But, once the recruits have joined, we need to keep them. Getting talent into senior positions at an earlier stage is a key element in achieving this and we are already actively engaged in this area too.
The Pimfa Under 40 Leadership Committee is an exciting initiative that has been operating for more than six years, bringing together talented young people from across our member firms.
These future leaders work together in a dedicated community to learn and collaborate with their peers, conducting primary research focusing on current hot topics impacting our industry.
As an example, past cohorts have delved into such issues as financial literacy; generational savings and investment habits; environmental, social and governance penetration; and the future of advice, contributing enormously to the strategic thinking of Pimfa while creating a network of alumni they can rely on in their future careers.
This year’s participants are looking at how the wealth management industry can be made more accessible for female prospective clients, whether more openness on inheritance would result in better outcomes for the next generation and whether social media influencers fill an educational void that should be filled by financial firms. They will be reporting at the beginning of October.
Building a more inclusive society, with all the benefits that brings to the economy, is now a major priority and bringing our sector together to address these issues in a collaborative environment is surely a major step forward on the road to a successful and prosperous industry.
Liz Field is chief executive at Pimfa
