We never get a second chance to make a first impression, especially when it is being communicated in our absence through a CV and covering letter.
New entrants to the advice profession will have seconds rather than minutes to win over recruiters.
So how can they market themselves if they have no previous financial services experience?
Transferable skills
Experience is an advantage but advice firms know making this an essential requirement could narrow the talent pool available to them.
Make sure you reflect the required skills detailed in the job posting
Firms are happy to hear from people who have transferable skills as opposed to financial services experience. Demonstrating a genuine interest in working in the profession, plus enthusiasm for learning, will always go down well with employers.
“Tell us why you want to work in the industry and, more importantly, why our organisation,” says Succession Wealth head of HR Matthew Gent.
“Show industry insight and an active awareness of the advice sector you want to work in.”
Gent believes applicants who lack advice experience should address the issue head on.
“Your covering letter is a perfect place to explain any gaps in your CV, so use this to get on the front foot,” he says.
“Tell us where you have succeeded instead of listing everything you have done and relate this back to transferable skills — both inside and outside work — where you can.”
Drop them an email saying something like, ‘That was great content and I’ve just sent you my CV’
People Dynamics founder and director Lorraine O’Keeffe says candidates with little or no industry experience can market themselves effectively if they highlight transferable skills gained elsewhere.
“Emphasise your proficiency in skills such as data modelling, mathematical abilities, communication, problem solving and project management,” she says.
“While you may not have direct financial experience, these skills are essential in financial services and can be applied to various tasks.”
Where transferable skills are mentioned, it is good to give an example.
“It’s particularly effective to use relevant examples to demonstrate your past success, with action verbs,” says Charles Stanley head of HR business partners and HR operations Cara Walters.
Address how your skills align with their needs, and showcase your willingness to contribute to their success
Academic achievements that are relevant to the industry, including coursework, projects or certifications, should be featured prominently, as should soft skills.
“Highlight instances where you effectively communicated complex ideas or worked in a team-based environment,” says Walters.
“Mention your willingness to take on challenges, undergo training and develop new skills.”
Tailored approach
It may be tempting to rattle off the same CV and covering letter with every application, but this is not recommended by the experts.
Your covering letter is a perfect place to explain any gaps in your CV, so use this to get on the front foot
“It’s important to reflect the required skills detailed in the job posting and to tailor your CV for each role,” says Walters.
To do this, candidates should research the company’s values, mission and specific requirements.
“Address how your skills align with their needs, and showcase your willingness to contribute to their success,” says O’Keeffe.
A personal summary on a CV can be a useful way to make interests, strengths and ambitions clear, so the candidate stands out.
“This is a golden opportunity for candidates to convince the hiring manager they are the right person for the role. In today’s competitive market this is more important than ever,” says Henry Morse, partner at financial services recruitment firm Equifind.
People are going to use every tool available to them and AI gets them through the door
Of course, a covering letter or CV that is dotted with typos will stand out for the wrong reasons and likely be quickly discarded. Always read over them yourself and give them to someone else to proofread. It can be difficult to spot your own mistakes.
The modern way
Using artificial intelligence (AI) to apply for a job would have sounded like sci-fi not so long ago, but ChatGPT can be used to write a bespoke covering letter and a CV that matches the job description of the role you are applying for.
Tell us why you want to work in the industry and, more importantly, why our organisation
Applicants can copy and paste the job description into ChatGPT and tell it to create a covering letter for that job. They can also ask it to tailor their CV for a financial planning job more generally or for the job description for the role in question.
“People are going to use every tool available to them and AI gets them through the door,” says Lewis Maleh, founder of executive recruitment firm Bentley Lewis.
“Like a lot of AI, you’ve got to work out how to input [information] to get it to do what you want. But there’s always advice on LinkedIn. Search for ‘ChatGPT’ posts and you’ll see advice about the prompts to put in.”
Maleh also suggests finding on LinkedIn the people you’ve sent your CV and covering letter, and ‘liking’ their posts, in a subtle attempt to stand out.
Tell us where you have succeeded instead of listing everything you have done
“Drop them an email or message saying something like, ‘That was great content and I’ve just sent you my CV,’” he says. “Nine out of 10 people will think, ‘Who is this person liking my post?’”
This article featured in the September 2023 edition of MM.
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