Not all routes into a career in finance are the same. The perception of a financial adviser being middle aged, always suited and booted and carrying a briefcase are no longer true. Graduates of St. James’s Place Financial Adviser Academy are proving that diverse backgrounds are helping to move the dial and making financial advice accessible to even more people.
Olly Biddulph is three years into starting his own financial advice business, but his route into the industry was anything but traditional. He explains, “I studied at Millfield School which is a sports school where I was the athletics Captain. 2012 was a big year in which sport was highly topical with London hosting the Olympics. Team GB wanted to establish the first ever Youth bobsleigh team and they were visiting schools on a recruitment drive. Lots of people said that I should put my name down, and so at the age of 18, after going through multiple competition rounds, I secured my place as a driver in the Great British Youth Bobsleigh team in the inaugural Winter Youth Olympic Games.”
Olly represented GB at the Junior World Championships and the World Championships the following year. He then continued into the 2016/17 season whilst completing a BA Hons degree in sports performance at the University of Bath, securing a first-class Honours Degree. Unfortunately, the sport eventually ran out of funding and so at the age of 24, Olly retired from competitive sport, but rather than feel despondent, he saw it as a time for change.
Trainer, teacher, adviser
Olly’s first move was to become a personal trainer, which over time, led him to a role as a PE teacher. He realised that teaching was a great passion of his and his commitment to this career saw him complete a PGCE in PE. Olly comments, “Whilst the career itself was incredibly rewarding, I always felt that I had more to give. For me, teaching wasn’t quite hitting the mark. I found the hours restricting and there was a ceiling on where I could go. I found myself at a bit of a crossroads which was daunting as I didn’t know which turn to take next.”
It was whilst scrolling through the Life After Professional Sport (LAPS) website that he saw an advertisement from St. James’s Place Financial Adviser Academy. Olly comments, “The opportunity seemed like a great fit for me – once I’d left school, I briefly went to Reading University to study economics but left as they wouldn’t allow me to continue my sport. I had always had an interest in finance, alongside sport. When I look back now, I realise, that my teaching career plays a big part in my current role as a financial adviser. But, instead of teaching students’ physical education, I am teaching people how to best manage their money. I can call on those skills again to make a difference in people’s lives, to have purpose.”
Business goes live during global economic uncertainty
Having graduated from the Academy, Olly felt supported and fully equipped to start his own St. James’s Place Partner practice. This was just as well as his business went live in February 2020, shortly before everybody’s lives were changed by COVID-19. Olly continues, “Starting my business through a period of uncertainty was a challenge, but one that I felt would stand me in good stead for the future. I told myself if I could get through this then I can get through anything – it was a confidence boost. Perhaps it’s surprising, but I was more concerned about my age. I was 27 when I launched my business and most people perceive a financial adviser to be much older, I worried that they’d have a negative perception of me and my abilities.
“I addressed this up front with clients by explaining that because I am young, I am able to work with them for the long-term, all the way through to retirement and beyond. Over this period, I would get to know their family well and could give them the best advice possible throughout their changing circumstances. Having newly graduated from such a credible Academy, with the backing of the St. James’s Place brand, also meant that I had all the latest information to advise them on. By doing so, I was able to turn this negative into a big positive.”
Championship work ethic
Being from a competitive sporting background, Olly found it easy to channel this work ethic into running his own business. He acknowledges that working in an industry where the earning potential is there means that you just had to be motivated to work for it – which came naturally to someone who previously competed in World Championships. Better yet, he could choose his own working hours which meant that sport and fitness could always be a constant in his daily schedule.
“Being a financial adviser, the opportunity to help someone with whatever life events they are going through is always there, so my view is that if I don’t do it, someone else will. This is what drives me. It can sometimes feel like I am always working as I may start early in the morning and work until late depending on when my meetings are, but other times it can feel that I am not working at all as my job is all about connecting and having conversations with people. At the end of a day, I feel that I have made a difference and that is a real motivator.”
Always do the right thing
Right from the off, Olly established a solid work ethos which is to always do the right thing, no matter if it’s helping somebody save £200 a month in an ISA or somebody wanting to invest £1 million. This approach has certainly paid off. Olly has countless examples of advising clients to make small changes such as change pension or start an ISA which would make a huge difference to them. In effect, clients valued his advice so highly and built trust in him quickly which resulted in referrals from their friends and family. It means that he is also there for them when their financial situation changes and they require more long-term advice, such as managing an inheritance.
Personal targets give you a focus
After graduating from the St. James’s Place Financial Adviser Academy, Olly describes the moment as entering the ‘real world’ of running his own business. He was armed with everything he needed, he now had to apply it by building out his network. He reflects that after the first year of business, you can run out of friends and family members to advise and that is essentially when the hard work starts. Olly’s determination and work ethic has played a big part in getting him to where he is today in year three of his business. But he also recognises that being target driven has also helped him. One of Olly’s personal targets is to become a Chartered adviser before the age of 30, which is the highest level of qualification for an advice professional.
Besides being Chartered, Olly has set himself short, medium and long-term goals. He is currently working on his brand by developing a new logo and website, reflective of the professional practice that he operates. But future goals involve recruiting one or more staff to support him as the business grows. One day he plans to expand his business by acquiring other practices.
Essential traits for success
Olly’s business has the backing and knowledge of St. James’s Place Financial Adviser Academy for him to draw on whenever he needs it. As well as essential back-office support during his first years of business, there is also help and support available, a network of advice and a community of 4,500 advisers that Olly can confer with.
To become a financial adviser, Olly agrees that you don’t need to have a particular background. In fact, a diverse background is beneficial. He explains, “I have found that essential traits to succeed involve being personable and confident as you need to be able to talk to people from all walks of life – and these can’t necessarily be trained. You need to be knowledgeable but able to put that knowledge into layman’s terms. It is all about building up a connection with someone, sensing their knowledge, reflecting their tone of voice, and then clearly explaining the facts and delivering the best advice to suit their circumstances.”
He concludes, “Nothing in my education or previous career pointed me towards becoming a financial adviser. But having now taken this route I have in fact applied most of my skills to this career; my sporting work ethic combined with my passion for teaching has really benefitted me in my own business. The St James’s Place Financial Adviser Academy values diverse backgrounds – it is an academy for all. When I reach the point of needing to recruit, this it is one of the main things I will look for.”
Find out more about how the Academy supports individuals from a sporting background to transition to a career in financial advice: Sports Industry | Changing Career | St. James’s Place Academy (sjp.co.uk)
Ready to take that next step? Get in touch: Start a conversation | Joining St. James’s Place Academy (sjp.co.uk)
