Upskilling is the new recruiting: 3 strategies to enhance professional development in your financial advice business.

But here’s the challenge: How do you help them develop and grow?

Think of it this way: instead of always trying to hire new talent, focus on making your current team better by helping them to become experts. It's not a quick and easy fix, since the process of training financial advisers requires a holistic, comprehensive approach that encompasses both the development of essential soft skills – empathy, resilience, drive – as well as the all-important technical knowledge needed to deliver advice.  

However, it’s an investment that can strengthen the size and quality of your business over the long-term. We sat down with Lewis Prosser, Head of Professional Development at St. James’s Place, looking to benefit from his 15+ years’ experience in developing financial advisers. He provides 3 strategies you might like to consider.

Strategy 1: Tick the qualifications box

In the UK, you need a Level 4 Diploma in Regulated Financial Advice to practice as a financial adviser. It’s a degree-standard academic qualification which involves multiple exams and modules, designed to ensure comprehensive technical knowledge and know-how. Consider encouraging your staff to obtain their advice qualifications alongside their day-to-day roles. Each exam generally takes 6-9 weeks to prepare for and can be completed whilst working full-time.

The 3 main professional bodies that issue the financial advice qualification (the Chartered Institute of Securities and Investment (CISI), the Chartered Insurance Institute (CII), and the LIBF (London Institute of Banking and Finance)) have different examination styles that cover both written and coursework-based techniques. Understanding your employees’ learning style will help you identify which qualifications are best suited to your team and facilitate a productive development process.

In essence, by ticking the qualifications box, you not only meet regulatory requirements but also set the stage for a well-educated and skilled team, fostering a culture of continuous learning, and enhancing the overall quality of your business.

Strategy 2: Embrace a blended learning approach

Qualifications are necessary components to becoming a financial adviser, but technical know-how can only take a prospective adviser so far. Don’t underestimate the power of experience, shadowing, and mentorship when training your staff – particularly for those who need the confidence to take the first step towards delivering advice to clients. By integrating these elements into your upskilling process, you not only enrich the learning experience but also create a supportive environment for skill development:

• Practical experience allows your team to apply theoretical knowledge to real-world scenarios, honing their abilities to navigate complex financial situations.
• Shadowing experienced advisers provides a unique opportunity for hands-on learning, allowing staff to observe and learn from seasoned professionals in action.
• Mentorship offers personalised guidance and insights, fostering a sense of camaraderie and ensuring that your team receives individualised support from those who have wisdom to share.

Strategy 3: Seek support from formal training programmes or create your own

To facilitate the upskilling of your team, consider leveraging support from established training programmes that embed both technical and soft-skills development. Such programmes support you to grow your staff whilst giving you the reassurance that you’re embedding the right learnings through robust, tried-and-tested training.

For example, business owners at St. James’s Place can benefit from their market-leading Financial Adviser Academy, which offers a structured curriculum that combines theoretical understanding with practical application, shadowing opportunities, and mentorship initiatives. It’s a 12–24-month programme, offered free of charge to SJP businesses, where their staff can study and train, with the eventual goal of re-joining their business as a fully-fledged adviser.

To develop your own formal training programme, start by identifying the specific skills, knowledge, and competencies you want individuals to acquire. Design a structured curriculum that encompasses both technical and soft skills development. Consider partnering with experienced trainers or subject matter experts to create and deliver the training modules. Implement a mentorship programme where seasoned advisers can guide and support junior team members. Additionally, provide opportunities for practical application and hands-on experience, which can be crucial for skill development. Regularly assess and update the training programme to ensure it remains aligned with your business goals and industry best practices. Creating your own training programme not only enhances the capabilities of your team but also establishes a culture of continuous learning within your firm.

Enrolling your team in a structured training programme is not just a short-term fix; it’s a long-term investment in the future success of your financial advice business. The skills and knowledge acquired during this period will not only help your staff achieve their immediate qualifications but will also lay the foundation for them to become more productive and adept advisers in the years to come.

Every day’s a learning day

When it comes to professional development, the learning process doesn’t stop at the Level 4:

“A Financial Services Chartered qualification is degree level, and there’s also an MBA in financial planning. You can also take a Master's – such as the MSc in finance – which is a Level 7 qualification. We've even got an individual at SJP doing a doctorate, which is incredible.”