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.

What do Financial Advisers do?
Financial Advisers help people and organisations choose investments, savings, pensions, mortgages and insurance products. They ensure that any financial products they recommend are both suitable and affordable. Therefore, an extremely important role given they are dealing with people’s money, investment strategy, protection and retirement planning.
How much do qualified Financial Advisers earn? On average £23,500 – £45,000, there are opportunities to earn more.

What do Paraplanners do?
Paraplanners carry out activities such as preparing statements of advice, financial reports and creating client invoices. They perform research and administrative duties and are responsible for finding the quantitative information that the client will need.
How much do qualified paraplanners earn? Average salary is £35,000.

What skills and knowledge are required?
Confidence/Empathy/Enthusiasm
Customer service skills – fact finding
Knowledge of economics – understanding financial markets and products
Maths knowledge for creating financial plans
Ability to sell products and services
Excellent verbal communication skills
Active listening skills
Thorough attention to detail

What benefits will it bring?
Real professional experience
Excellent networking opportunities
Career opportunities
Opportunity for ongoing study and industry based qualifications
Supported introduction into industry
Mentor support
Chance to be involved in a project from start to finish and work with real cases and clients

Each placement student taking part in the programme is supported by access to standard documentation, a development plan, a training programme and support network.

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.