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Life in the Fast Lane: Compass looks to hire younger advisers

by Natalie Fast on Nov 19, 2012 at 13:48

Life in the Fast Lane: Compass looks to hire younger advisers

Recently I caught up with Dorian Squires, investment manager at Compass Independent Financial Services in Blofield, just outside Norwich.

It’s a very pretty part of the Norfolk countryside and my taxi driver insisted the Compass IFS offices were once a doctor’s surgery, built, as it happens, by his own fair hands. Squires confirmed his office was in fact a surgery, which explained the cavernous entrance room and warren-like corridors.

Squires was taking part in our new online video series, Adviser Top Test, and he spoke confidently about how to leave a network. Compass became directly authorised on 3 January this year, having left the network Sesame in December 2011.

Firms looking to leave a network must be aware of their cashflow, said Squires, who attributed his company’s successful transition to immaculate book-keeping, a discipline instilled by the firm’s managing director John Hughes.

Expansion plans

Now that the firm has settled well into its groove of being directly authorised, Squires said he was looking to expand and lower the average age of advisers in the company.

‘We’re looking to hire younger advisers,’ Squires said. ‘But it’s hard to come up with a realistic package for people coming out of banking and bancassurance.’

This reminded me of an article we ran about the pros and cons of hiring ex-bank advisers: while they can bring youth and potential, their expectations may need to be managed.

1 comment so far. Why not have your say?

rumnian

Nov 21, 2012 at 15:25

No-one wants to hire younger advisers right now in my experience, as most MD's want to cash in on advisers at the other end of the employment scale who have 1000's of clients which can be taken on potentially at a low cost.

In my experience younger advisers are limited as they have high expenses to fund and have a history of a salaried position meeting this need. With many IFA's uncertain of how their proposition will pay it's way still many are reluctant to pay salaries. This will surely lead to less young people being encouraged to the IFA market in favour of multi-tie / bancassurance.

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