The Career Accelerator Series
Part 1: Are you where you want to be in your financial planning career?
Are you where you want to be in your financial planning career? If not, then you may have already begun exploring the possibility of transitioning into a new job within financial planning. Though making such a decision involves weighing many factors, it’s essential to consider both the long-term and short-term implications of doing so.
Before you start searching for a new job in financial planning, think about your goals both professionally and personally. Do you want to stay in the profession and take on more responsibility? Or are you looking for a complete career change? Thinking about your motivations and what type of job would fit best into your lifestyle is key.
Whether you’re a financial planner, administrator, adviser, or anything in between, this guide is here to help you get ahead.
Starting your search: Begin with why?
Why do you want to change from your current employer? As we are all aware, making a significant change in your life can be stressful. So, it’s important to consider all your options before jumping straight into seeking a new employer.
Let’s start by holding the mirror up to ourselves. Think about the reasons why you want to leave, is it for an increase in salary? Is the commute becoming too much? Does the culture and values of your current company align with your own?
As a recruitment company that cares about the future of the financial planner’s career paths and the profession as a whole, we urge you to first, have a conversation with management. Discuss your concerns, evidence your requirements, and begin your financial planning career acceleration with this vital conversation.
If, like many others, your reason why is a salary increase, researching financial planning salaries can help you determine where your worth lies. Different roles have different salary expectations, so doing your homework can be beneficial in understanding what you could expect to make elsewhere, and a great tool in which to bring with you to the meeting with your employer. Find out more about salaries by downloading our guide here.
Whatever your reasoning may be, once you have breached the subject with your employer and if then, the answer to your queries is no. That is when it is time to start looking for a new role elsewhere.
Here are some important factors to consider when considering your new financial planning job:
The potential for growth. Many careers within financial planning require employees to take on additional educational or certification requirements in order to stay up to date on changes in the profession. If you’re interested in continuing to grow and develop, then understanding the opportunities available is essential.
Perhaps you’re an administrator keen to take the necessary steps to become a qualified adviser. Will your current or desired employer support you through the exam qualifications? Remember, your employers aren’t mind readers, it is often those who take the initiative to have that conversation of progression with management, who create opportunities to progress.
Remote working is now one of the major factors people consider when taking on a new financial planning job. There are many roles within the financial planning profession that can very easily be done remotely, so consider what works for you. What do you need to fulfil a good work/life balance? Keep this in mind when applying for new opportunities.
It’s important to consider the company culture when looking for a financial planning job. Evaluating how well a potential employer aligns with your values and goals can help you determine if it’s the right fit. Considering factors such as their diversity policies, work-life balance and career development opportunities can help you choose a workplace that will be supportive of your values and goals.
Finally, we’d like to mention toxic environments in the workplace. Again, considering your non-negotiables and ensuring your workplace respects and honours these are of crucial importance. For example, if you have a child and you would like time off to go and see their Christmas play, but your work doesn’t allow any give and take for these important occurrences that happen outside of the workplace. Is this a personal need that is not being met with your current employer?
Here is Charlie Scott, one of our senior recruitment consultants here at Recruit UK’s definition of a toxic working environment:
“Toxicity is a closed-door policy when they say it’s an open-door policy, it’s a manager who won’t listen, it’s empty promises never being fulfilled.
Things can happen outside, in your personal life which will impact your work. It needs to be an understanding that it’s a little bit of give and take sometimes.
Toxicity can scratch away at your mental health to the point where you might say do you know what, maybe I don’t want to do financial planning, I’m out”
To combat this, you need to think about whether your employer is taking on board your feedback. Are your queries being taken seriously? Do they have a policy in place which they are following, to come up with a solution? If not, it’s time to move on with your career in financial planning.
So, what now?
As with any career move, taking the time to weigh up all your options is essential when considering a new job within financial planning. From researching salaries to considering the company culture, understanding what you’re getting into can help ensure that your new job is the right choice for you.
Are you ready to take the next step in your financial planning career? With careful research and consideration of all factors involved with a potential transition, you can make an informed decision that will help you reach your professional goals. If you need guidance in considering your non-negotiables, or you’ve already had a chat with your current employer and you’ve made the decision to move, here’s what to do now…
Recruit UK are financial planning recruitment specialists. We offer a free consultation for anyone looking for a new job in financial planning. Enquire here to begin the next step in your career journey.
Stay tuned for our next article on the second section of the career accelerator program, where we take you through how to go about finding your next financial planning career move.