Financial advice is a great choice for graduates who want to build a long-term career that brings job satisfaction and a decent salary.
But competition for trainee positions is fierce and it is difficult to get an employed adviser role if you haven’t worked your way up.
Here, three aspiring advisers share their stories of breaking into the profession.
Competitive edge
Jack Fernandez
It took would-be financial adviser Jack Fernandez nearly four months and hundreds of job applications to secure his first job in advice after graduating from Scotland’s prestigious University of St Andrews in May.
Do an internship if possible. Try to stand out as much as you can
Originally from the US, Fernandez — who studied financial economics — is now four months in to his admin role at London advice firm The Penny Group.
“The plan is that I pass my exams and get more experience to move towards a traineeship and becoming a fully fledged adviser,” he says.
Fernandez originally applied for jobs in Scotland but soon realised that, to increase his chance of success, he must widen his search.
Taking the industry exams is an easy way to differentiate yourself if you have the time and money to do it
“The job situation is tough in the UK — if you’re not in London it’s quite difficult,” he says.
“But, if you’re looking for a month or two, you can usually find something in London.”
Starting his Level 4 diploma exams during his last year at university was something Fernandez thought would give him a competitive edge — and it paid off.
“I got very lucky because there is a lack of — and need for — employed trainees,” he says. “I applied for 150–200 jobs and got to the interview stage three times.”
The job situation is tough in the UK — if you’re not in London it’s quite difficult
Fernandez has a couple of tips for other graduates trying to land their first job in advice.
“It’s difficult if you’re at uni but do an internship if you can,” he says.
“Try to stand out as much as you can. Taking the industry exams is an easy way to differentiate yourself if you have the time and money to do it.”
A foot in the door
Ash Shah
Associate financial planner Ash Shah started his career in advice as a receptionist with Evolution Financial Services after leaving university, where he had studied politics and economics, in 2016.
The idea was to get his foot in the door as trainee adviser roles were rare and too many people were applying for those that came up.
This is a good way to earn a salary while trying to build an advice career
“I quickly showed that I wanted to do more than reception work and really pushed this,” says Shah.
After a year in admin, he became a trainee paraplanner.
“I then moved into a paraplanning/admin hybrid role, but I got a little stuck at that point because there wasn’t an adviser role or another role above me to move into.”
I’ve been trying to build my brand on social media and bring in my own clients
Having gained client-facing experience and other skills in paraplanning at international advice firm Hoxton Wealth, Shah has returned to Evolution in a hybrid role as a paraplanner with the ability to advise any clients he brings in.
Even now, Shah would love to hone his craft as an employed adviser, but he is grateful to Evolution for having given him a chance.
“The team has taught me a lot, and this is a good way to earn a salary while trying to build an advice career,” he says.
“I’ve been trying to build my brand on social media and bring in my own clients, but it’s a tough road to establish yourself.”
I quickly showed that I wanted to do more than reception work and really pushed this
Shah says it is an advantage if firms have too many clients and are willing to offer them to junior advisers.
“But it’s not common to bring in an employed adviser to take over existing clients,” he says.
Financial freedom
Alex Gager
Having graduated from a US university with a psychology degree in April, aspiring financial adviser Alex Gager is back in London and preparing to start his first job with an independent financial advice firm.
“An adviser with over 20 years’ experience has just set up a new business,” he explains.
When I asked people for a job, the answer was always, ‘We need someone with experience’
It is likely Gager, a student athlete, would have gone down the psychology route if he had not met a financially clued-up friend at university.
“A team-mate of mine had an old head on his shoulders and taught me about money,” he says. “He spoke to me about financial freedom.
“People want the big house and car, but he said, ‘I want to be financially free. I want to be able to work when I want, travel when I want; be free to do what I want when I want to do it.’ It opened my eyes to the possibilities.”
People on LinkedIn are so helpful. I’ve met so many great people [on there]
Gager had been job hunting since the end of May and had turned down an offer from a big advice firm to hold out for a role within an independent business.
He found offers came his way by asking people in the profession, via LinkedIn, for tips on how to get into it, and enquiring how they had done it, rather than asking for a job.
“When I asked people for a job, the answer was always, ‘We need someone with experience,’” recalls Gager.
A team-mate had an old head on his shoulders and taught me about money
“But people on LinkedIn are so helpful. I’ve met so many great people [on there].
“There was only one person who wasn’t interested.”
This article featured in the November 2024 edition of Money Marketing.
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