Next Gen news feed: catch up on 12 months of change

As we issue our first next generation newsletter for 2018, take a look at all the top next gen stories from last year.

31 January 2017

Ascot's academy...

It was way back at the beginning of last year (a year to the day!), but perhaps you remember the news that national IFA Ascot Lloyd launched an academy programme designed to offer a path into financial services for a new generation of IFAs.

The Adviser Academy is aimed at individuals who are returning to the job market, seeking a career change or looking for their start in financial planning having recently left school. 

The programme lasts up to two and a half years, during which time trainees become fully diploma qualified. They are then encouraged to achieve chartered status.

Chief executive Richard Dunbabin (pictured) said at the time: 'We are looking for individuals who have the potential to develop into the financial advisers that today’s challenging financial landscape calls for.

'Industry regulation has driven significant consolidation accompanied by improved professional standards, and we will look for the high calibre candidates that have the ability to thrive in the new world of financial advice.'

31 January 2017

Ascot's academy...

It was way back at the beginning of last year (a year to the day!), but perhaps you remember the news that national IFA Ascot Lloyd launched an academy programme designed to offer a path into financial services for a new generation of IFAs.

The Adviser Academy is aimed at individuals who are returning to the job market, seeking a career change or looking for their start in financial planning having recently left school. 

The programme lasts up to two and a half years, during which time trainees become fully diploma qualified. They are then encouraged to achieve chartered status.

Chief executive Richard Dunbabin (pictured) said at the time: 'We are looking for individuals who have the potential to develop into the financial advisers that today’s challenging financial landscape calls for.

'Industry regulation has driven significant consolidation accompanied by improved professional standards, and we will look for the high calibre candidates that have the ability to thrive in the new world of financial advice.'

22 March 2017

Course cancelled...

2017 seems to have been relatively light on really bad news for next generation financial planners, but there was one story that surely does not bode well for the profession.

A financial planning course at the University of South Wales in Cardiff had been the springboard for several young guns, including two young aspiring financial planners at Newport-based Niche IFA.

However, last year the university was forced to drop the course due to a lower than expected take-up from students.

‘The course offered a continuous feed of next generation financial advisers being taught a syllabus aligned to the Chartered Insurance Institute diploma qualification,’ Niche director Ray Adams said.

‘It was a major step forward for the industry, which meant our next generation could finally go to university and be well on their way to becoming a financial adviser when they graduate.’

 

22 March 2017

Future thinking

It does not get much better than this in terms of youth and ambition.

Last year one young IFA at a Chelmsford-based firm was making the most of a recent Treasury announcement to allow savers to use part of their pension savings to pay for retirement advice.

The pension advice allowance, which came into force in April last year, allows savers to withdraw £1,500 tax-free before retirement to pay for advice, but only in the form of three £500 instalments in different years, plus a £500 employer contribution.

In response, EC Financial adviser Michael MacLeod (not to be confused with Everett MacLeod director Mike MacLeod) designed an ‘advice lite’ package.

The fee will cover advice, meetings and a full report, though there will be an implementation charge of £300 if the client wishes to follow through on any recommendation made by the firm.

Employees will also have access to a £500 contribution towards advice from their employer. That means in a given year a worker could combine their pension advice allowance and employer's allowance to give them £1,000 to spend on advice. 

Including the implementation charge, MacLeod's proposition would cost £799.

14 June 2017

Moneyfarm has Sipp in its sights

Last year we reported that digital advice firm Moneyfarm was developing plans to unveil its own Sipp in the third quarter of 2017. 

The move came as part of the Italian firm's plans to expand its product range.

Co-founder and chief executive Giovanni Daprà (pictured) said Moneyfarm's ambition was to be at the heart of the consumer's entire financial life. 

'We are aiming to launch the Sipp in Q3, and are in the process of finalising the details such as costs and charges. We launched an insurance product in Italy which was based on a similar concept and has been well received,' he said at the time.

'We are looking at how to develop a product and expand it in such a way as to become the focal point for someone's entire financial life.'

20 June 2017

BlackRock backs Scalable Capital

Asset manager BlackRock has took a large minority stake in robo-advice firm Scalable Capital in June last year.

