Malaysia-based Melbourne Capital Group has launched an adviser academy in a bid to attract fresh talent into the industry.
Speaking to FT Adviser, Rob Atherton, head of international wealth at the firm, discussed his passion to try to help fill the “adviser gap” and how this initiative could aid that.
He said: “Things have begun to really positively change. Salaries have gone up and there are employed roles, so a lot of the people that were struggling a year or two ago are finding their way into the profession which is good.
“This initiative is to open pathways for the next generation of talent but obviously for people who want to specialise in international financial planning. There’s a lack of quality talent and a lack of entry route.”
Atherton discussed how the academy would offer employed roles and the firm would sponsor people to come out to Malaysia and also help people to bring their families over.
“Candidates could be a mortgage adviser, or someone who has self-studied to level four. We are going to recruit somebody who is working in the UK as a paraplanner at an IFA firm but the cost of sponsorship is so high because they cannot get an adviser role in the UK,” he explained.
The academy will not be high volume as Atherton wants it to be more one-to-one mentorship focused and offer hand-holding for trainees and hopefully achieve a 100 per cent success rate as a result.
“We have a gentleman who is an English teacher here in Malaysia and has self-studied with the CISI and we are going to launch him as an adviser. We also have a few people coming through from TPO. So we’re doing our bit for the advice gap,” Atherton said.
He added the ambition was to take on 50 advisers who would be mentored personally by Atherton and teamed up with an experienced adviser to shadow.
Melbourne Capital have chartered planners and CISI certified planners and hope to attain corporate chartered status. It is also licensed to advise international expats as well as local people.
“So for somebody coming over here, it's really exciting, because we can dual authorise them if they're looking to develop a career, and they can advise internally as well as externally. Not everybody's suited to Southeast Asia, you've got to want to be here. So it's quite risky to bring somebody out who's inexperienced living in Asia.
“But really we’re looking for that person who's passionate about financial planning, who's maybe a bit hacked off with the UK at the moment, because there's a lot of people who can't get the opportunity.
“I was talking to someone the other day. They are chartered and CFP, and they've not been able to get competent adviser status for seven years. So we're looking to attract people who are struggling to get the opportunity, but are wanting a bit of a change of environment,” Atherton explained.
