the system is a brilliant learning tool.
43:02
SPEAKER_01: I wish I'd had it when I'd done these exams.
43:04
SPEAKER_01: Mine was very much flicking through a really heavy book.
43:09
SPEAKER_01: So very, very different learning experience, but a degree of flexibility where you can time when you learn throughout your day.
43:15
SPEAKER_01: And that aim is really to get you by the end of turn one, you'll have five exams under your belt.
43:20
SPEAKER_01: And because you're going to be supervised with an SJP qualified person going forwards, we leave the last exam until you've actually had some client-facing experience because the final exam is all about giving advice to a case study.
43:33
SPEAKER_01: So we find that once you've actually been out there giving advice, that becomes far easier.
43:37
SPEAKER_00: So depending upon the route that we've uh decided is best for me, whether I join a partner practice perhaps as an employee or self employed underneath that partner practice, or I have the confidence in you, you've given me the confidence that I run my own partner practice.
43:55
SPEAKER_00: At that point, should I have left the The profession that I was previously in and started with St.
44:05
SPEAKER_00: James's place a hundred percent.
44:07
SPEAKER_00: So, for example, there are some academies where I can continue working where I am whilst I do the qualifications.
44:13
SPEAKER_00: What's the expectations around me and my previous employment situation?
44:17
SPEAKER_01: Absolutely, really, really good question.
44:19
SPEAKER_01: So, for term one, as things currently stand, the expectation is you will have left your previous employment and you will be dedicated to this on a full-time basis.
44:28
SPEAKER_01: The reason for that is the pace of the learning.
44:30
SPEAKER_01: So we're doing an exam a month, very short turnaround time.
44:34
SPEAKER_01: So the expectation is you're 100% focused on this as an opportunity.
44:39
SPEAKER_01: And of course, beforehand, we will have done some due diligence with you and understand your financial position and make sure that you're in a really strong position to be able to do that.
44:46
SPEAKER_00: Fantastic.
44:47
SPEAKER_00: So if there were things like the lending you talked about because I wanted to set up my partner practice, there is a situation where I could draw down to cover the cost that I would incur whilst I'm studying towards my qualifications and going through the St.
45:01
SPEAKER_00: James's Place Academy.
45:02
SPEAKER_01: Yeah.
45:02
SPEAKER_01: So if you're starting a business, we'll pay a thousand pounds per month over that learning period of three months.
45:08
SPEAKER_01: If you are joining one of our existing practices, it's a conversation between you and that practice in terms of what financial support they can offer you.
45:15
SPEAKER_01: But again, it's very much understanding your position and finding the right practice that can uh that can help you to the level that you need.
45:21
SPEAKER_00: Thanks for answering that question because it gives the listeners a little bit of reassurance at that point because it was certainly going through my mind.
45:27
SPEAKER_00: If I'd gone through that process, I'd be thinking, hang on, if I'm going two-footed into this right now, how am I going to afford it?
45:32
SPEAKER_01: Absolutely.
45:33
SPEAKER_01: But then again, it's worth it's worth it because our success rate is 91% on those exams.
45:38
SPEAKER_01: So by dedicating your time on a full-time basis and really focusing 100% on what you're doing means that you can get through those exams really quickly.
45:45
SPEAKER_00: Yeah.
45:46
SPEAKER_00: I echo what you said about I wish you had I wish I had something in place.
45:49
SPEAKER_00: I'm I did FPC one and I remember I had a book of tapes, and I used to put my tapes on as I was walking to work and listening to somebody just basically regurgitating the book to me.
45:58
SPEAKER_00: So let's just touch on some of the things that you actually offer within that space then around styles of learning.
46:04
SPEAKER_00: You know, I'm I'm better at listening and watching than I am at reading.
46:09
SPEAKER_00: I do enjoy reading, but I absorb more information when I listen.
46:13
SPEAKER_00: So what is there multiple different ways that a different learner could study under you guys?
46:19
SPEAKER_01: Absolutely.
46:20
SPEAKER_01: And also if somebody has any learning differences, dyslexia, for example, we've got solutions for them too.
46:25
SPEAKER_01: So the the platform that we use is Red Mill Advance, and they have a whole range, as I say, so you can download something to your phone or to your iPad, you can print something off if reading is your preferred method.
46:36
SPEAKER_01: But there's absolutely there are video content on there, you can listen to things in a podcast, there's everything that you can imagine.
46:42
SPEAKER_01: So depending on the way you like to learn, you'll be able to learn in that way.
46:45
SPEAKER_00: Absolutely love the fact that you touched on dyslexia there.
46:47
SPEAKER_00: I've come across so many financial advisors that are dyslexic.
46:51
SPEAKER_00: It's definitely a profession.
46:52
SPEAKER_00: If you are suffering from dyslexia, don't let it hold you back.
46:55
SPEAKER_00: Absolutely.
46:56
SPEAKER_00: I've definitely come up against financial planners that are doing incredibly well who are dyslexic and you can do the job.
47:02
SPEAKER_00: Absolutely, you can do the job.
47:04
SPEAKER_00: Fantastic.
47:04
SPEAKER_00: Tell us a little bit about term two then.
47:06
SPEAKER_00: What should we expect in term two?
47:08
SPEAKER_01: So, term two, as I say, you've got the qualifications under your belt, you're super, it's a big milestone.
47:12
SPEAKER_01: So, a cause for celebration, and we would absolutely celebrate that moment with the person.
47:16
SPEAKER_01: But the next stage is how do I sit down in front of a client in three months' time?
47:21
SPEAKER_01: Now that might feel quite terrifying at the beginning of term two, but obviously we've got a program for them to get to the point where they're now really looking forward to sitting down in front of their first client.
