Almond Financial will introduce a four-day working week in 2025, in order to attract younger talent into financial advice.
The Lincoln-based financial advice firm said by doing so it “is leading industry innovation, as the finance sector grapples with a shrinking talent pool”.
The number of young advisers has dropped by 60% from 2022 to 2024. The Financial Conduct Authority stated there were 174 advisers under the age of 25 in 2024, down from 426 in 2022.
Due to this, Almond Financial believes firms may need to “modernise their approach to attract new talent, with practices benefiting work-life balance aiming to attract Gen Z and Millennial candidates”.
Almond Financial principal financial adviser Sam Robinson said the four-day week will allow all staff to spend “more time with their families and to enjoy their hobbies, as well as to show our appreciation for their hard work”.
This change will take place later this year (2025) and will see the team operate Monday through Thursday, 9am-5pm, without condensed hours or reduction in earnings.
Despite finance companies traditionally showing scepticism and limited interest in the notion of a four-day week, Robinson believes this perception is changing.
He said: “While each business is different, we’re seeing that innovative working practices can succeed in finance when properly implemented. The benefits of a motivated team are universal.
“The research is clear – well-rested employees boost productivity, reduce stress and take fewer sick days, which ultimately benefits employees and the business.”
Almond Financial said: “The four-day week is a step towards modernising the financial-advice sector, potentially offering a blueprint for other firms looking to attract and retain talented advisers in an increasingly competitive market.”
In June 2024, Chancery Lane shifted to a four-day work week to help support its employees who are parents and grandparents.
Under the new structure, Chancery Lane employees will only be contracted to work from Monday to Thursday.
They will receive the same pay as they were on previously.
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