Starting Out: Why students aspiring to advise should check their university’s business links
Some advice firms have links with certain universities that are aimed at bringing young talent through the ranks.
For aspiring financial advisers who are currently attending university, it may be worthwhile checking if they could benefit from such a partnership, even if a work placement is not a requirement of their course.
Boosting student careers
Walker Crips Financial Planning (WCFP), for instance, has run an internship programme with the University of York for the past five years.
Each year, WCFP selects one candidate from a shortlist put together by the university. The firm expects to be able to offer more places in the future as it grows.
The internship is about making sure the individual comes away really knowing what a career in financial planning would look like
“We have always been impressed with the calibre of students that come from the university, which itself is obviously well regarded,” says Don Formhals, the firm’s finance and operations director, York.
Formhals discovered the university’s internship programme – in which undergraduates complete a work placement before their final year – in 2020, while discussing the potential for taking on one of the university’s graduates.
He learned how that year in industry is a “massive boost for student careers and confidence, post-graduation”, so this has become the first step in WCFP’s development plan for young advisers.
The whole process gives me a good indication of their likely job prospects within our organisation after graduation
“We see a route to financial planner being three to four years, involving working with the administration and report-writing teams, adviser mentoring plus gaining the professional diploma in financial planning,” says Formhals.
“The internship is very much the first year of this programme. So the role will involve working in the administration department, directly reporting to the client servicing manager but also under the supervision of the financial planner whose client base they will be managing.”
Interview standouts
The interview process for the internship is a highlight for Formhals each year.
“I’m always blown away with the quality of the students,” he says. “The university sends us four or five standout candidates – I’d employ all of them if I could.”
If it turns out [that their future is] not with Walker Crips, I am still happy they have actively worked within the organisation and we have helped in their career journey
Candidates with some prior experience always stand out to Formhals.
“But what I like is someone who really researches both the company and the industry,” he says.
Why graduates should stay positive about a career in advice
To help candidates prepare, the firm sends them in advance several questions that will be asked in the interview.
“I love to hear the responses and I believe it gets the candidates proactively thinking as to whether it’s the career for them. After all, it’s about their wanting to work for us, as much as our wanting them,” says Formhals.
We have always been impressed with the calibre of students that come from the university
“The whole process gives me a good indication of their likely job prospects within our organisation after graduation.”
No obligation
During the placement, Formhals looks at how the individual interacts and works within their direct team and the wider group.
“You can see how this grows over the course of the year to eventually becoming a well-valued member and offering new ideas from their own skillset,” he says.
Although the idea is to keep in touch with interns and find them a permanent role after their studies, WCFP’s leadership understands that some may choose to do something else.
What I like is someone who really researches both the company and the industry
“For me, the internship is about making sure the individual comes away from the year really knowing what a career in financial planning would look like,” says Formhals.
“If that turns out to be not with Walker Crips, I am still happy they have actively worked within the organisation and provided good value to the firm, and we have helped a student in their career journey.”
George Smart, WCFP financial planner and former intern
I initially joined WCFP in July 2022 for a placement year while studying mathematics at the University of York.
It was a fantastic opportunity to gain real-world experience in an industry I was interested in, and to explore whether financial planning was a career I wanted to pursue after graduating.
After completing my degree, I rejoined Walker Crips and achieved the diploma in regulated financial planning within 12 months
I had a great year on placement and thoroughly enjoyed spending time with the administration team, learning about the various processes involved in delivering financial advice and developing my technical knowledge.
I also had the opportunity to work closely with my mentor adviser, shadowing client meetings and undertaking research projects, which gave me valuable insight into the adviser role and the impact financial planning can have on clients’ lives.
After completing my degree, I rejoined Walker Crips as a graduate and achieved the diploma in regulated financial planning within 12 months. During this period, I worked within the paraplanning team and closely alongside one of our regional directors throughout my adviser supervisory period.
It was a fantastic opportunity to explore whether financial planning was a career I wanted to pursue after graduating
Earlier this year, I successfully transitioned into advising clients independently and formally achieved competent adviser status, which was a proud milestone in my career.
I returned to WCFP, but not because it was the easy option after the internship. The main reasons were the clear pathway for progression, excellent support provided by the business and the great colleagues I had worked alongside during my placement year.
Amanda Newman Smith is features writer for Money Marketing
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For more practical information on how to get started in financial advice, please visit our Future Financial Adviser community. We tell you how to take the first steps, how to get ahead and what attributes you need to flourish. Even better, we can put you in touch with helpful contacts.
