Becoming a financial adviser was not a lifelong career wish for me.

Indeed — unlike those who dreamed of growing up to be a doctor or a sports star — few of us, I expect, aspired to be a financial planner!

Perhaps this is to be expected, given the relative profile of advisers. But this observation got me thinking about the visibility of our profession to young people, from the perspective of both the next generation of recruits as well as prospective clients.

On the recruitment side, we could do more to raise our profile within the wider sector. My first exposure to financial advice was through making some adviser contacts while on a ski season, which led me to pursue a career via some work experience. However, I get the sense there is a lack of visibility of what our industry is and does among people of my generation.

Younger clients respond well to having a peer at a similar life stage involved in their advice. We will need a new generation of young advisers to serve them

Maybe this low profile among younger adults is not surprising, given the lack of routes into wealth management. But, with the average adviser age pushing close to 60, it poses an existential challenge for our profession.

The requirement of further professional qualifications may be one deterrent, but the lack of opportunities for entry, via mentorship or training programmes, is significant. Here at Finura we are fortunate to offer apprentice and non-graduate roles, which are proving successful.

The traditional pathway can be overly complex and may limit opportunities for keen graduates to gain early client-facing experience. When I was seeking a graduate role, most recruiters advised that prior industry experience was required; the age-old conundrum.

To attract and retain top talent, we must create more effective avenues for early client exposure and career progression. Otherwise we risk losing talent to more visible industries, compounding the problems of an ageing cohort.

I get the sense there is a lack of visibility of what our industry is and does among people of my generation

Employers may fear that young advisers may not be taken seriously by clients, but this has not been my experience. Instead, firms should look at the future of financial advice and the types of client we are likely to serve. With the largest ever intergenerational wealth transfer on the horizon, and the alarming statistic that 92% of heirs change adviser once they receive an inheritance, advice firms should look to youth recruitment to capitalise on an advice proposition for the Millennial generation.

Younger clients tend to be more tech savvy and have often had exposure to DIY investing; they may feel they don’t need financial advice. But they respond well to having a peer at a similar life stage involved in their advice.

We will need a new generation of young advisers to serve them.

Samuel Allen is a chartered paraplanner at Finura

This article featured in the September 2024 edition of Money Marketing. 

If you would like to subscribe to the monthly magazine, please click here.

Women who say they had “intrusive” medical tests while working at Harrods are to make a complaint to the regulator about a doctor, says an ex-employee who alleges she was sexually assaulted by Mohamed Al Fayed.

The woman, known as Natacha, says the examinations carried out by Dr Ann Coxon were “wholly unnecessary”.

The doctor was one of at least two who are reported to have carried out the medical tests. Another, Wendy Snell, has since died.

Many of the women interviewed for the BBC documentary and podcast Al-Fayed: Predator at Harrods said that when they had begun working for the London department store they had undergone medicals, including invasive sexual health tests.

They would be making a formal complaint to the General Medical Council (GMC).

Dr Coxon has been approached for comment.

Fayed, who died last year aged 94, was the owner of Harrods between 1985 and 2010.

He is accused of multiple rapes and sexual assaults by several women who worked for him – many of whom felt unable to report what had happened until recently.

Dozens more women have been in touch since the BBC programme aired last week.

Natacha, part of the Justice for Harrods survivors group, said Dr Coxon had questions to answer about the medical examinations that she carried out on behalf of Fayed.

“The examinations carried out by Dr Coxon were intrusive and wholly unnecessary,” Natacha said.

“They also resulted in many employees’, including my own, confidential medical information being inappropriately shared within Harrods. This should not have happened.”

She said the group would expect the regulator to investigate the allegations made in the BBC documentary.

A GMC spokesperson said the allegations relating to the medical staff were “deeply concerning”.

“If we identify any potential fitness to practise concerns about individual doctors, we will thoroughly examine all relevant information and take action as appropriate,” they added.

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

PwC’s UK partners took home an average of £862,000 this year, a drop on the previous 12 months as sales growth at the Big Four firm slowed and rising costs dented profits.

Partners at the UK firm, which also encompasses its Middle East operations, received a 5 per cent pay cut on average as total revenue growth slowed to 9 per cent compared with 16 per cent in 2023 amid a more difficult economic backdrop.

The firm’s performance was bolstered by its business in the Middle East, which reported a 26 per cent surge in sales, compared with a rise of just 3 per cent in the UK.

