Covid-19 has changed the business strategies and operations of many firms in the advice sector.
Working from home used to mean offering some flexibility to employees, but has now become the only way in which companies can continue to operate.
That’s all great and well for people in established jobs, who have experience.
But what about those just starting out?
Recently, International Adviser discussed how viable working from home is in the long-term.
In this article, we take a look at how academies have adapted to a covid world.
Training
The big question when training financial advisers is whether face-to-face contact is vital for education and progression?
Claire Limon, director of learning and acquisition at Openwork, said: “We have found that while the new normal has its challenges, it has also presented opportunities and we are delighted with the way in which at Openwork, our programmes have continued with minimal disruption throughout the pandemic.”
Justine Paul, head of adviser learning at Sesame Bankhall Group, said: “It’s best practice for any firm recruiting a new adviser, whether inexperienced or experienced, to undertake a competency-based or strengths-based interview.
“This will help to ascertain how they are going to fit into the business and support customers. It will also be useful in helping to identify any development needs they may have.
“Of course, technology means that face-to-face meetings are possible today without physically being in the same room, and the advice profession has become far more effective at establishing and managing relationships remotely.”
Shaun Godfrey, head of academy marketing and engagement at the St. James’s Place Academy, said: “Remote interviews are not necessarily a ‘new’ phenomenon and would be conducted if location or logistics prevented a face-to-face meet.
“In future, it’s likely the selection process for advisers will involve a combination of virtual and face-to-face interactions, making it more flexible and allowing for changes in working patterns and practices. This will also offer candidates the opportunities to showcase their skills and attributes in a variety of ways.”
Give confidence
Academies have been set up to give prospective advisers technical knowledge.
But, with the lack of a hands-on approach, will they have the confidence to go it alone after they are qualified?
Paul said: “Training should be considered as a long-term development plan, rather than simply just the achievement of a qualification and attendance on an induction programme.
“Inexperienced advisers also need to be given opportunities to work alongside experienced advisers in all areas of the advice journey. This will help them to gain exposure to as many different advice scenarios as possible.
“True confidence comes from an awareness of one’s own level of knowledge, skills and range of experience. In addition, direct supervision, good coaching, and outcome-oriented feedback has an important role to play in building confidence and mitigating risks.”
Godfrey added: “Covid-19 has prompted many businesses to integrate technology to upscale and accelerate learning and continue to deliver training sessions.
“An upside of the crisis has been that people have had more time to dedicate to their own development and training, and virtual sessions have been well-attended throughout this period. We have created and delivered webinars which focus on various core development needs, such as the technical skills, soft skills and transferrable skills required to adapt rapidly to industry changes.”
Proficiency in face-to-face communication
The importance of technology has placed more emphasis away from face-to-face, so could this mean newly-qualified advisers will lack proficiency in in-person communication?
Openwork’s Limon said: “This is an interesting question. For some years now, many Openwork advisers have been conducting meetings with clients both face to face and online. We find that many clients have very busy schedules, are often in different parts of the world and therefore, place great value on the online service.
“We use this experience to inform our development programmes which means that our advisers are able to offer clients a financial planning service tailored to their requirements, within any pandemic restrictions of course.”
Godfrey said: “The core skills for advisers, therefore, remain the same as before; focused on building close relationships with clients, applying expertise and judgement, analysing information, deciding and initiating action, presenting and communicating information, entrepreneurial and commercial thinking, and setting personal work aims and objectives.
“But it’s now more important that advisers are able to use a variety of mediums to deliver the regular contact and a personal service that clients expect. This might be through face-to-face interaction, through video conferencing and virtual meetings, presenting on virtual stages in webinars, and integrating technology and tools to make practical efficiencies on a day-to-day basis.”
Can academies survive in the post-covid world?
The academies have adapted to the situation well, but is it viable for them to train advisers in this distanced way in the long-term?
Limon said: “More than ever before, the key to success is the capacity and desire to adapt quickly and frequently. The Openwork academy has evolved over a number of years and I expect this to continue. I think that complacency is the greatest threat to thriving in the future.
“I don’t believe any progressive business can thrive, let alone survive, by standing-still or settling for the current set up.”
SJP’s Godfrey added: “We will be continuing to attract people who wish to develop a new career as a financial planner, for some considerable time.
“The core reason we set up the academy, was the continuing reduction in the number of qualified advisers, the rationale of why we started hasn’t changed.”