47:30
SPEAKER_01: So all the skills and knowledge that they need, building on the technical knowledge they've just learned in the textbook.
47:36
SPEAKER_01: So it's a people industry.
47:39
SPEAKER_01: You need to sit in front of a client and ask them really personal questions, and they need to feel comfortable answering those questions with you.
47:46
SPEAKER_01: So building rapport, building trust quickly is an art, it's a skill.
47:49
SPEAKER_01: Some people have it naturally, others need a little bit of practice.
47:52
SPEAKER_01: So this is all about understanding how that works, but also because we're highly regulated, there are things that you need to say in the meeting up front.
47:59
SPEAKER_01: So you need to tell them your status, you need to go through what we call it a fact-find.
48:04
SPEAKER_01: So there's a questionnaire to understand all the different areas of somebody's life before you can give them advice.
48:09
SPEAKER_01: So there's a way that you can do that.
48:11
SPEAKER_01: Now, the worst thing I can imagine is sitting in front of somebody doing a form fitting exercise.
48:15
SPEAKER_01: It wouldn't be particularly inspiring.
48:16
SPEAKER_01: So we want to make sure that this is a really engaging experience for the clients.
48:20
SPEAKER_01: Um, but also, as I say, the regulations are important.
48:23
SPEAKER_01: So one of the things we've invested in for term two are some headsets, VR headsets.
48:29
SPEAKER_01: So I think this is groundbreaking in the UK.
48:30
SPEAKER_01: I'm not sure if anyone else has got them just yet.
48:32
SPEAKER_01: So we're excited that we've got them first.
48:35
SPEAKER_01: But actually, doing a role play to somebody might sound terrifying.
48:39
SPEAKER_01: Sorry, you're gonna do a role play with me.
48:40
SPEAKER_01: I haven't done that since I was at school or whenever.
48:43
SPEAKER_01: So these headsets actually give you confidence and build your confidence prior to doing the practice role play with your development manager.
48:50
SPEAKER_01: So there are 53,000 different outcomes possible, so you can never get through them all.
48:54
SPEAKER_01: So every time you use it, you're gonna get a different client experience.
48:58
SPEAKER_01: And we found that that's working really, really well.
49:00
SPEAKER_01: So again, practising the safety of your own home at a time that suits you.
49:05
SPEAKER_01: The more of that you're doing, the more confident you're gonna be in real life.
49:08
SPEAKER_01: Other learning is very much Netflix style, modular.
49:12
SPEAKER_01: So we've got an in-house app where we've got different modules based on all the different subjects.
49:17
SPEAKER_01: So again, you've learned from the textbooks about pensions.
49:20
SPEAKER_01: Well, now you need to bring that to life with the client because the client might not understand the intricacies that you've just learnt in the textbook.
49:25
SPEAKER_01: So, how do I again make that engaging with the client and for them to understand the importance of it?
49:29
SPEAKER_01: So, term two is very much skills-based using technology paired with real life experience.
49:36
SPEAKER_01: The other thing that everybody gets in the academy is a mentor.
49:39
SPEAKER_01: So, if you're joining an existing practice, you'll be mentored by the business owner or a very senior partner within um advisor within that business.
49:46
SPEAKER_01: But if you're starting your own business, we don't want you to miss out on that.
49:49
SPEAKER_01: So, we give you, as I say, the spirit of the partnership.
49:51
SPEAKER_01: We've got mentors from around the business who help everybody coming through our academy program who are starting a business will have a mentor.
49:57
SPEAKER_01: And the program's structured in turn two to have one day a week shadowing that person.
50:02
SPEAKER_01: So, depending on what's in that person's diary, it could be some back office work, it could be, you know, something team and motivating, it could be client acquisition.
50:10
SPEAKER_01: And what we hope they'll do is a lot of shadowing with their clients.
50:13
SPEAKER_01: Because what we found from historic academies is the more somebody observes somebody doing the job in real life, the faster they learn and the more confidence they they build.
50:22
SPEAKER_01: So we've built that into term two to make sure they're getting real-world experience with somebody who's already an expert at this job in front of a client.
50:30
SPEAKER_00: So job shadowing that individual whilst they go out and actually sit down with their clients and seeing how it's done.
50:36
SPEAKER_00: Because you can learn so much via a role play.
50:38
SPEAKER_00: Exactly.
50:38
SPEAKER_00: But real world experience trumps at every single time.
50:41
SPEAKER_01: Absolutely.
50:41
SPEAKER_01: And you know, the mentor isn't just there to be shadowed, they're there to help them with any kind of question that they might have in addition to their development manager.
50:48
SPEAKER_01: So there can be a really good sounding board, helping them build confidence, giving them ideas, um, client sharing sometimes, there are all sorts of things that happen in those mentor relationships.
50:56
SPEAKER_01: They're really valuable.
50:57
SPEAKER_00: One of the things I've picked up from that is uh process is interactive.
51:01
SPEAKER_01: Yeah.
51:02
SPEAKER_00: You know, I love the fact that you're using the Oculus Quest to headsets.
51:06
SPEAKER_00: Um, I think that's such a revolutionary way to do training.
51:09
SPEAKER_00: Did you say there was 53,000 outcomes?
51:11
SPEAKER_00: Yes.
51:12
SPEAKER_00: That's amazing.
51:13
SPEAKER_00: So I could sit there at home, pop the pop the headset on, and I could just sit there and just do some role plays.
51:17
SPEAKER_00: Yeah.
51:18
SPEAKER_00: Go through different scenarios.