Total profits for PwC UK also fell 14 per cent to £1.1bn during the year to June after staff costs swelled by nearly a fifth during the period. Total revenues for the year came in at £6.3bn.

PwC is the first of the Big Four to publish a breakdown of its UK results for the 2024 fiscal year. Rivals are also expected to report a slowdown in growth as a difficult economic environment prompted companies to cut spending.

Marco Amitrano, senior partner of the UK and Middle East firm, said: “We’ve achieved growth in a tough UK market while investing in the technology and skills that will help our clients evolve [and] improve how our people work . . . core services such as tax and audit have proven particularly resilient.”

THOUSANDS of people have just days left to apply for up to £400 free cash ahead of the winter.

The latest round of the Household Support Fund (HSF) is due to close on September 30, so if you’re eligible for help you need to make your application now.

1

The HSF provides financial help to struggling households, and has been extended several times since it was first introduced by the Government in 2021.

The latest round saw £421million given to local councils to distribute to those most in need in their area.

The current round of funding is due to end on September 30 – but applications are still being accepted by some local authorities, so if you’re quick you can still get in.

Earlier this month, it was announced that funding would be extended for the sixth time.

The news means that thousands more will be able to access support when schemes reopen in October, with the new round of funding in place until April 2025. 

The support available through the HSF varies across the country and what you can access depends on where you live.

But funds could be paid out as a direct cash transfer or shopping vouchers.

The amount you receive is usually based on your financial circumstances and what benefits you receive.

For example, East Devon District Council is offering a one-off payment of £100 to households receiving full Housing Benefit or a full Council Tax reduction, with less than £3,000 in capital and someone living in the household who is disabled or a carer.

The cash is also available to care leavers in receipt of Council Tax relief or other benefits including discretionary Housing Benefit.

Meanwhile, Shropshire Council provided a one-off payment of £400 to households in receipt of Council Tax support with a dependant child.

Those eligible who have missed August’s payment run can still apply to have the funds added to their Council Tax account.

And Blackpool Council has already announced its support scheme will be extended until April 2025.

Households struggling with living costs could be able to access a £200 payment if there are one or two people living in their property, or £300 if three or more are resident.

To be eligible, applicants will need to be over the age of 16, experiencing financial hardship and responsible for paying energy bills.

Many councils have warned that funds many close early if all of the cash is allocated, and some have already stopped accepting new applicants.

But it’s always worth checking your local council and, if schemes are still open, it’s best to apply sooner rather than later before all the funding is gone.

Every council will receive funding from the HSF in the next round of support, so if you’re worried about making ends meet, keep checking your local council’s website for further details.

To find your local council, use the Government’s council locator tool.

What is the Household Support Fund?

The HSF was first set up in October 2021 and has now been extended six times.

Councils in England are now able to benefit from the latest round of funding which amounts to £421million.

Nationwide councils have received a portion of the cash to distribute to households in need.

But there is a postcode lottery to determine who qualifies and each local authority can set its own eligibility criteria.

Yet, if you have a limited amount of money or savings in the bank, or are deemed to be vulnerable or on benefits, you will probably qualify for help.

The HSF’s fifth round of funding will close on September 30, but the government has extended the scheme until April 2025 with the injection of a further £421million.

Applications may still be being accepted for the fifth round of funding, so it’s still worth checking with your local authority.

Councils will determine how the cash is distributed. For example, households in Leicestershire have been able to apply for a financial award of £300 per household, which was paid in the form of vouchers to support with gas, electricity and food.

The payment could be delivered as a Post Office voucher, which can be redeemed for cash to help with gas, electricity or water, or an e-voucher to help with food costs that can be converted to a gift card for major supermarkets.

Meanwhile, residents of Leeds could receive council tax support with those with dependent children able to claim up to £100, while those without children could receive £25.

You should get in touch with your local council to see if you might be eligible for help.

You can find what council area you fall under by using the Government’s council locator tool on its website.

The help you can get varies, depending on who your local council is, as well as your personal situation.

You may be able to receive free cash or vouchers to cover the cost of heating your home, or the weekly food grocery shop.

If an applicant is already receiving benefits, these will not be affected by the HSF.

Additionally, you do not need to be getting benefits to receive vouchers or funds from the HSF.

Check with your local council to find out what support is available and the eligibility criteria.

How do you apply?

To get the help, you’ll need to look it up with your council because local authorities are the ones responsible for distributing the funding.

To find your local council, use the gov.uk council finder tool.

