The financial advising sector is facing an outdated perception issue, likened to a ‘hangover’, impeding diversity.
- This stereotype traditionally portrays advisers as middle-aged and formally dressed, deterring varied candidates.
- Gee Foottit from SJP Academy emphasizes addressing these perceptions to embrace a broader talent pool.
- SJP Academy focuses on quality by sourcing potential through referrals, aiming at training 600 individuals annually.
- To remain relevant, the industry must evolve to attract the next generation of advisers.
The financial advisory industry is currently grappling with a persistent stereotype, often described as a ‘hangover’, that portrays advisers as predominantly middle-aged and conservatively dressed. This perception has long dominated the sector, potentially discouraging individuals from diverse backgrounds from considering financial advice as a career.
Gee Foottit, a senior manager at St James’s Place Academy, highlighted the need to dismantle this stereotype to recruit a more varied population into the next generation of advisers. Speaking at an industry event, Foottit emphasized that changing these outdated perceptions is crucial for opening the profession to a broader spectrum of candidates, ultimately leading to greater diversity and inclusivity.
Foottit elaborated on the academy’s approach, which prioritises quality over quantity in its training programme. With the capacity to train up to 600 advisers annually, the focus remains steadfast on selecting candidates who exhibit the potential to thrive in financial advice roles. This is achieved largely through referrals from current SJP employees, who are adept at identifying individuals possessing the necessary skills and attributes.
The onus is on the financial advisory field to evolve beyond its conventional image to stay competitive and relevant. It is through such efforts that the industry can ensure it meets the demands and expectations of future clients who will inevitably seek more relatable and diverse advisers.
Foottit’s call to action underscores an urgent need for the industry to reassess and reshape its traditional image, encouraging a more inclusive and dynamic environment that caters to a wider audience.
The financial advisory sector must reform its image to embrace diversity and meet the needs of future generations.