51:19
SPEAKER_01: And what's genius about the way we've designed them is that you put the headset on, you're the financial advisor, there's a client in front of you, you you choose which questions you ask, they'll give you answers.
51:29
SPEAKER_01: And of course, 53 different outcomes is never going to be the same meeting.
51:32
SPEAKER_01: But the genius part of the headsets is you then get to watch from the client's perspective.
51:37
SPEAKER_01: So you can replay that back as the client.
51:40
SPEAKER_01: And you might have thought, oh, why did that client answer seemed a bit moody when he answered that one?
51:44
SPEAKER_01: So then you get to sit in their shoes and think, oh God, actually, yeah, maybe that question wasn't appropriate right then.
51:50
SPEAKER_01: So, as an example, there's uh there's I I've given it a test run, and in the role player kept asking about this person's like family, and this person didn't have much time, they wanted to get out of there, like, get on with the meeting.
52:00
SPEAKER_01: So you're just really understanding what a real life scenario might look and feel like.
52:04
SPEAKER_00: That's fantastic.
52:05
SPEAKER_00: That's definitely revolutionary.
52:06
SPEAKER_00: I've not come across that.
52:07
SPEAKER_00: I'd love to see that in the recruitment world as well.
52:09
SPEAKER_00: Yeah.
52:09
SPEAKER_00: Because there are so many different scenarios, and I love the fact that you can pick up on certain triggers as well.
52:15
SPEAKER_00: What a fantastically um forward-thinking way to train.
52:18
SPEAKER_00: I think people have find that super, super interesting.
52:20
SPEAKER_00: What's the feedback on that so far?
52:22
SPEAKER_01: It's been fantastic so far.
52:23
SPEAKER_01: And as I say, it we can definitely see a step change in people's confidence when they come to do the real in-person role plays, and that again gives them confidence when they're going to be in front of a client.
52:32
SPEAKER_01: So, yeah, it's been fantastic.
52:33
SPEAKER_00: Talking to people face-to-face, you'd assume that somebody would feel comfortable with that when they've decided to choose a job which is client-facing.
52:41
SPEAKER_00: But do you often get people that come through the academy that have very minimal client-facing experience?
52:46
SPEAKER_00: And actually, they're kind of quite uncomfortable or maybe not as confident about the face-to-face side.
52:53
SPEAKER_00: Um, and do you feel that when they go through this Academy state term two, that you see an evolution of their confidence when it comes to client-facing work?
53:01
SPEAKER_01: Definitely.
53:01
SPEAKER_01: And even the ones that come through with a lot of client-facing experience, again, there's that extra layer of regulation that they need to incorporate into their conversations, and that can be daunting.
53:10
SPEAKER_01: So, yeah, it's it's it's definitely um uh a steep learning curve for people, but they're coming out the other side feeling ready to sit down in front of clients in term three.
53:19
SPEAKER_00: That's a really interesting point.
53:20
SPEAKER_00: So, somebody who perhaps is in a job where they have to be very careful what they do all the time, um, maybe they're not client-facing, but they have to follow process accordingly, all of a sudden learn the skills of face-to-face, bring that across into face-to-face, and because of the regulatory side of it, become super great at actually constructing a conversation that that ensures that they're not misleading any clients in either way.
53:44
SPEAKER_00: However, somebody coming from an environment where there is no regulation, but they're brilliant salespeople, for example, suddenly need to suddenly need to sharpen their.
53:51
SPEAKER_00: Yeah, fantastic.
53:52
SPEAKER_00: That's a really great way of doing it.
53:53
SPEAKER_00: Yeah, I love the VR side.
53:55
SPEAKER_00: So I'm definitely going to take a look at that.
53:56
SPEAKER_00: So after this, I can have a little go.
53:58
SPEAKER_00: Absolutely.
53:58
SPEAKER_00: Fantastic.
53:59
SPEAKER_00: Okay, brilliant.
54:00
SPEAKER_00: So let's ask a little bit about term three then.
54:02
SPEAKER_01: So term three is all about getting out there, seeing your first client.
54:06
SPEAKER_01: So you're probably very excited at this stage, but also nervous.
54:10
SPEAKER_01: Um, but we'll have done a lot of work, we'll revisit that business launch plan that you wrote prior to joining, all the way through term one and term two.
54:19
SPEAKER_01: We're touching upon that, making sure we're building your awareness around what's required.
54:23
SPEAKER_01: So now that plan starts to be put into place.
54:26
SPEAKER_01: And the whole purpose of that plan is less sort of financially forecasting, it's more about making sure they're in the right mindset to be active.
54:33
SPEAKER_01: The more active somebody is, the faster they're going to progress.
54:37
SPEAKER_01: And they really are the only barrier to their own success.
54:40
SPEAKER_01: So just being confident, getting out there, speaking to their network, going networking and meeting new people, whatever it is that they've got in their plan that we've helped them to develop, now's the time to get out there and do it.
54:51
SPEAKER_01: So we find that in the soundings, people are speaking to people that they know, whether they have a financial advisor or not, asking them at that point, look, when I get to the stage where I'm ready to start seeing clients, I'm going to be really nervous.
55:01
SPEAKER_01: Do you mind if I practice on you?
55:02
SPEAKER_01: That's a really gentle and warm approach to somebody.
55:05
SPEAKER_01: They're going to sit in front of you, you're going to talk to them as if they are a client.
55:08
SPEAKER_01: You might actually uncover a need and they're they might go ahead with it.
55:11
SPEAKER_01: But if they don't, that's a genuine client meeting that you have been observed on and you'll have got feedback on.
55:17
SPEAKER_01: So that's a real positive.