Once you’ve identified your local council, there should be information on how to apply for the funding online.

Every council has a separate application process, meaning specific details regarding how to apply depend on where you live.

The eligibility requirements to access the fund might vary in addition so it’s best to check with your local council for further details.

Some councils won’t need you to apply for help and will get in touch instead if you qualify.

If you can’t find any information on your council’s website, it’ s a good idea to call them and ask for further information.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

The family of a woman who died falling from a balcony in Ibiza have said they are still waiting for justice for her.

On the second anniversary of 24-year-old Wallasey woman Robyn Eve Maines’ death at the Hotel Rosamar in Calle Huelva, they said she had been “tragically taken away from us”.

Robyn’s body was found on 25 September 2022.

A 27-year-old man from London was arrested on suspicion of murder and bailed, Merseyside Police officers investigating her death said.

The force, which has been reviewing material from the Spanish police, said Ms Maines death was being treated as unexplained.

Det Insp Phil Ryan said: “On the second anniversary I am appealing for any witnesses who may have been staying at the hotel in September 2022, and who are based in the UK, to come forward.

“Perhaps you return to this same hotel on the same date every year. Were you there in 2022 and did you see or hear anything, or do you have any other information which could assist with our investigation?”

He said officers had a number of lines of enquiry, but that it was “vital that people come forward and tell us what they know”.

“Robyn’s family have understandably been left devastated by her death and are still seeking answers as to what happened,” he added.

Keir Starmer has said he believes that people claiming long-term sickness benefits should be expected to look for work.

He added that there would be “hard cases” and that the government and businesses should help those who may feel anxious about re-entering the workplace, but that the “basic proposition that you should look for work is right”.

The prime minister was speaking to the BBC’s Today programme, following his party conference speech in which he said he wanted to “level” with the country about the “trade-offs” people would face.

He told Labour activists: “If we want to maintain support for the welfare state, then we will legislate to stop benefit fraud, do everything we can to tackle worklessness.”

Following the speech, he was asked in an interview with the Today programme if he agreed with the proposition that virtually no-one should claim benefits without trying to get back to work.

“The basic proposition that you should look for work is right,” he replied.

“People need to look for work, but they also need support.

“That’s why I’ve gone out to look at schemes where businesses are supporting people back into work from long-term sickness.

“Quite often, I think what lies behind this is a fear for someone who’s been on long term sickness that – ‘can they get back into the workplace? Are they going to be able to cope? Is it all going to go hopelessly wrong?’”

The inactivity rate – the number of people out of work and not looking for a job – surged during the Covid pandemic and has since remained at a persistently high level.

Nearly 3 million people are out of work due to ill health, a 500,000 increase on 2019.

The Office for Budget Responsibility says the cost of sickness and disability benefits will increase by £30bn in the next five years.

Following Sir Keir’s conference speech, Labour announced that doctors, expert in speeding up operations, would be sent to areas with the highest number of people out of work due to ill health.

Health Secretary Wes Streeting will set out the measure to Labour activists on the last day of the conference in Liverpool.

He is expected to say that “the best of the NHS” would help “get sick Brits back to health and back to work”.

Speaking to the BBC, the prime minister was also pressed on other trade-offs he listed in his speech including the argument that the public had to accept pylons if they wanted cheaper electricity.

He said people with concerns should be listened to but added: “We want cheaper electricity, we need cheaper power, we can’t pretend that can be done without the need for pylons above the ground.

“Politics is about being honest with people, saying: ‘If you want xyz then we are going to have to do the following things’.”

On illegal migration, Sir Keir said there was a backlog of tens of thousands of asylum seekers waiting to have their claim processed, while the government was paying for their accommodation.

He accused the previous Conservative government of “pretending there’s some magical way to wish away that number”.

He said his government would process the backlog and return those who had no right to be in the UK.

“But I was being clear, if you have that process, there will be people who are processed, who then are able to claim asylum.”

Around 97,000 people claimed asylum in the year to the end of June 2024, with the largest number coming from Afghanistan. Other nationalities applying in large numbers include those from Iran, Pakistan, Vietnam, India, and Bangladesh.

In the same year, 7,190 people who were not granted asylum were returned to their home country.

One of the prime minister’s first decisions was to scrap the Conservative government’s Rwanda scheme, which aimed to deter people trying to get to the UK illegally by crossing the Channel in small boats.

The prime minister dismissed the policy as an expensive gimmick and have instead said they want to tackle the smuggling gangs that arrange the crossings.