But last week the Institute of Financial Services reported that the number of applicants under the age of 30 taking CeMap has doubled in the last five years.
This is a start, admittedly from a low base, but we asked our commentators to look behind the headline and offer some recruitment tips of their own.
Andrew Montlake, director, City-based financial advice firm, Coreco says blooding new recruits is one way to avoid returnees to the market mortgage advice firms really need to avoid.
David Hollingworth, associate director of communications for London & Country says the quality of adviser recruits is rising in step with youth unemployment.
Anne Kiem, chief executive, Institute of Financial Services says earning a salary while studying is a substantial draw for many.
Andrew Montlake, director, City-based financial advice firm, Coreco
News that there are increasing numbers of young people looking to enter the mortgage industry will bring a sigh of relief to many brokerages who have been struggling to recruit in recent months.
A cursory glance at many of the CVs hitting brokerages in the past year or so reveals some familiar names who have moved around too much, or “good time” brokers who when times got tough sought sanctuary in other fields and are now venturing back. Both of these groups come with a certain amount of baggage and whilst there are some good brokers willing to change, many believe they know better.
This was one of the main reasons Coreco entered into the excellent Apprenticeship scheme. Our top broker so far this year is in fact a young guy who epitomises what is required to succeed in the market today; tenacity, empathy, a certain amount of charm laced with good old fashioned dedication, hard work, an eagerness to learn, drive and determination to be the best. A wicked sense of humour also does wonders.
Coming into the industry now is an excellent time to train and is reminiscent of when many of us started in the industry in the early ‘90s. Rather than those who started in easy times and now feel they have a divine right to earn a packet without much hard work, these youngsters will get a realistic grounding and undoubtedly go on to be the leaders of tomorrow.
Without succession planning, taking a chance and blooding new recruits, our industry is in danger. We welcome young, tech savvy newcomers at Coreco, and if firms do not want to be left behind, I would highly recommend they follow suit.
David Hollingworth, associate director of communications for London & Country
We have experience of taking advisers that are new to the industry for more than a decade now. Recruiting from the broader market as well as those already experienced within the mortgage industry has unearthed a rich seam of talent. It is a strategy that we persist with in our Bath and Newcastle offices.
These figures certainly highlight the fact that mortgage advice and the professional qualifications that come with it are an attractive proposition to those looking to forge a career in financial services. With competition in the graduate employment market extremely high it’s perhaps no surprise that application numbers and quality are high.
It’s not just new graduates that are interested in mortgage broking. Some working in the broader financial services market may feel they have hit something of a dead end and are eager to test themselves in a specialised, whole of market environment.
Of course it’s important to focus on quality and to seek out those that really want to do the job. They clearly need to be enthusiastic, hard working and have the analytical skills required but moreover they should enjoy helping their customers through one of the most stressful periods in anyone’s life.
Anne Kiem, chief executive, Institute of Financial Services
When the Institute of Financial Services conducted research among its Certificate in Mortgage Advice and Practice (CeMAP) holders, it wanted to gauge how the profession may have changed since the crisis of 2008.
The research didn’t specifically look into the reasons for more professionals aged 30 or under joining the profession, so it is difficult to pinpoint one overriding cause. But, from the Institute’s perspective, one of the main factors is the acknowledgement by employers and employees of the value of professional qualifications.
Laura Evans, the mortgage practitioner who is quoted within the story, told the Institute that it was her employers’ (Prosser Knowles) apprenticeship scheme which encouraged her to consider a career in mortgage advice. That she could earn a salary while studying for the leading industry-recognised qualification allowed her to pursue her ambitions in the finance industry, as an alternative to the time and cost constraints of university. That Prosser Knowles encouraged her to take CeMAP provided another alternative route into the industry.
Whatever the reasons, the fact that so many young people are considering careers in mortgage advice and in the wider financial-advice giving industries, is demonstrative of a healthy industry that is well-prepared for the future.