55:18
SPEAKER_01: And then finally, in turn three, thinking about commercial skills.
55:22
SPEAKER_01: So not only tapping into your personal network, but how else can I find lines of supply?
55:28
SPEAKER_01: So thinking about professional connections perhaps, solicitors, accountancy firms in the local area that might be a really good source of introductions.
55:35
SPEAKER_01: And what else do I need to do to make sure that I am keeping the lights on and I've got a commercial mindset while I'm running my business?
55:41
SPEAKER_00: I really like that touch on it as well because not something that I've come across in some of the academies that are out there.
55:47
SPEAKER_00: It tends to be something that's sort of brought in at a later stage in somebody's career journey.
55:53
SPEAKER_00: But in fact, it's like one of the questions that come up a lot with individuals that are wanting to become financial planners, which is how how do I actually go and find clients outside of my immediate network?
56:02
SPEAKER_00: And you hear about the connections between accountancy firms and solicitors.
56:06
SPEAKER_00: But I think also as well, you know, I'm speaking to financial advisors of being really entrepreneurial from a commercial perspective.
56:12
SPEAKER_00: I mean, I had a chap on recently who was really into gaming, and we were talking about him becoming like the financial advisor of choice to the gaming community.
56:20
SPEAKER_00: There are advisors out there that specifically focus on the fashion world.
56:24
SPEAKER_00: There are people that focus on YouTubers, Instagrammers.
56:26
SPEAKER_00: There's lots of these different niches, footballers, rugby players.
56:30
SPEAKER_00: So do you go into detail about those sort of commercials, or is it just the traditional solicitors and accountants, not to make that sound like a bad thing?
56:36
SPEAKER_01: But no, absolutely.
56:37
SPEAKER_01: We would we would encourage them to be creative in their thinking here and actually tapping into who they are and the things that they like to do themselves.
56:45
SPEAKER_01: Because the more fun your job is, the more it doesn't feel like work, the more successful you're going to be.
56:51
SPEAKER_01: So if we have a professional sports person joining us, of course, their network's going to be in that area.
56:56
SPEAKER_01: Um, I can think of lots of examples of people that have joined us and end up having a niche in the area that they've left because they understand that world.
57:05
SPEAKER_01: So it could be, you know, high-profile advertising, stressful production people, it could be military people, it could be anything, but actually, there's that real connection and bond with them in the first place and understanding of the challenges that they have, and therefore they do really, really well.
57:20
SPEAKER_00: I'd encourage anybody right now listening to this podcast who are thinking about becoming a financial planner, think about where I can be a key person of influence within a community, and do I enjoy that community?
57:34
SPEAKER_00: Do I know things about it?
57:36
SPEAKER_00: Do I know the pressures and the stresses that they're under?
57:38
SPEAKER_00: Do I know what it's like to be a footballer who has to retire early, perhaps due to injury or whatever it might well be?
57:44
SPEAKER_00: And how has that impacted my life because I was an ex-professional footballer or something along those lines?
57:48
SPEAKER_00: So I definitely encourage anybody who's listening to this podcast now to really kind of think, well, actually, well, where who could I be?
57:54
SPEAKER_00: Where could I be a key person of influence?
57:55
SPEAKER_00: Well, commercially, who could I give advice to?
57:58
SPEAKER_00: And secondly, how could I market myself?
58:00
SPEAKER_00: How could I enjoy doing it?
58:01
SPEAKER_00: Exactly.
58:02
SPEAKER_00: I like it.
58:03
SPEAKER_00: Great.
58:04
SPEAKER_00: And how about term four then?
58:05
SPEAKER_01: Take us through that.
58:06
SPEAKER_01: So, term four, you're now you've reached competent advisor status, which means you're able to go and see clients without being supervised.
58:12
SPEAKER_01: You're effectively a fully fledged financial advisor now.
58:15
SPEAKER_01: But we don't leave you at this point.
58:17
SPEAKER_01: We very much want to keep the highest level of support around you until you've reached where you feel and we feel that you're running a sustainable business and you have a sustainable business model.
58:27
SPEAKER_01: So, in terms of the online learning, the box sets they become much more elective.
58:31
SPEAKER_01: You choose to do them at a time that suits you rather than them being prescribed to you.
58:34
SPEAKER_01: And so that's the first thing.
58:36
SPEAKER_01: And then the second thing again is building on those commercial skills, building up, making sure you're highly active and doing all the right things in terms of mindset, activity, and then the success will come.
58:46
SPEAKER_01: But what we don't want to do is get you to the point where, oh, I'm now, you know, fully fledged financial advisor, I don't need to be supervised anymore, and then leave you drifting off on your own.
58:54
SPEAKER_01: And we all know that these are, you know, these milestones are great and they should be celebrated, but they also open up a brand new challenge.
59:00
SPEAKER_01: So it's making sure they've got all of the support wrapped around them continually until they're at a point where we all believe that they're sustainable.
59:07
SPEAKER_00: Well, that's really great to hear because you know, just because somebody's gone through a process, got their qualifications, sat down with a few clients, doesn't mean that they are 100% confident.
59:18
SPEAKER_00: Um, I think we all need that ongoing development and support.
59:22
SPEAKER_00: You mentioned there that you've got the support from mentors and you've got the academy development managers.
59:31
SPEAKER_00: So they continue on with me at stage four, do they?
59:34
SPEAKER_01: Absolutely.
59:34
SPEAKER_01: So they'll be working with you from the day you join to the right up to the end of stage four.
59:39
SPEAKER_01: So let's go talk about the difference between them then.
