Over the past couple of decades, I have worked alongside literally thousands of AR and DA firms, from businesses employing one or two advisers through to much larger operations.
One thing has become increasingly clear during that time. Very few firms lack the ambition to grow, but many struggle with the practical reality of developing new advisers.
Whenever the industry discusses adviser numbers, the conversation usually centres on recruitment. Are there enough qualified advisers? How do we attract more people? Which firms are hiring?
Those are perfectly reasonable questions, but they overlook a much bigger issue.
For many businesses, the real constraint is not finding people with potential. It is finding the time, resource and infrastructure to turn that potential into a successful adviser.
DEVELOPING ADVISERS IS A SIGNIFICANT BUSINESS INVESTMENT
From the outside, it can appear that once somebody has completed their qualifications they are ready to begin advising clients. In reality, that is merely the start of the process.
New advisers need structured supervision, regular coaching, technical support, compliance oversight and continual feedback before they reach Competent Adviser Status. That support cannot be delivered in isolation.
It relies upon experienced advisers, supervisors and compliance professionals giving up valuable time to review cases, answer questions, observe meetings and build confidence over many months.
None of that is a criticism of the process. It is exactly how professional standards should be maintained.
However, it does illustrate why developing advisers represents a significant investment rather than a straightforward recruitment exercise.
THE HIDDEN COST IS MANAGEMENT CAPACITY
The financial cost of employing a trainee is only one part of the equation. The much larger cost often sits elsewhere.
Business owners and senior advisers must balance developing future talent with continuing to advise clients, generate income and run their businesses.
Every hour spent coaching a trainee is an hour unavailable for client meetings, business development or supporting existing advisers.
That opportunity cost is rarely discussed, yet it is often the factor that determines how recruitment/development proceeds, if at all.
Many firms would happily invest in new talent if they had greater confidence that the development process could be managed consistently without placing additional pressure on the rest of the business.
BETTER INFRASTRUCTURE BENEFITS EVERYONE
This is where I believe the industry has an opportunity to think differently.
Individual firms should not have to design every aspect of adviser development themselves.
Shared frameworks, structured learning and consistent supervision can reduce the operational burden while maintaining the high standards clients rightly expect.
Having supported firms across our network and club for many years, I have seen first-hand how much difference that type of infrastructure can make.
Businesses remain responsible for developing advisers within their own culture and supporting them day-to-day, but they no longer need to build every process from the ground up.
That thinking informed the launch of The Right Academy.
Rather than replacing the role of firms, it has been designed to complement them by providing a structured route from qualification through to Competent Adviser Status, allowing firms to share some of the training and development responsibility while continuing to shape the advisers who will become part of their businesses.
INVESTING IN THE PROFESSION
The mortgage market will only continue to grow if the profession continues to attract and develop talented people.
That requires more than recruitment campaigns or hoping experienced advisers become available. It requires a long-term commitment to investing in people and giving firms the practical support needed to develop them successfully.
When adviser development becomes more achievable, more firms are likely to invest in future talent.
That benefits individual businesses, strengthens succession planning and ultimately increases the number of high-quality advisers available to support consumers for many years to come.
Amanda Wilson, Founding Shareholder and Commercial & Strategy Director at The Right Mortgage & Protection Network