The investment was part of a £26.3 million (€30 million) fund raising round. The companies did not disclose how big BlackRock's investment was but said it had taken 'a significant' equity stake. 

Following the deal BlackRock's chief operating officer in Europe Patrick Olson was set to join Scalable Capital's supervisory board too. 

Scalable Capital said BlackRock's involvement would not affect asset allocation or product selection decisions. 

Adam French (pictured), chief executive of Scalable Capital, said at the time that partnering with BlackRock would help the firm grow and reach more clients. 

'Its investment in our firm is a fantastic validation of our work so far,
opens up new growth avenues for our business and firmly establishes us on the digital wealth management map in Europe,' he said. 

22 June 2017

Survey finds soft skills support in demand

Last year a poll conducted at one of our next generation forums found that 'soft skills' training was the primary area in which next generation advisers and wealth managers needed more support.

40 of our delegates were asked in which area the next generation needed more support, with 48% returning the verdict that soft skills training would be most important for their development.

Meanwhile, another 35% said they needed more funding and support towards further qualifications, while 10% said that technical or systems training was most vital to them.

The same poll had also been conducted with more senior advisers and wealth managers, with two thirds agreeing that more soft skills training was needed for younger professionals.

 

23 June 2017

Sipp scoop

Scalable Capital made the news again last year when New Model Adviser® discovered it had plans to launch a white-labelled Sipp offering before the end of the year.

We understood at the time that the company was working with Sipp administration company Embark on the project.

Adam French (pictured), chief executive of Scalable Capital, said he would not comment on who the partner company was but did confirm development of the Sipp was underway.

French said the offering made sense for the fintech company.

‘It is clear having a Sipp really rounds off the suite of products we will be offering,’ he said.

‘We are looking at a number of options but it seems the most natural thing to do is have a fully integrated Scalable Capital Sipp administered by someone else but ultimately integrated with the Scalable Capital service.

 

1 August 2017

Reeling in the young ones...

Last year a pan-European robo-advice firm announced its intention to hook in the next generation of investors with a zero management fee for under 18s.

ETFmatic, which operates in the UK and 31 other European countries, began offering the service in October 2016. 

Product director Johann Bornman said: ‘Time and compound interest are incredible allies in achieving your financial goals. A simple way to ensure the highest possible rate of compound (return), for the level of risk you are willing to take, is to keep your costs as low as possible.'

14 September 2017

Planning for the future

Last year the all-female leadership team of a Darlington-based paraplanning firm set about changing the face of the profession by nurturing graduate talent.

Para-Sols has developed a two-year graduate development programme, The Grad Scheme, in answer to a dearth of experienced paraplanning applicants in the North East.

After two successful cohorts, with a third planned for later this month, the firm welcomed five graduate paraplanners in 2017.

Director Cathi Harrison (pictured) said: ‘Paraplanning is now acknowledged as a reputable career in financial services, but there’s still a lot of work we need to do to educate those outside the profession.’

28 September 2017

Every little helps...

Last year advisers Jo Little and Alfie Mullan launched an advice firm pitched specifically at young ‘tech entrepreneurs’.

Eelah, which opened its doors at the start of September last year  will operate as an appointed representative (AR) of Hemel Hempstead-based Emery Little, where the pair currently work.

The advice firm is owned by Little’s father, Andy Little, and was founded by her grandfather, Bryan Little. Mullan told us at the time that the firm preferred to keep the advisers on a contract basis and help launch Eelah as an AR. The alternative was losing their expertise altogether if they had to leave Emery Little to set up the new venture.

Share this story

More Content

BUSINESS

Explain your methods for a successful switchover

Explain your methods for a successful switchover

Like changing a football club manager, firms implementing new technology must ensure everybody is on board to facilitate a smooth transition.

ADVICE

Communication key to delivering fair collective pensions

Communication key to delivering fair collective pensions

The government wants to avoid any intergenerational unfairness in creating CDC schemes, but savers must be made aware this could mean cuts to their pension pot.

twitter_banner

INVESTMENT