UK Firm's Trainee Scheme Addresses Wealth Planner Scarcity

Robbie Lawther

25 June 2018

UK wealth management house says it's tackling the shortage of experienced advisors across the sector by launching its new trainee programme, part of a trend of firms seeking to close skills gaps.

The number of training schemes has increased over the last few years including those run by Old Mutual Wealth, St James's Place and UK wealth manager Pareto, among others, as reported by this publication. According to financial planning firm Evolve, there were 6,085 Chartered Financial Planners in the UK as at February 2018. And as wealth continues to grow across Britain, more high net worth individuals need advice, so firms need to boost supply.

Killik & Co launched its trainee wealth planner programme in May, which is held in its offices based in Mayfair. To find out why firms are looking at introducing their own trainee wealth management schools, this publication interviewed Jasmin Shorter, professional development manager at Killik.

“With increasing regulation, there has been a shortage of experienced advisors across the industry, but we feel we are tackling this issue at its source by attracting less experienced individuals and giving them all the support they require to advance in their careers,” said Shorter. “We have revisited our progression pathways and training and competency policy to ensure everyone has a clear vision of the way in which their career is progressing, which we feel can only help with making us an employer that individuals want to build their profession in. It seeks to arm our junior members of our front office divisions with all the tools, knowledge and skills they will need to develop into advice-giving roles. There are three key elements to our trainee programmes: formal classroom training, professional qualifications, and on-the-job training with an equal emphasis on each element.”

The first programme had an intake of five people, and the programme covers a number of areas such as Killik & Co services and departments, systems training, soft skills, compliance modules as well as a case study element. The firm said the programme will form part of the progression route to becoming either an assistant wealth planner (leading on to eventually becoming a fully-fledged wealth planner) or becoming a financial planner.

Shorter also discussed the issues surrounding the programme and what trainees will need to progress into the sector.

“We need to ensure it has a wide curriculum that doesn’t focus solely on exams,” said Shorter. “We believe the whole journey is important and whilst technical knowledge is essential, so are those softer skills such as striving for excellence and ensuring your client is always the priority. We do all we can to support our trainees through this journey and give them the skills and practical business experience that they need.”

“It’s a finely tuned balance. Some of the modules covered are tailored to the “Killik way”; covering business-specific areas such as our various systems, products and services and giving exposure to senior people in a breadth of divisions. However, other modules are more tailored to a broader educational programme; for example, seminars such as “Offering An Excellent Service” focus on universal skills. Our emphasis on getting all advisors to Chartered status also displays a level of competence that an advisor will hold for life. We encourage lifelong learning and not simply reaching minimum qualification standards,” added Shorter.

Globally, a number of major wealth management houses, such as UBS, have built in-house programmes or worked with universities and business schools to build talent, such as in regions such as Asia where rapid growth in demand for advice has created a shortage. This publication tracks training programmes around the world (see here).