International Adviser has helped share many stories about second careerists in the financial advice industry.
Each one reveals a different journey to highlight how it is possible for people from diverse backgrounds to become a financial adviser and help boost the ever-depleting talent pool in the sector.
Simon Andrews, business development manager at Tilney, is another member of the financial advice industry who changed careers; having been a professional footballer at Manchester United and Wigan Athletic.
He spoke to IA about his transition, from leaving the sport in 1991 to join the insurance sector before making his way to advice.
Journey
“I did my A-levels when I was at Manchester United, there wasn’t many doing further education then,” said Andrews “But I guess it enabled me to make a transition of any type, just having that sort of bedrock of being able to pass exams. I really fell into financial services; it wasn’t a career path that I chose. I started out in the sort of insurance world at the bottom.
“The transition from sport into any other industry is a challenge because you are used having accolades thrown at you and the best player at school, and play for your country, and then you play for a big club, and then you have to do something else, because you realise that this isn’t going to be the career.”
Andrews also said that he moved towards financial advice because he liked “being associated with a brand”.
“The whole thing about sport is you wear a tracksuit and strip, you’re associated with something. Working in this industry, you have that association, you work with or for somebody.
“I think back to when I started out in financial services, the ability to be part of a team and being able to bounce things off people in the same way that you got in the dressing room.”
Skills
The promotion of second careerists always involves discussion around their transferable skills which may make them a fit for financial advice.
Andrews says that, during his 30 years in financial services, “resilience and target driven goal getting” have both been useful qualities to help him get ahead in the industry.
“I think the message [for] a lot of younger players is that your life isn’t over just because you leave sport,” he added. “In fact, it’s only just begun because you are building up a lot of skills that you don’t sometimes realise that you’ve got from actually playing competitive sport.
“It’s the ability to transfer those skills and apply them positively, that will hopefully end up in you building a career outside of sport. It’s a people business. When playing sport, you’re an individual but part of the team and there’s good transferability to financial services as well because quite often you’re part of a team.
“I was able to sort of transfer those skills I didn’t even realise I had at the time, resilience being the key one. The ability to bounce back, the ability not to fear the word no and transfer it into learning and developing yourself.
“All of these are really good skills that, as a sports person, you have and I was able to transfer them into the financial world to be doing what I’m doing now.”
Help to transition
As much as firms are starting to look at second careerists as potential candidates, it is still a hard industry to enter.
There needs to be more done to advertise the benefits of a financial advice as a career.
Tilney’s Andrews said: “A lot of companies have academies now where they look to transition sports people across. I think that there could be more of a proactive approach, in terms of individual sports recommending financial services as a career, because a lot of people who make the transition, do well.
“I think it could be communicated better from the sports to say there’s lots of positive case studies about people who’ve made the transition. I think part of that is down to communication. But again, I think it is down to the financial services companies to recognise that, if you’ve played sport, you’re a well-rounded individual.
“I think the financial services companies need to realise that there are lots of good people who played sport at a really good level who maybe weren’t good enough to make it, or maybe have made it and could perform a role.
“One of the things we’re looking to do at Tilney, which is in its infancy, is to work with a number of recognisable former players, who have great networks, but they’re looking for something to do with their time, not necessarily financially driven, but they want still want to be part of something.
“The big fear about leaving sports is that you’re not part of anything anymore. I think that’s where financial services can plug that gap and offer the ability to be part of something for sports people.”
Surprises
From the outside, the financial advice sector can portray a stereotypical image which could deter people from joining.
Andrews believed the stereotypes and it was only becoming an adviser which changed his mindset.
“I initially thought it sounded quite boring and dull,” the former St James’ Place employee said. “But, it’s really not that. I think the perception is that it’s full of grey old men in suits that are quite dull, but actually, you know it is quite the opposite.
“It’s very entrepreneurial and it’s a great career for somebody. It was an incorrect perception of mine.”
