UK-Based Financial Professionals-Psychographic Profile

Goals

To build psychographic details to help understand UK-based financial professionals’ attitudes, motivations, and challenges faced when attempting to meet qualifications or attain additional professional development and training. This work will inform a strategy to persuade financial professionals to engage in more training from entities like the Chartered Insurance Institute.

We have provided for you other high-level overview reports that are closely related to this subject below;

• Trends in the U.K. Wealth Management Industry You Should Watch Out For
• UK-Based Wealth Manager and Financial Advisor Qualifications

Financial Professionals Psychographics

The common psychographic attributes of financial professionals show that they thrive in high pressure working conditions, are willing to work for an extended period, and are motivated by additional job benefits.

•  Financial professionals in the United Kingdom are typically willing to extend their working hours.
• They are also known to thrive in a highly dynamic and high-pressure working condition.
• Financial professionals expect to get a significant amount of bonuses and favorable promotion opportunities.
• They also expect additional employee benefits such as signing bonuses, healthcare support, retirement plans, and club memberships.
•  Financial advisors are usually self-motivated and organized.
• They typically have a target-focused perspective.
• They are also known to demonstrate flexibility when working.
• Financial advisers are usually discrete especially when it comes to their client’s privacy requirements.
• They also need to be perceived as ethical and professional before they can be accepted in the profession.
• In KPMG UK, wealth managers are touted to have a passion for the financial industry.
• They are also expected to reshape the industry in the coming years.
• Wealth managers are also expected to be innovative in order to deal with uncertainties and challenges in the sector.
• Wealth managers also assume bold stances and seeing this through.
• They are also keen on keeping portfolios simple.
• Wealth managers are also quick on their feet when making investment decisions.
• Wealth managers in the UK are now shaping their own paths instead of going with the trends as they now focus on “owning the customer relationship.”
• They also work on anticipating the requirements of their clients.
• They also believed that they need to be disciplined in their approach to deliver the best outcomes for their clients.

Barriers to Obtaining Skills and Training

• Due to the highly dynamic pace of the digital transformation of the financial industry, financial professionals in the UK found it hard to catch up with the right skill levels.
• For most aspiring managers, including those in the financial industry, lack of interest in developing the necessary skills serve as a barrier in obtaining the needed qualifications and training.
• Aspiring financial managers are also unsure of the requirements to get into the profession.
• The high cost of training newbies in the industry is also preventing financial services firms to provide the required professional training for them.