The financial services sector is rapidly evolving, with financial planning professionals’ preferences changing in terms of what they want from their employer and careers.
In this blog, our Head of Financial Services Recruitment, Duncan McIlroy, has provided us with a detailed and insightful question and answer about these emerging trends from both an organisation and employee side, strategies to recruit and retain top talent, and how the current economic climate is affecting financial services recruitment. From his expert knowledge, Duncan has applied these topics to the world of financial services, giving insights and tips for adapting to them whilst remaining competitive, as well as creating and maintaining a loyal and engaged workforce.
What are professionals in financial planning wanting in their careers and from their employers at present?
Professionals regularly prioritise career growth, job stability, and opportunities for skill development. They also value employers who offer clear pathways for professional progression, support for qualifications, and access to challenging and diverse work. Additionally, the demand for flexible working arrangements continues to increase, as well as competitive pay, and a positive workplace culture.
In regards to a positive workplace culture, financial planning professionals often specify that a supportive, collaborative work environment is key. Furthermore, being equipped with good technology is important in order to do their jobs effectively. This way, they can meet the demands of clients and also work flexibly.
How important is company culture and values to professionals in financial planning today?
Many candidates prioritise workplaces that emphasise integrity, collaboration, and a supportive environment, as these align with their personal and professional goals. A strong, positive culture not only attracts top talent but also helps improve employee retention by creating a sense of belonging and shared purpose.
Are remote and hybrid working arrangements still a key consideration for professionals in the financial planning sector?
The desire to work hybrid continues to increase from my candidates when moving roles. Employers who offer such flexibility gain a competitive edge as offering this means they can attract and retain a wider pool of talent. Employers who are not open to hybrid are limiting their potential talent pool. There is still resistance from some employers to adapt their systems and processes to accommodate this. In my opinion, providing remote and hybrid working arrangements is crucial to an employer’s recruitment and retention strategies within financial planning. Importantly though, it is also the consistency between saying it will be provided and acting on it that is key.
What trends are emerging in the types of benefits professionals are prioritising?
In the financial planning sector, professionals are increasingly prioritising benefits that support their work-life balance, well-being, and personal development. Key trends include:
Flexible working arrangements
- Hybrid and remote working models are highly sought after. Offering individuals the ability to balance personal and work commitments more effectively helps to improve their overall wellbeing.
Development Opportunities
- Professionals are looking for employers who offer career progression support. For example, funding for professional qualifications and ongoing training, to support professional growth.
These trends indicate that financial planning professionals are increasingly seeking benefits that align with their long-term career goals and overall well-being.
From this, what can employers do to enhance staff retention and attract new employees?
Employers can enhance staff retention and attract new employees in the financial planning sector by focusing on several key areas:
Career Compensation and Benefits
- Offer attractive salaries, performance-based bonuses, and tailored benefits such as enhanced pension contributions, health insurance, and study support for professional qualifications.
Career Development Opportunities
- Provide clear pathways for progression, access to ongoing professional development, and mentorship programs to help employees grow within the organisation. This ties in with the above point regarding providing study support for professional qualifications, as it supports employee development.
Flexible Work Arrangements
- Remote and hybrid working options, which remain a key consideration for candidates in the sector. This is particularly important to show the support of your employees long-term wellbeing at work, and demonstrating that you listen to them.
Positive Company Culture
- Foster a supportive, inclusive, and collaborative work environment with a strong emphasis on values, employee well-being, and recognition.
Work-Life Balance
- Encourage a balanced workload and implement policies that promote time off and personal well-being, addressing the burnout risks. Ensure your employees take necessary breaks, get fresh air, or take time out for themselves during the work day if you notice signs of stress or burnout.
By addressing these factors, employers can build a reputation as an employer of choice in the financial planning industry.
What skills are employers looking for in financial planning professionals?
Employers in financial planning seek professionals with strong technical expertise in areas like IHT planning, pensions, investments, and financial regulations. Key soft skills include excellent communication, problem-solving, and the ability to build lasting client relationships. Proficiency in financial planning software and a commitment to professional development, such as attaining chartered status, are also highly valued.
What challenges are employers facing when trying to fill specialised roles in financial services?
There is a shortage of highly skilled and qualified professionals, particularly those with advanced financial planning certifications like the Chartered Financial Planner status. Competition for the top talent is intense, driving up salary expectations and making it harder for smaller firms to compete with larger organisations. Additionally, candidates are increasingly prioritising flexible working arrangements and meaningful benefits, as discussed. Unfortunately, this may not always align with what employers are offering.
What role does professional development and upskilling play in retaining talent in this industry?
Professional development and upskilling play a critical role in retaining talent in the financial planning industry. Financial planning professionals often seek opportunities to grow their technical expertise and achieve certifications like the Level 4 Diploma and Level 6 Chartered Financial Planner qualification. These qualifications are offered by various awarding bodies including the CII, CISI and LIBF.
Offering clear development pathways, funding for qualifications, and access to mentors and learning resources keeps employees engaged. Also, it demonstrates an employer’s commitment to their employee’s career progression.
What impact is the economic climate having on recruitment and career progression in the financial planning sector?
The current economic climate in the UK is having a mixed impact on recruitment and career progression within the financial planning sector. On one hand, the uncertainty caused by inflation and economic slowdown is leading some firms to adopt a cautious approach to hiring, with a focus on cost efficiency. This may result in fewer new roles or slower recruitment processes. On the other hand, financial planning remains an essential service, and there is demand for skilled professionals. Particularly there is a demand for those with experience in complex areas like pensions and retirement planning. Career progression is also impacted. This is because firms may prioritise internal mobility and professional development programmes over new hires. Whilst many professionals seek stability and growth opportunities within firms that offer strong support, flexibility, and clear career paths.
At the very start of 2024, we launched a Financial Services Recruitment division at Eventus Recruitment, headed by Duncan himself. With expert knowledge in this sector, we have found financial planning professionals jobs that fully fit their requirements and goals in the sector. Also, we have been able to advise companies on what they can do to improve their recruitment and retention strategies specifically. Combined with our industry knowledge, our annual employment trends survey has confirmed the emerging trends we see in today’s financial planning sector, that have been discussed above. If you are a firm that needs help navigating these ever-changing times, or are a financial services professional looking for their next role, please get in touch. You can contact Duncan at 07950 472004 or duncan.mcilroy@eventusfinance.com. Additionally, we recruit for legal and legal finance roles too. Contact us here if you would like to know more about these sectors.
