Advice for Financial Planning's New Generation

Ben Beck is an Award-Winning Financial Adviser (NextGen Planners education commendation and Verve "Attraction Award" Winner) and founder of the Financial Adviser Mentorship (FAM,) a free-to-join network that provides advice to people looking to start and develop a career within financial planning.

Born in Norway to British parents, he has now lived in the UK for 11 years having joined the?British Army in 2010.

Ben has always been fascinated by financial markets and conducted a lot of research before finding the CISI, even ordering a study book by them to take out as reading material whilst on military deployment.

Following his Army service, he completed a year at the Open University, before studying the CISI Level 3 Certificate in Investment and Wealth Management and deciding on a career within Financial Planning.

I caught up with Ben to find out about the challenges he has faced on his journey so far, how he has overcome them, along with his advice for the new generation of Financial Advisers.

At what point did you decide that you wanted to be a Financial Adviser?

Having studied the Level 3 Certificate I decided, why not take the exam? I found it was a tough module, but once I passed it, I decided to continue with exams and that a career in financial planning was definitely something I wanted to pursue.

How did you find the transition from the Army into civilian life and, most importantly, into financial planning?

The communication in the military is extremely efficient and direct, which in civilian life may come across as rude. So it took me a bit of time to ‘soften up’ and come across as more empathetic. So I worked a lot on developing my soft skills.

What the army did teach me, was to push myself. So whenever I reach my comfort zone, I always look to push myself further and further.

The Army is a lifestyle rather than a job, so I have made financial planning my new lifestyle. I have immersed myself as much as possible in the profession by doing articles like this, setting up FAM, networking, or applying as a panelist for the PFS Power Panel.

How long did it take you to become a Financial Planner and what was the route that you took?

I can't remember the exact dates, but it took me roughly 2 years. With my CISI exams, I managed to secure an Administration position, ?I then undertook R01 and R05 and started working towards the Level 4 Diploma, which led to securing a Trainee Adviser position, completing the Diploma and attaining Competent Adviser Status (CAS.)

"There is a skewed perception of career progression in the profession... (but) Paraplanning and Advising are the same levels of seniority."

Given your not-too-distant experience, what advice and guidance would you give those who are currently seeking a career within financial planning?

My advice would be to look beyond the textbook. Use every avenue available to you, whether that be through Linkedin and joining communities and networking, speaking to recruiters to obtain advice and market insights, or simply using the internet.

I would also recommend completing an exam. Whichever exam route you decide to go down, this shows potential employers you are committed to a career in financial planning.

When I decided on a career in financial planning, I also reached out to financial planning companies, not to apply, but to ask them what they look for in prospective candidates. They were able to tell me which exams they would look out for and what they wanted to see on my CV.

Becoming an Adviser isn’t the only route for someone within financial planning. What are the key skills and competencies do you believe are essential for those who want to go into Advice?

There is a skewed perception of career progression in the profession, that you go from an Administrator, into a Paraplanning and then onto Advice. Paraplanning and Advising are the same level of seniority, and I know a number of Paraplanners who are more qualified than Advisers.

For those who are daunted or nervous about picking up a phone and building rapport with a complete stranger and networking, then Paraplanning may be a better path for you.

You need that Entrepreneurial spirit to be an Adviser. Bringing on new clients is tremendously difficult as a fresh-faced person in the profession.

"The goal of any good financial planner, is to help as many clients as I possible. There are loads of people out there that are simply unaware of financial planning and how much of a positive impact it can have on their lives."

Although I thought of myself as an introvert, everyone else has always thought of me as an extrovert. I have no issues going to a new place, with new people and starting conversations. It was then I realised I didn’t really fit the traits of an introvert.

I personally still find the research side of things interesting and do some of my own Paraplanning, however, the client facing side of my role is what I really enjoy.

What things have you found difficult as a Financial Adviser and how have you overcome them?

Generating new clients is always the first hurdle for an Adviser. A good way of overcoming this is in the first instance is to market that yourself as Advising on Mortgages, as the client is aware that they need one and are more likely to approach you directly.

I have joined a networking group in Oxford and managed to gain contacts that way and exchange referrals.

It’s a slow-burning process but the best way to generate business is to give more value than you take. By providing others with referrals, other free advice and support, they are more likely to return the favour at a later date.

What are your future ambitions as a Financial Adviser?

I love learning and developing further, so my future ambitions as an Adviser are to continue working towards becoming Chartered through the CII and also to become a CFP through the CISI.

In addition to this, I have been appointed to the PFS Power Panel and I would love to think that in the role I can have a lasting and positive impact on the profession.

Thirdly, and the goal of any good financial planner, to help as many clients as I possibly can. There are loads of people out there that are simply unaware of financial planning and how much of a positive impact it can have on their lives.

To discuss career opportunities within financial planning, contact me today on 07483396914 or email [email protected]. Equally, send me a connection request and follow my profile for future content and updates.

To join the Financial Adviser Mentorship (FAM) click here