Key skills for fresh financial planners revealed

Having the right attributes for successful social interaction is the key skill for those entering the profession to have, according to 70 per cent of Personal Finance Society members who responded to a social media poll in June.

Roughly a quarter of the 290 responses (68 financial planners) said technical knowledge was the most vital quality for those embarking on a career as a financial planner or paraplanner.

Computer literacy was cited as the highest priority capability to have for those beginning their financial planning career by 3 per cent of those surveyed and 4 per cent felt literacy was top of the tree of skills fresh entrants needed to have on their first day in the profession.

Sarah Lord, President of the Personal Finance Society, said: “Personal skills are an important attribute whatever role you undertake in our profession to work well with both colleagues and clients, but they are particularly important for the role of the financial planner.

“The combination of strong technical knowledge and great personal skills are a powerful combination when working with clients.

“It is human nature for clients to want to work with individuals who are knowledgeable but the key is being able to translate the knowledge acquired through qualifications and “on the job” learning into an easy, understandable form for clients.

“Computer literacy is becoming a more important skill to have due to the increasing use of technology in the client journey but, in my mind, it will never be more important than having the technical skills to build the financial plan or the personal skills to build strong and sustainable client relationships.”

The Chartered Insurance Institute is consulting with the market to produce a “professional map,” which will be used to ensure the group’s learning, qualifications and membership journey meet future career needs and identify and fill any gaps.

The CII has already spent more than a year interviewing and collating the views of more than 200 market and HR leaders to map the skills, knowledge and behaviours they believe businesses and individuals will need now and in the future.