A large bank with over 1000 financial advisers was finding a high turnover of new advisers – 80% were leaving within their first two years, mistakes were made and customers were not receiving the experiences that the bank intended. This led to regulatory failures, high costs of recruitment and training as well as the costs of fixing customer problems and managing advisers.
We developed a new, modular, six-month training programme for new advisers including internal training in products, processes, technology and regulation as well as lots of skills training in working with customers and providing financial advice. We worked with a team of psychologists to develop a new approach to developing resilience in new advisers, a very stressful, challenging and difficult role.
The new joiners were also trained to achieve the financial adviser qualifications over this period.
We also created a new Adviser Development Manager role, whose job was solely to manage and training new advisers during their first six months.
Within the new adviser turnover had plummeted to below 10% and the performance of the advisers was up by over 50%, with some advisers entering the Top 20 League Tables for all advisers in the company. Quality of Advice scores were very high and so the costs of breaches, errors and compensation tumbled.