In the ever-evolving landscape of financial planning, breaking into the profession can be a daunting task, especially for those who lack a conventional background or experience.
on a recent episode of Financial Planner Life Tom Brookes, a chartered financial planner at Mosaac Financial Planning, offers a compelling overview of his journey from property management to financial planning, shedding light on the challenges he faced and the lessons he learned along the way. His story underscores the need for more structured entry routes into the profession, such as employed trainee roles and apprenticeships, to attract and develop new talent.
Transitioning from Property to Financial Planning
Tom Brookes didn’t start his career in financial planning. Instead, he began in property management, working in a letting agency and eventually running his own property franchise. However, after several years, Tom realised that the property industry wasn’t his true calling.
Tom Recalls “I had a bit of a quarter-life crisis. I realised that what I was doing wasn’t what I wanted long-term, so I started looking for something more aligned with my passion.”
This realisation led Tom to explore various careers, and after extensive research, he found financial planning to be the perfect fit. It offered the combination of independence and the ability to help people that he was looking for. But breaking into the profession was not easy.
The Recruitment Challenge
One of the significant hurdles Tom faced was dealing with recruiters. Despite his enthusiasm and commitment, most recruiters dismissed his ambition to become a financial adviser, instead steering him toward administrative or paraplanning roles.
“Most recruiters told me it was impossible to jump straight into an adviser role. They kept pushing me toward admin or paraplanning, but I knew that wasn’t for me,” Tom shares.
This challenge is not unique to Tom. The financial planning profession has long been criticised for its barriers to entry, particularly for those without prior experience.
Recruiters often follow a cookie-cutter approach, focusing on placing candidates in traditional roles that offer the least resistance. As Sam Oakes, host of the Financial Planner Life podcast, notes,
“Recruiters often take a cookie-cutter approach, looking for the easiest placement. But the right recruiter should be your marketer and sales person, someone who really sells you as an individual.”
Navigating the Recruiter Landscape: Sam’s Advice
In the podcast, Sam also provides practical advice for those dealing with recruiters. He emphasises the importance of being clear about your goals and not being afraid to push back if a recruiter tries to steer you in a direction that doesn’t align with your career aspirations.
“If a recruiter tells you to start in an admin role when you’re aiming to be an adviser, ask them why and explain why you believe you’re ready for the adviser path,” Sam suggests.
Sam also highlights the importance of not relying solely on recruiters to land a job. In the episode, he and Tom break down strategies for marketing yourself directly to employers.
“Don’t just wait for a recruiter to open doors for you. Be proactive. Reach out to firms directly, build your personal brand, and show them what you can bring to the table,” Sam advises.
By taking control of your job search and leveraging multiple channels, you can increase your chances of finding the right opportunity without being overly dependent on recruiters.
A Fast-Track Approach to Qualifications
Determined to prove his commitment and stand out from the crowd, Tom adopted an aggressive approach to obtaining his qualifications. He passed all six of the Chartered Insurance Institute (CII) RO exams in just three and a half months.
“I knew I had to make a statement, so I passed all six RO exams in just three and a half months. I wanted recruiters and employers to see that I was serious,” Tom explains.
However, while passing exams quickly helped Tom get his foot in the door, he emphasises that the real learning began on the job.
“Passing the exams was just the beginning. The real education started when I began working with clients.”
Choosing Self-Employment: Risks and Rewards
Tom ultimately chose a self-employed position with Mosaac Financial Planning, aligning with his long-term goal of working for himself.
“I’ve always been driven to work for myself. Going self-employed with Mosaac gave me that opportunity, plus the support I needed,” he says.
While self-employment can offer significant rewards, it also comes with substantial risks, particularly for those new to the profession. Without a stable income, the pressure to generate business can lead to unethical practices, including the potential for mis-selling financial products. This is why financial security is crucial, especially for those early in their careers.
Sam Oakes underscores this point: “If you’re young, self-employment can be a great opportunity if you’re prepared. But it’s not for everyone, and having financial security is crucial.”
The Importance of Employed Trainee Routes: The Hoxton Academy Example
The financial planning profession faces significant challenges in attracting new talent. According to a 2022 report by the Financial Conduct Authority (FCA), the average age of financial advisers in the UK is 57, highlighting the urgent need to attract younger professionals into the field. However, the profession’s reliance on self-employed models and the lack of structured career progression pathways can be significant barriers for newcomers.
One positive example of a structured, employed route is the Hoxton Academy, which offers a clear pathway for aspiring financial planners.
Tom mentions, “The Hoxton Academy is a great example of how firms can support new talent. It’s an employed route, which gives people the financial security they need while they learn and develop their skills.”
Sam Oakes further elaborates on this point by sharing a recent conversation he had with a business developer at Hoxton.
“I spoke to a business developer who’s 22, and he understands that it might take him three or four years to become a financial adviser. But he’s excited about the journey because he knows he has a clear career progression and the financial security of a basic salary to focus on his development. That’s the kind of environment we need to create more of in this profession.”
These employed trainee routes and apprenticeship programs offer a structured pathway into the profession, providing financial stability and a clear career progression for those entering the field. They also reduce the risk of mis-selling by ensuring that new planners are adequately trained and supported.
As Tom Brookes emphasises,
“We need to open more doors for new talent. There are so many people out there with the skills to be great financial planners, but they can’t get in because there aren’t enough entry-level opportunities.”
Sam adds, “Firms need to invest in trainees and apprenticeships. It’s a long-term strategy, but it’s essential for the future of the profession.”
Tom Brookes’ journey into financial planning highlights both the challenges and opportunities within the profession. His story underscores the importance of perseverance, self-confidence, and the willingness to take calculated risks. But it also brings to light the need for systemic changes in how the profession attracts and develops new talent.
To ensure a sustainable future, the financial planning profession must focus on creating more accessible pathways for newcomers. This includes offering employed trainee roles, developing robust apprenticeship programs, and providing the support and training needed to build the next generation of financial planners. By doing so, the profession can not only attract fresh talent but also ensure that ethical practices are upheld, safeguarding the interests of clients and the integrity of the profession.
For those considering a career in financial planning, Tom’s advice is clear:
“Don’t be afraid to put yourself out there. Be open to different paths, but also be clear about what you want.”
With the right support and a clear progression plan, the next generation of financial planners can look forward to a rewarding and impactful career.
Resources for Aspiring Financial Planners
- Financial Planner Life Academy – A resource to help aspiring financial planners navigate their entry into the profession.
- How to Get a Job in Financial Planning (Video) – A video guide by Sam Oakes on marketing oneself and securing a position in the financial planning field.
- Hoxton Academy – A structured employed pathway for aspiring financial planners, offering financial security and a clear career progression plan.
- Financial Planner Life Podcast. -Spotify & Apple or Youtube
