Experience, who needs it? Well… everyone actually!
Every year, thousands of aspiring graduates take to the (virtual) streets, resume in hand, hoping for a look-in at a reputable firm to secure a placement as part of their studies. Alongside this, internships are a highly sought-after way to gain experience in your chosen field during the summer months or following your studies. So why is it that so few Financial Planning firms offer these opportunities for students and grads?
We recently spoke with James Rivers, a 24-year-old Financial Planner who managed to secure a rare placement within a Financial Planning firm when in university studying for a degree in Finance. In the episode, we discuss the lack of available placements for those interested in Financial Planning, and how the lack of specified Financial Planning degrees available across the UK is a contributor to this.
James says:
“There are not many universities that offer a Financial Planning degree, and unfortunately, no one’s shouting about the industry, …so unless you know someone already in the industry or you stumble into it, you’re not going to get graduates saying, ‘I want to be a Financial Adviser’.”
So, what is it that stops Financial Planning firms from offering these opportunities? Well, aside from the big industry players, there are very few small to medium-sized firms that take on interns and placements. We suggest why this might be during the podcast, stating:
“There aren’t a great deal of opportunities within Financial Planning firms for those placements and perhaps that’s to do with the fact that the average size of a Financial Planning firm in the UK is about 5 people. So, as you can imagine, some of these business owners are also advisers. Do they have the time to take on somebody in a grad role?”
A valid point, interns can’t often just come into a business and hit the ground running, they’ll need training, support, reviews and other time-consuming care from the company they’re in. Alongside this, will there actually be meaningful tasks within the business that the intern can carry out, without needing deeper knowledge and understanding of the role that typically comes with experience?
On the other hand, there are many positives that come from offering internships and placements for students and grads, that can benefit a Financial Planning firm in both the short and long term! Some of these include:
Exposure: Even if you only have one vacancy, hundreds will see it, meaning you’ll be in the back of the mind of many aspiring Financial Services professionals when they enter the big wide world! This will also showcase you as a supportive employer, looking to inspire the next generation.
Perspective: Students and grads can become a source of fresh perspective for your business and can be seen as a test run for employing younger staff. So ask them, ‘What does their generation want from their employer?’, and use that to attract new talent!
Tech Support: The younger generation is very adept when it comes to tech. Students and graduates are often educated on the latest innovations and when they intern with your company, they bring this knowledge with them. Lean into this and reap the benefits, you might even learn a keyboard shortcut or two!
Expense: Now, before you say “cheap labour? Seems a bit cheeky!” hear me out! Yes, interns and placements often cost less in terms of payment, but also, businesses can utilise students to carry out tasks that are time-consuming and less profitable for the key players in the business, leaving them to do what they do best, servicing your clients and earning you money!
Giving Back: They say when one teaches, two learn! So, when you offer guidance and expertise to bright-eyed, bushy-tailed interns, you’ll be providing them with wisdom that will stick with them for the crucial stages of their early careers. You may even learn about your own knowledge and teaching capabilities! James mentioned this during our conversation, stating: “Genuinely, the greatest benefit I’ve had is listening in on other Financial Planner’s meetings. Both at a placement level, as well as where I’m working now!”
So, if you’re a business owner looking to gain exposure to the next generation, give back to aspiring Financial Planners, and explore the benefits of supporting students and grads, why not consider internships and placements? What have you got to lose?
Want to see a placement-turned-success story? Check out the full episode of the Financial Planner Life Podcast here:
