Specialists in financial services recruitment
An award-winning boutique recruiter in the field of financial services
Formed in 1996, Keillar Resourcing has grown to become an established and well respected name within financial services recruitment.
Keillar is different. We pride ourselves on operating in an ethical manner at all stages of the recruitment process, giving real, unbiased advice, even if it’s not to our immediate economic advantage. We prefer to establish long term relationships with both clients and candidates, focusing on your over-arching career goals and company strategies. We do not waste your time with unsuitable interviews or CVs, and we believe that this approach is the reason why the majority of our candidates come to us via recommendation.
We recruit on behalf of the major life and investment companies, as well as national and local firms of financial advisers, including private banks and private client firms. We have recruited into all of the UK’s financial centres and, whilst the majority of our work is in the UK, we also regularly recruit for overseas roles in locations such as the Channel Islands, Europe and the Middle and Far East.
Keillar specialise in areas we understand. Our consultants have a breadth of experience within both the recruitment and financial industries, as demonstrated by such qualifications as the FPC, IMC, Certificate in Recruitment Practice and affiliations to both the Institute of Personal Development and the Institute of Recruitment Professionals.
We look forward to assisting you.
Consultant’s View
Mon, 23/04/2012 - 16:04 - harris.keillarAnother fiscal year dawns with who-knows-what-exactly lying ahead though, by this time next year, RDR will be a reality and we will possibly be in year six of ‘the great correction’. History is of little use when trying to steer a course in these uncharted times, especially given that the current retail financial services industry is having to cope with the all of the following occurring concurrently:
Euro zone crisis: By this time next year (and probably a lot sooner) Greece and Portugal may well be out of the euro-zone and if (a big ‘if’) they do quite well outside, then the clamour to leave from other countries may be difficult to withstand. The second largest sovereign fund in the world, run by Norway, is unwinding its European positions rapidly in favour of Asian currencies and bonds. They have hardly put a foot wrong over the past few years so I will not be betting against them.
UK consumer inflation / debt: The super-wealthy not withstanding, how much investable spare money does anyone have? Given high producer inflation and stagnant wages, where does pension or ISA money come from once student fees/ loans, mortgage deposits and higher transport costs etc are taken account of?
China: A hard landing is looking ever more likely with unwelcome repercussions for all resource-led companies, currencies and indices – did anyone mention the FTSE there?!
Gilts: Shares look cheap against government bonds, though can the latter really strengthen any more?
RDR: The proverbial elephant in the room is now beginning to move. Many companies have said they are RDR-ready, though there is so much conflicting advice that it’s analogous to childbirth advice from someone who has only read about it. I fear that the actuality could be quite messy, with provider incomes dropping dramatically in January 2013. One little discussed probable effect of RDR is that broker consultants are currently paid for business brought in. In the main, this is a clear linear formula which does not require one to be FFA or FIA qualified to understand. Post-RDR, when advice (as opposed to sales) will rule, how will consultants be remunerated? Which KPIs will they be measured on? Should their earnings remain constant then profitability will be severely compromised.
Exams: Qualifications are becoming increasingly essential. QCA Level 4 and Level 6 are increasingly common and terms such as ‘backfill’ have entered the lexicon for all professionals in financial services. Product providers now routinely ask for candidates to be no more than one exam away from level 4. That’s all well and good, though there have been a couple of unintended consequences. One is the well-known plight of advisers who just can’t pass exams, leading to an unseemly rush to leave / retire this year. Unfortunately, the value of their client banks is not what it may once have been. Despite the rise of online exams, the availability of exam venues is becoming an issue with many people unable to attend the sitting of their choice late last year. The third anomaly is sales orientated; younger people who have worked in IFA firms overseas have returned and are now unable to get even a trainee role as they are nowhere near Diploma qualified. That segues neatly into the next point; where are the trainees going to come from now?
Given all the above headwinds, beyond ‘keep calm and carry on’, what should you do if you are looking for a new role or want to remain as secure as you can in your current position?
Increase your qualifications if you wish to remain in the industry. IMC is a good additional qualification if you are in, or wish to be in, investments. The market appears to be moving towards remote advice via the telephone or the internet. The former now offers its own career path and is a world away from hard-sell boiler-type operations of yesteryear. Despite that former sentence, be prepared to relocate as it’s becoming increasingly difficult to find roles in certain areas of the UK due to centralisation and the down-sizing of salesforces.
Despite the negative news, we still need protection products, money for our old age, mortgages and investments, so the industry will continue albeit in a sleeker form.