59:41
SPEAKER_01: So a mentor will be somebody who's doing the role.
59:44
SPEAKER_01: So they're already an advisor within the SJP community, either in the practice that you're within, if you're in a practice, or they'll have their own business if you're starting your own business.
59:53
SPEAKER_01: And we think that's really important because again, it's the commercial skills, it's the running the business side of things that you're gonna really get the value from by having the mentor.
1:00:03
SPEAKER_01: And then the academy development manager are holding your hand through getting the exams, the skills, probably term two is going to be the probably the most um challenging for you if you're new to the industry.
1:00:15
SPEAKER_01: And then term three, they're they're responsible for the advice you give until you're a competent advisor.
1:00:20
SPEAKER_01: Now you are competent and you don't need their help in the client meeting.
1:00:23
SPEAKER_01: They're there to sense check, they're there to check your work sporadically, they're there to guide and support you, to coach you, keep your mindset on the right track.
1:00:30
SPEAKER_01: Whatever it is that you need, it could be sharpening skills in one area or another.
1:00:33
SPEAKER_01: It's just keep learning, keep sharpening your tools and making sure that you're becoming the very best advisor that you could possibly be.
1:00:39
SPEAKER_00: Fantastic.
1:00:39
SPEAKER_00: So, for example, if I was underneath a partner practice employed, not only would I have the support, support of the business, but and the mentor might be wrapped up within that.
1:00:47
SPEAKER_00: Um, but if I'm running my own business, I've got both of it.
1:00:49
SPEAKER_00: I still I don't lose out to that at all.
1:00:51
SPEAKER_00: I've still got that access and support available to me to give me that confidence because at that point is probably when you need it the most.
1:00:58
SPEAKER_00: Okay, excellent.
1:00:59
SPEAKER_00: Great.
1:01:00
SPEAKER_00: Well, that sounds really comprehensive.
1:01:03
SPEAKER_00: Um, I'd like to know how long does that take?
1:01:06
SPEAKER_00: What's the is there an expectation of me going from term one to term four?
1:01:11
SPEAKER_00: Is there a time expectation on that?
1:01:13
SPEAKER_01: Yeah, so it's quite led by the individual and everybody moves at different speeds for different reasons.
1:01:18
SPEAKER_01: But we've got a sort of a time expectation on each one.
1:01:20
SPEAKER_01: So term one is a set three months where you're doing your exams.
1:01:23
SPEAKER_01: Term two, the skills, there's a lot of uh information we need to uh exchange.
1:01:28
SPEAKER_01: So again, another three months.
1:01:29
SPEAKER_01: So the downtime if you're getting the qualifications with us is six months.
1:01:33
SPEAKER_01: If you're already qualified, it's three months.
1:01:35
SPEAKER_01: When we get into term two, so getting to CAS, we say that can take between three and six months.
1:01:40
SPEAKER_01: You might come in, Sam, and say, Well, I've got my diary, already got my diary fully booked with X number of meetings, and you get to CAS really quickly.
1:01:48
SPEAKER_01: Somebody else might be finding more challenging getting those client meetings in the diary.
1:01:52
SPEAKER_01: Of course, we'll wrap the help and support around them, but it might just take them a little bit longer.
1:01:56
SPEAKER_01: So it really depends on the individual how quickly you can get to CAS.
1:01:59
SPEAKER_01: And the same then goes for term four.
1:02:01
SPEAKER_01: So we would say sort of two to six months during term four, depending on you know the the speed at which you get up to what we would describe as being sustainable, having a consistent income coming through the door.
1:02:11
SPEAKER_00: And what's interesting there about competent advisor status, there's a specific amount of meetings that you need to have on a face-to-face basis.
1:02:19
SPEAKER_00: And you would be working with me anyway to establish what my connections and network looks like.
1:02:25
SPEAKER_00: And that would really also happen very early on, and that would determine whether or not setting up my own partner practice or going underneath an existing partner practice would be the best route for me.
1:02:35
SPEAKER_00: So hopefully, I should have some form of prediction or idea of you know how many meetings I should hopefully be able to book in during that period.
1:02:43
SPEAKER_01: Yeah, we try and make it really easy.
1:02:45
SPEAKER_01: So if you came to me, Sam, and said, Look, I'm currently earning£100,000, I want to get back to£100,000 as quickly as possible.
1:02:51
SPEAKER_01: So, first of all, we would say, we don't know if you'll be able to do that in the first year, but let's do the maths.
1:02:56
SPEAKER_01: Let's let's look at a typical client scenario.
1:02:58
SPEAKER_01: So we'll analyze your network, we'll we'll estimate, it's very much guesswork at the at the beginning until you start seeing people, you won't know the real answers to these.
1:03:05
SPEAKER_01: But let's analyse your network, let's guesstimate what their net worth might be, let's guesstimate what they might invest with you.
1:03:12
SPEAKER_01: Even somebody coming through with a roller deck of multimillionaires, those millionaires aren't going to trust you with their millions of pounds straight away.
1:03:19
SPEAKER_01: They might do an ICE with you for£20,000, for example.
1:03:22
SPEAKER_01: So we run through all of that information, we'll we'll apply some mass, and we'll then say, well, look, you might need X number of clients given the type and style of your network to reach your financial goal.
1:03:33
SPEAKER_01: So it's very much down to the individual as to what that plan looks like.
1:03:37
SPEAKER_00: Well that leads me to thank you so much for that overview of all the different terms underneath the St.
1:03:42
SPEAKER_00: James's Place Academy.
1:03:43
SPEAKER_00: I think we've covered everything there that gives me a comprehensive overview of exactly what to expect.
