"The direction of travel from the regulator being technical expertise I think is an absolute. But secondly, the old world skills, being excellent at listening, being excellent at asking questions, understanding what people mean, the relationship between goal setting and behaviour around money, the psychology of money, are going to be extremely important," he says.
The course is structured using a mixture of role plays, open discussions, reflective writing and observations.
It also provides training on presentation skills, networking and marketing strategies, and teaches them how to approach and cultivate relationships with introducers.
Trainees are also trained in using cash flow software before they start building their client portfolios. But it is not all about the adviser role, they learn about back-office processes and paraplanning too.
"Teaching our trainees how different roles work will make them effective delegators in the future," says Mottram. "When they hand a case to a paraplanner or administrator, they will know what result to expect as they could competently do the work themselves."
Finally, they are put through an assessment day before they can graduate. This involves actors who play clients, and trainees must demonstrate the skills and competencies they have learned to pass.
Following graduation, trainees remain self-employed with the firm and start working with clients under supervision.
"From my own perspective, I never got to shadow anybody. And the best that you could do, when I was in my 20s, was just sort of hope for some crumbs of knowledge and wisdom from more experienced practitioners," says Mottram.
"But I always used to think gosh, if only I could see somebody interact with their client and see what they did."
So far the academy has taken on two trainees, but if supply and demand warrants it, Grey Parrot will be ready to take on more.
Mottram has never considered the threat of his trainees leaving after their training is over, though he recognises the possibility.
"There are enough reasons to stay. So, you know, we've got a vision for our business, we've got a business model, and ultimately, some degree of equity participation is the thing that will keep people motivated to stay," he says.
"Valuing your people, training your people, remuneration matters, but also a strategy for the long term. It's not a failsafe approach, but it's likely to be one that will yield some fruit in the long term."
Taking on trainees is an opportunity for any adviser, as long as it fits the business model and longevity of the business, says Mottram.
