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Adviser Workshop: How the RDR can usher in new blood to financial advice
by Jun Merrett on Jan 10, 2013 at 14:46
The push towards professionalism driven by the retail distribution review is attracting young graduates to adviser firms, a benefit Jeremy Davis, Adrian Murphy and Mike Holden have been taking advantage of.
Managing director, 35 Finance
We have recently hired three graduates as part of the firm’s emphasis on professionalism and fresher faces.
The retail distribution review (RDR) has provided the opportunity of publicising to clients and potential clients that there is a higher degree of professionalism in the industry. This has encouraged the younger generation to be a part of it and become advisers.
We want to be at the vanguard of this, making sure we are upgrading our staff not just from the qualifications point of view, but that we are also providing a fresh new-world mind-set.
Graduates don’t have the history of working in an old-model world: they are not used to taking commission. So it is great for us because it is a completely fresh start for them in the new fee-based world.
Tie-ups with universities
We found our graduates through our professional connections. But in the future we would like to forge ties with a university and recruit graduates that way.
We are closely associated with the University of Cambridge. This is something we want to cultivate as we anticipate more people will want to be involved in the industry. This is the way it has happened in the US: financial planning has become a major career choice for university graduates. Usually the UK follows the US, so we could see that happening here too.
Fast development opportunities
I think the graduates were attracted by the feeling that in joining the firm, they are getting on the ground floor of something that is going to take off. They are part of something growing and developing that will make a difference.
They have the opportunity of moving up quicker to a higher level this way than perhaps if they joined a larger organisation.
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