EXPLORING CAREER OPTIONS FOR LIFE & PENSIONS ADMINISTRATORS
Thu Nov 21 2019
Life & Pensions Recruitment
Through numerous conversations with Life & Pensions Administrators on the topic of career progression within the industry, when asked “where do you see your career going?” a recurring response that I receive time and again from candidates is; “To become a Financial Advisor”. Of course, moving into an Advisory role for many within the industry seems like a natural progression, and for some it is. However, not all Life & Pensions Administrators are suited to such a position, nor are they fully aware of what the job of a Financial Advisor entails. It has become apparent to me that there is a lack of knowledge around the various options available to these candidates in order to progress within the industry (besides down the Advisory route), and this article is aimed at outlining just some of the opportunities available to Administrators who are looking to take their next career step. Employers may also find this article useful when considering ways in which to create opportunities internally for their employees who they value and are looking for progression.
As with any industry, the people management route can offer Administrators the chance to progress their career by moving into a senior position within their team, or further still by moving into a Team Lead or Management position within the business. This can often be a natural progression within a company and frequently we find these roles are filled internally by an existing employee. Generally speaking, the larger the company the more people management opportunities will exist within an organisation. Such a role might suit somebody who; has a strong rapport with colleagues and management, is a natural leader and is able to motivate a team of different characters into reaching a shared goal.
A Financial Advisor is a sales-based role. The Financial Advisors job is to provide clients with financial advice to suit their individual needs and to do this they require a strong knowledge of the products available within the market. In addition, Financial Advisors generate income for the company and typically work to sales-based targets. A role within sales might suit somebody who; thrives in a client-facing environment, can build strong client relationships and is driven by targets.
For some the idea of providing Financial Advice to clients might be appealing, but the sales-based targets are not. For these candidates, taking on a more technical role could be the answer. In the past the position of Paraplanner wasn’t widely seen within the Irish market, however such opportunities are becoming more available. Such a role involves working closely with the Financial Advisor in developing a client recommendation and researching products within the market. This can also be a stepping stone into sales, by working closely with the Financial Advisor to see if this is natural fit. A more technical role might be suited to somebody who; possesses strong knowledge of the area in which they operate, has a strong attention to detail and ability to explain and illustrate the reasoning behind a decision or recommendation.
For candidates who are still unsure as to what next step is best suited to them, then considering a move to a different type of company in a horizontal career move might be worth considering. Within the Life & Pensions industry there are numerous types of businesses; Life Companies, Pensions Consultancy Firms, Financial Brokers and Trustee Companies to name a few. By making a horizontal career move from one to another, candidates can; diversify their experience, broaden their knowledge in new areas, develop skills or take on more responsibility. What is classed as a good opportunity is completely down to an individual candidate, and the career path of one person may not be the best route for another. If you are a candidate within the industry and keen to look at the options available to you then feel free to get in touch with me on the contact details provided below. 360 Search can assist in finding the best option for you and support you in your move.
T: 01 634 4990 | E: email@example.com