New skills
Upskilling is always a good idea but, arguably, never more so than now.
Firms need to be sure they have the right set of skills in their teams – both in terms of meeting customer needs and business challenges – and use those skillsets strategically.
Simple things, like top-ups to Isas, could be satisfactorily completed by an in-house robo-advice mechanism.
That would free up your better qualified advisers to focus on complex needs, such as retirement, inheritance tax, pensions and later-life planning.
Financial advice firms also need their staff to think strategically about how to move the business forward.
This is going to be increasingly important over the next year or so as investments react to the markets, which in turn react to the vagaries of the virus.
The industry needs more people who can be sensitive to those adversely affected by a floundering economy and who also have the necessary analytical skills to make the right recommendations for clients.
To meet these new challenges, progressing to the next level of training with a Level 6 qualification in financial advice is an option well worth considering.
Level 6 qualifications train advisers to better understand and interpret financial data, hones analytical skills and increases strategic thinking.
They can also set you on the path to chartered status – a professional designation that tells the world that you’re competent, knowledgeable and that you adhere to strict professional standards. It’s a professional designation that consumers know they can trust.
And as a profession we know that we need to win back the public’s trust. We need to demonstrate we have high standards, including adherence to regulation, caring customer service and solid ethics – as well as provide great value for money.
Developing your skills and achieving higher level qualifications is one way to do that.
John Somerville is head of regulatory relationships, professional education, at The London Institute of Banking & Finance