1:03:48
SPEAKER_00: Now I've gone through the St.
1:03:49
SPEAKER_00: James's Place Academy, hypothetically.
1:03:51
SPEAKER_00: Uh I've gone through the Academy, and now I'm you know moving into the world of becoming a financial planner, right?
1:03:57
SPEAKER_00: An extension, if you like, of term four.
1:03:59
SPEAKER_00: Yeah, it continues on by this end of it.
1:04:01
SPEAKER_00: Now, I would like to know at this stage what potential earnings that I'm going to get for year one, year two, and year three.
1:04:13
SPEAKER_00: The profession itself isn't great at expressing exactly what earning potential can come from financial planning because it differs so much between self-employed advisors, employed advisors.
1:04:22
SPEAKER_00: So if I'm going down the route of the St.
1:04:24
SPEAKER_00: James's Place Academy, I'm joining St.
1:04:26
SPEAKER_00: James's Place.
1:04:27
SPEAKER_00: Have you got any idea of potentially an estimate or an average of what I could earn in year one, year two, and year three of being a fully qualified and competent advisor status financial planner?
1:04:40
SPEAKER_01: Yeah, sure.
1:04:41
SPEAKER_01: And a lot of that is based on the individual.
1:04:43
SPEAKER_01: Uh also I want to point out you are earning it while you're becoming competent.
1:04:47
SPEAKER_01: So that is an earnings period for you.
1:04:49
SPEAKER_01: So we would say, on average, people that come through our program, after a year of you know starting to advise clients, could get to around 40,000 as an average.
1:04:58
SPEAKER_01: Next year, obviously we want to be improving upon that.
1:05:01
SPEAKER_01: Of course, you're servicing your existing clients, so the hurdle becomes easier to achieve.
1:05:05
SPEAKER_01: So maybe 65,000, 70,000 in year two, and hopefully year three north of that.
1:05:11
SPEAKER_01: So it does really depend on the individual, their ambitions, and what's nice about being self-employed or you know being in this profession, whether it's with SJP or not, there aren't any caps on what you can achieve.
1:05:24
SPEAKER_01: And that sounds a little bit cheesy, and I don't like saying it necessarily, but there really aren't.
1:05:28
SPEAKER_01: So I mentioned before what the partnership looks like.
1:05:30
SPEAKER_01: There are businesses with one person giving advice, there are businesses with 50 plus people giving advice.
1:05:34
SPEAKER_01: Well, they all started with one person with ambition.
1:05:37
SPEAKER_01: Um, so you know, the value of their business is who knows.
1:05:40
SPEAKER_00: So if I'm coming in, I've an expectation of around 40,000, I think, for year one is incredibly realistic.
1:05:47
SPEAKER_00: And whenever I give advice to somebody, I would always say, look, you know, if you're fully qualified, you've gone through the process, you're out, you're sitting in front of clients fully competent, you know, 40,000 I think in year one is an Excellent figure to quote.
1:06:01
SPEAKER_00: And you're absolutely right, you know, as time progresses on and an individual starts building relationships with their existing clients, getting referrals, working on the commercial side with introducers, that can grow over that period of time.
1:06:13
SPEAKER_00: So the figures that you've given there, I think, are fantastic and reflective of what the wider financial planning earnings look like.
1:06:21
SPEAKER_00: So thanks for that.
1:06:22
SPEAKER_00: Now I've spent some time, let's hypothetically again, Sam the financial advisor, I've spent some time at St.
1:06:27
SPEAKER_00: James's Place, I've gone through the academy, year one, year two, year three.
1:06:30
SPEAKER_00: I'm absolutely loving it, okay?
1:06:32
SPEAKER_00: But it gets to a point in my career where I think I've had enough.
1:06:35
SPEAKER_00: So what does St.
1:06:36
SPEAKER_00: James's Place do for me in that respect then?
1:06:38
SPEAKER_00: So I've gone through the process, I've been a financial advisor, and now I'm thinking about leaving the profession.
1:06:43
SPEAKER_00: What can happen?
1:06:44
SPEAKER_01: That's a really, really good question.
1:06:46
SPEAKER_01: And I think in business generally, something that's massively overlooked, an exit strategy.
1:06:51
SPEAKER_01: How am I gonna exit this business at the time that suits me?
1:06:55
SPEAKER_01: I want to get a fair price for my business.
1:06:58
SPEAKER_01: And especially when you're in a service-led business, I want to hand this over to somebody who I know is going to look after my clients.
1:07:03
SPEAKER_01: So those will be the three things on somebody's mind when they want to exit.
1:07:07
SPEAKER_01: So what we've created in SJP with our partnership and the academy, we've got fresh talent coming through, is if you like an internal marketplace where we've got retiring partners exiting the business.
1:07:18
SPEAKER_01: Now, the beauty of the model is they don't have to fully retire.
1:07:21
SPEAKER_01: They could partially retire, they could keep their top-tier clients, you know, remain friends with them for a long period and work part-time, having sold the majority of their clients to somebody else.
1:07:30
SPEAKER_01: Or you get full, you know, people retiring and and moving on.
1:07:34
SPEAKER_01: But there will be a bit of a matchmaking process.
1:07:36
SPEAKER_01: If you were at that stage, you've spent years building these relationships with these people, you want to make sure that there's a bit of a connection with the person that you're handing the business over to.
1:07:44
SPEAKER_01: So luckily with the Academy, we've got lots of fresh talent coming through into the industry.
1:07:48
SPEAKER_01: So the three things I mentioned: the timing, the value, and the person.
1:07:52
SPEAKER_01: So those are the things that you can expect from SJP.
