Retaining younger talent
However, enlisting younger people into the industry is only part of the equation, with the rest lying in how they are retained.
Speaking on this issue, Manton identified a clear progression route as one thing that is likely to encourage the retention of young talent.
He explained this route could either take the form of a promotion, or through support with exams to get younger people to the place where they are qualified advisers.
Manton also shared his personal experience of this, saying he was “quite happy” to see the amount of incentive schemes in his first job.
“The more you pushed forward, the more they encouraged you and I think that’s really powerful,” he said.
Social Media
Manton provided some insight into what the biggest issues currently affecting the profession are, specifically identifying the rise of misleading financial advice on social media.
He described routinely discovering financial influencers while scrolling on Instagram delivering overly simplistic advice.
"There is a real danger here of people who are spouting off this information that is, more often than not, inaccurate and goes unchallenged.”
Manton added there is a danger that consumers are likely to latch onto this oversimplified advice as it is the most accessible route for many people to gain financial advice while lacking the benefits of a proper adviser.
“Advice can't be delivered in 30 seconds, it takes weeks and months and you’ve got to go through everything and prepare it carefully,” he explained.
“I think that's a big challenge, which could cause some bad outcomes for a lot of people.”
tom.dunstan@ft.com
If you would like to be featured in our New Voices series, or you know someone who would be a good fit please get in touch with Tom Dunstan at tom.dunstan@ft.com
