Simplify Consulting is proud to actively support and drive the ‘Future of Advice’ – an initiative seeking to change the future of the financial advice industry.
What is Future of Advice?
A collaboration between local universities, Independent Financial Adviser companies and the Personal Finance Society (PFS) offering students the opportunity of a one year paid placement between their second and final year of a degree course with the clear aim of attracting young talent into the Financial Advice profession.
Benefits to be realised by participating adviser firms include:
Access to fresh talent and new perspectives: The Future of Advice scheme provides advice firms with the opportunity to bring in young and motivated students who can bring new ideas and energy to the organization.
Cost-effective workforce: Hosting a paid student placement through the scheme allows firms to benefit from additional resources while still managing labor costs.
Developing the next generation of advisers: The scheme provides an opportunity for firms to identify and nurture future talent, by providing students with hands-on experience and mentorship in the industry.
Meeting regulatory requirements: By hosting a student, firms can demonstrate their commitment to continuing professional development and regulatory compliance.
Building relationships with local universities: The scheme allows firms to establish connections with local universities and tap into the knowledge and resources they offer.
Potential for long-term retention: Students who have a positive experience during their placement may be more likely to return to the firm after completing their studies. Students previously placed through the scheme have returned to their placement firms.
Increased diversity: by hosting students from different background and universities, firms may open doors to new client demographics and bring in different perspectives and ideas.
The Future of Advice scheme is designed in a way to support participating advice firms. A structured training framework is in place to ensure that the students receive the necessary training and guidance to enable them to make the most of their placements and to be able to return benefits to their host firms. Additionally, template role profiles and contracts are provided to ensure that there is a clear understanding of the expectations and responsibilities of the placement. A framework has been developed to ensure a steady student pipeline, so that firms can benefit from the scheme on a long-term basis. Furthermore, the support from Simplify Consulting is available to participating firms throughout the duration of the scheme, ensuring that any issues or queries can be addressed in a timely and effective manner. This support package is designed to ensure that participating firms can make the most of the opportunities offered by the scheme, and that students receive the best possible experience during their placement.
The onboarding process for the academic year 2023/24 is currently underway. Please register below if you would like to learn more about Future of Advice.
Included in the partnership:
Bournemouth University
Personal Finance Society – Leading professional body for the financial planning sector
FP Wealth Management – Independent Financial Advice company based in Wimborne
Strategic Solutions – Independent Financial Advice company based in Westbourne
Ward Goodman – Accountancy & Financial Services company based in Ferndown/Wimborne/Shaftesbury
Casterbridge – Discretionary Fund Management company based in Salisbury
Simplify Consulting – a consultancy company providing support to all parties
Student Experience
We spoke to one of the students that chose Financial Advice for their year placement to see how they found the experience:
How did you find out about the student placement role and what attracted you to apply for it?
I found the posting on the Bournemouth University Career website. Initially, I was looking for the Finance/Accounting role as I genuinely thought that was the only option available for someone like me. Luckily, it turned out to be Financial Advice. The more I was getting to know about Financial Advice, the happier I became with the choice I made.
What were the key factors when choosing the company for your placement?
The role was Finance related and this is the reason I initially looked at it. The company was quite small and I like the idea of the small company. Even now, I have realised it is like a small family.
Also, it was close to Bournemouth Uni. The company would have already made the connection and had a good relationship with the Uni so thought it would be a good shout.
How much did you know about a Financial Advice career before applying and what were your expectations of the role?
Not much to be fair. There is a unit in my final year of Uni, an optional unit, called Investment Management. Obviously, all the boys like that sort of thing as they think that they will make lots of money. I was never really attracted to that side of careers. I have been looking at it from different perspective – advice perspective. I like helping people reach their goals. I think this is what really attracted me to the role and what I have thoroughly enjoyed.
With regards to expectations – initially, I thought I would be the quiet Intern who just supports others, doesn’t get involved much, does odd job here and there. It wasn’t the case – I was allowed to get involved with lots of projects, attending client meetings. This has really been eye opening for me. I am very lucky to have been given these opportunities and the experience I gained has definitely exceeded my expectations.
What are the best and the most challenging parts of your role?
I really like hearing Adviser stories about how close they are with their clients e.g. Advisers being invited to Client weddings receptions. It is truly nice to hear and a testament to the relationship they have with their clients. It is extremely rewarding aspect, being part of their life.
Challenging… (a bit of laugh!). Initially, it was waking up so early (reminder – we are talking to a student). But seriously, it was getting used to the structured way of working. Working closely with other people. The way we work at Uni is different – I can have a project and work over it for however long I want to. I am my own leader and I choose what to do and when. Obviously, working with other people doesn’t give this flexibility. It does get quite hard at times but this is just a different life I needed to adapt quickly and I am used to it now.
What advice would give to other students searching for a placement?
If you want to become a Financial Adviser ask to be included in various projects, different types of work. Don’t’ be afraid to ask to attend Client meetings, ask if you can go to events, conferences… Get involved! I have learned the most by actually doing the job, being there, reading lots and getting involved with all opportunities presented.
For anyone thinking of doing a placement, I would say definitively go for it and explore Financial Advice as an opportunity. It has been one of my most enjoyable years at Uni. I have learned so much about what I really want to do, what I like and what I don’t like… It will set up anyone well for the future, after they finish Uni.
You are almost at the end of the placement, and back for the final year at Uni. Do you think this is a career you will pursue when you graduate?
Definitely.
I really enjoyed this year and will be staying in touch with my current employer. I am now about to take RO2 exam. Professional Qualifications is another aspect I got involved with. I was lucky to have been offered it and I enjoyed having something to work alongside my usual working hours.