1:07:54
SPEAKER_01: So we would fund that, we would make sure we would pay the person quickly.
1:07:58
SPEAKER_01: That loan gets paid off by the ongoing advice fee from the client book.
1:08:02
SPEAKER_01: So for the person taking on the clients as well, it's a really safe way to grow their business.
1:08:06
SPEAKER_01: So thinking from the other side of the fence, not just the levers, but the people coming up through the academy, once they've graduated the program, so they've completed term four, they're sustainable, they've proven themselves to be a great financial advisor, they are then able and eligible to engage in that marketplace to say, I'm ready to buy an exiting partner's book of clients.
1:08:26
SPEAKER_01: Um, we have what we describe internally, like an internal marketplace, if you like, at SJP.
1:08:31
SPEAKER_01: So with our academy, we've got our average age of partners to 46.
1:08:34
SPEAKER_01: So what that means is we've got quite a nice balance now.
1:08:36
SPEAKER_01: So any retiring partners know that there are future purchases of their clients, if you like, and know that their clients and their families are going to be looked after and there's going to be that continued level of service for them.
1:08:47
SPEAKER_01: But just to give you an example of the scale of that, we're probably transacting about 20 business sales and purchases each month.
1:08:54
SPEAKER_01: And we've generated about£1.4 billion worth of assets through those sales for people exiting the business.
1:09:00
SPEAKER_01: The other great thing at SJP is we have a guarantee of advice, which means that they exit liability-free, which I think is super important too.
1:09:08
SPEAKER_01: Um, and just to bring it to life a little bit more, there are about 881 businesses within our partnership that are currently valued at over a million pounds.
1:09:17
SPEAKER_01: So, as well as earning really well while you're in the profession, you are building a capital value.
1:09:22
SPEAKER_01: If you're a business owner, you're building a capital value that at the end can be really, really lucrative.
1:09:27
SPEAKER_00: And I think on the other end of the scale, and you touched on it there, because if I'm coming through the academy and I'm quite entrepreneurial, and perhaps I've got aspirations to acquire other client banks, and you read about that in the newspapers all the time, people retiring and people growing their businesses for acquiring client banks, then there's a confidence there as well, and an excitement that if there is an aging population of advisors at St.
1:09:46
SPEAKER_00: James's Place, that I have the potential to buy an existing client book or a retiring IFA's business and amalgamate it into mine, therefore helping me grow the sale value of mine in the future.
1:09:56
SPEAKER_01: Absolutely.
1:09:57
SPEAKER_01: And the financing was all taken care of again with SJP.
1:10:00
SPEAKER_01: So if you're in that position, you've just come through our training, you've you've graduated out of term four, and you're in our growth and development care of care of that team at the moment now, and we all think it's a it's a you're you're at the right stage to now take on somebody else's clients.
1:10:13
SPEAKER_01: So SJP will finance that for you.
1:10:15
SPEAKER_01: The retiring partner gets a fair value for their business.
1:10:18
SPEAKER_01: Um you get to take on the clients, and that loan is serviced from the ongoing fee from that book of clients.
1:10:24
SPEAKER_01: So in it's typically seven years it takes to pay that off.
1:10:27
SPEAKER_01: You've got the value of those clients within your business.
1:10:30
SPEAKER_00: So I'm running my own partner practice, and I'm starting to see loads of clients.
1:10:35
SPEAKER_00: I'm really, really busy.
1:10:36
SPEAKER_00: I haven't got time to do all the paperwork and all of that typical type of stuff as well.
1:10:40
SPEAKER_00: Is there any support available to me as a partner within St.
1:10:44
SPEAKER_00: James's Place to help me push my business forward and to reduce perhaps some of those lower value tasks?
1:10:52
SPEAKER_00: Do you support me with power planning, administration?
1:10:55
SPEAKER_00: How does that work?
1:10:56
SPEAKER_01: Yeah, and often people ask that on the way in, particularly people who have been entrepreneurs themselves before.
1:11:00
SPEAKER_01: They ask those types of questions.
1:11:01
SPEAKER_01: So, yes, there are options.
1:11:03
SPEAKER_01: We have groups of people that are credited by St.
1:11:05
SPEAKER_01: James's Place and become employed within practices.
1:11:08
SPEAKER_01: So they're called practice support staff, PSS, we call them internally.
1:11:11
SPEAKER_01: So you could maybe buddy up with somebody else who's going through the academy and maybe share somebody doing your administration or your power planning until such time that you can afford to employ somebody yourself.
1:11:23
SPEAKER_01: So there's lots of different options and different um support ways that you can support and run your business, and the ultimate goal is for you to spend as much time in front of your clients.
1:11:30
SPEAKER_00: And obviously, if I'm building a partner practice and it gets to a point where I want to employ people into my partner practice, it's a business in its own right.
1:11:36
SPEAKER_00: So I can employ my own power planners, I can point employ my own administrators or financial coaches or marketing manager.
1:11:43
SPEAKER_00: Absolutely.
1:11:44
SPEAKER_00: It's I can do that myself because it's my own business and I can grow it.
1:11:46
SPEAKER_00: Yeah.
1:11:47
SPEAKER_00: Do I get some help and support and advice around how to do that?
1:11:49
SPEAKER_00: Because obviously you've worked with existing partner practices that are scaled.
1:11:53
SPEAKER_00: Can I get mentored by those at all?
1:11:55
SPEAKER_01: Absolutely.
1:11:55
SPEAKER_01: So as I say, spirit of the partnership, there's a lot of that that goes on, but also there's help in every aspect of running your business.
