Media Centre

22nd June 2016
CISI teams up with BRI Wealth to support internship

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The Chartered Institute for Securities & Investment (CISI) is supporting a student's internship at a West Midlands-based wealth management company.

The pilot scheme is the first time BRI Wealth Management and CISI have teamed up to provide experience for a student. James Townsend, the Aston University student given the opportunity, was also awarded an Educational Trust award from CISI for excellence in his work.

"We are delighted to support this important initiative between BRI, Aston University and James Townsend," said Sally Plant, assistant director of educational development at the CISI.

"It is an excellent example of the opportunities the local business community can offer when combined with an academic institution. James will receive a fantastic overview into the world of investment management and thereby gain an edge in the competitive jobs market."

Mind the generation gap
The Retail Distribution Review (RDR) has been identified as a key reason why a generation gap is beginning to appear within the financial sector.

According to Barry Horner, chief executive of Paradigm Norton, psychometric profiling employed by the Bristol-based financial planning firm has confirmed the type of people working in financial advice pre-RDR was very different from those needed in the post-2012 landscape.

"The financial planners and the sales guys were very different," he said. "That is what RDR uncovered. A whole set of people simply didn't want to take more exams. They left the profession altogether. A significant amount left the industry post-2012 - it was in the thousands not the hundreds."

The remedy, said Horner, is properly supported graduate schemes that, over time, can help to rebalance the profession. Paradigm has had a graduate scheme in place for more than a year and is thus now onto its second cohort of trainees. "That is where the next generation will come from," added Horner.

Elsewhere, the premise not enough was being done to support the younger generation of financial planners prompted Adam Carolan, a director at Cheshire-based financial advisers Xentum, and Rohan Sivajoti, a director at Wetherby-based Postcard Planning, to co-found NextGen Planners.