1:12:01
SPEAKER_01: Those 2,000 employees I mentioned at the beginning, we are there solely to support the partnership and for them to be able to support the clients.
1:12:08
SPEAKER_01: So that includes things like HR consultancy, legal consultancy, marketing expertise, technical expertise, systems and IT, whatever it is that you need to effectively and efficiently run your business, that's what our 2,000 employees are there to take care of for you.
1:12:22
SPEAKER_00: Okay, so that's great.
1:12:22
SPEAKER_00: The St.
1:12:23
SPEAKER_00: James's Place Academy sounds like a fantastic way to get into the profession.
1:12:26
SPEAKER_00: I love that you've got years of experience in taking people through that graduation stage, even to the point of acquiring businesses and thinking about their exit in the right way as well.
1:12:35
SPEAKER_00: That's amazing.
1:12:36
SPEAKER_00: So have you got any testimonials there?
1:12:38
SPEAKER_00: Have you got anybody that you can use as an example that's gone through the academy and is now an absolute success?
1:12:43
SPEAKER_01: Absolutely.
1:12:44
SPEAKER_01: We've just celebrated our 10-year anniversary, and to celebrate that, we shared 10 success stories of the Academy.
1:12:52
SPEAKER_01: So we'll share those with you, Sam, so your viewers can tap into those.
1:12:55
SPEAKER_01: So let me tap into a couple of them for you.
1:12:58
SPEAKER_01: If I think about, let's start with the younger generation.
1:13:01
SPEAKER_01: We've got two young guys, didn't know each other before they joined the academy, they're in their 20s, they've joined the academy programme, they've been through the training, they've independently joined practices because they thought that was the best thing for them at that age, at that stage.
1:13:14
SPEAKER_01: Since becoming friends in the academy, they've since left their respective practices and set up their own business.
1:13:20
SPEAKER_01: They've got youth on their side, but instead of being worried about that youth on their side, they've used it to their advantage.
1:13:26
SPEAKER_01: So they leverage the fact that they're young, and when they're speaking with their clients, they say that well, I can coach you through throughout your retirement, I can look after your family for years to come.
1:13:34
SPEAKER_01: Plus, they've got the backing of a FT100 company, they've just gone through the training, so their knowledge is probably more up to date than somebody, you know, 20 years their senior.
1:13:42
SPEAKER_01: So they're really leveraging that and they're doing really, really well, set up their own business.
1:13:46
SPEAKER_00: That's great.
1:13:46
SPEAKER_00: Thanks so much for that example.
1:13:47
SPEAKER_00: Have you got any more?
1:13:48
SPEAKER_01: Yeah, let's give you a female example.
1:13:51
SPEAKER_01: So we had a lady who was sort of approaching 40, shall we say, two young children, and committed to the academy programme, and she knew it was going to be tough.
1:14:01
SPEAKER_01: But what she did up front was make sure that she engaged with everybody around her, her network, her family, her friends, and she knew that it was going to be that six months training, and made sure that she had in place, you know, play dates for her children when she knew there was an exam coming up.
1:14:14
SPEAKER_01: So I think she's just a shining example of anything's possible when you plan ahead for it.
1:14:18
SPEAKER_01: So she used to do um work for a family business, managing commercial property deals, and what she really missed was that human touch.
1:14:26
SPEAKER_01: She said she loves to chat to people.
1:14:28
SPEAKER_01: And what a brilliant reason to get into financial planning.
1:14:31
SPEAKER_01: She loves to chat to people.
1:14:32
SPEAKER_01: She's just bringing that conversation that you might have over a coffee or a glass of wine and making it more deep and more meaningful.
1:14:38
SPEAKER_01: She's absolutely thriving and loving her job now.
1:14:41
SPEAKER_00: I love that example.
1:14:42
SPEAKER_00: I recently had somebody that reached out to me on LinkedIn and she wanted me to connect her with some female financial planners that had gone through the process of studying and becoming an advisor whilst having a young child.
1:14:56
SPEAKER_00: She had an eight-month-old.
1:14:57
SPEAKER_00: And so I put it out on LinkedIn, it had such a huge response, and lots of female financial planners planners reached out, and male financial planners actually, reached out to offer their support.
1:15:07
SPEAKER_00: So that example and an example of the support that St.
1:15:10
SPEAKER_00: James's Place put in place to help somebody at that stage of their life is great, fully inclusive again, and it isn't restricting somebody's ability to progress their career.
1:15:23
SPEAKER_00: So I think that's a fantastic example.
1:15:25
SPEAKER_00: Thank you so much for sharing those testimonials.
1:15:28
SPEAKER_00: What we're going to do anyway is pop some of those testimonials on the Financial Planner Life Academy's page.
1:15:33
SPEAKER_00: St.
1:15:33
SPEAKER_00: James's Place Academy have their own page on there.
1:15:36
SPEAKER_00: And this is exactly where they anybody who's listening can watch the full video.
1:15:40
SPEAKER_00: They can watch some social media snippets, but there's loads of content on there where they can dig deeper and deeper and deeper into what the St.
1:15:48
SPEAKER_00: James's Place Academy is about.
1:15:50
SPEAKER_00: And then at that stage, if they want to join the Academy or at least go through the selection process, the exploratory process, there'll be a simple one-click application, and we'll help administer that and get them through talking to you guys there at St.
1:16:04
SPEAKER_00: James's Place G.
1:16:05
SPEAKER_00: Fantastic.
1:16:06
SPEAKER_00: Thank you.
1:16:06
SPEAKER_00: Thank you for your time today.
1:16:07
SPEAKER_01: Thank you.
1:16:08
SPEAKER_01: It's been really, really good fun.