16th Nov 2023
Masters of the Trade
How On-the-Job Training and Experience Shape Success
In the dynamic world of marine operations, safety at sea is paramount. Training on the job is crucial for crew entrusted with vessel operations and passenger safety. In addition to mandatory certifications like STCW and medical first aid, staying adept with evolving maritime technology is essential.
Adapting to the growing complexity of vessel systems is vital for marine crew. On-the-job experience, reflected in accumulated sea hours, is invaluable. Similarly, financial advisers gain expertise through practical experience. Advising clients on investments, tax planning, and retirement strategies sharpens their analytical and decision-making abilities. Before providing advice to clients, financial advisers must obtain specific certifications, which vary depending on the countries in which they practice, to qualify for their roles. Typically, a future wealth manager needs to study between 400 – 500 hours to prepare for the rigid examination to obtain an Investment Advice Diploma. Remaining in a financial adviser role demands on-going training and extensive hands-on experience in an increasingly intricate and dynamic financial landscape.
In the world of wealth management, choosing the right firm is paramount. Here’s why it’s crucial to opt for a company that meets these vital criteria:
- Thorough Know Your Client (KYC): A top-tier wealth management firm focuses on understanding your unique needs through a comprehensive Q&A process, tailoring advice precisely to your identified goals.
- Up-to-Date AML Procedures: Stringent Anti Money Laundering (AML) procedures safeguard your investments, providing peace of mind knowing that your financial activities are secure and legitimate.
- Transparent Complaints Process: A reputable firm offers accessible documentation outlining their complaints process, demonstrating accountability and ensuring that concerns are addressed promptly.
- Regulatory Compliance: Trustworthy firms operate within established regulations, providing the highest standards of governance to protect your financial interests.
- Professional Indemnity (PI) Cover: This safeguard protects you from potential professional negligence, offering an extra layer of financial security.
- Dual Approval for Advice: Every piece of client advice undergoes a rigorous “four eyes” approval process, minimising the possibility of oversight or error.
- Dedicated Adviser and Team: Access to a named adviser and their support team ensures reliable assistance for any inquiries or adjustments to your financial plan.
By prioritising transparency, compliance, and personalisation, such a firm ensures that your financial journey is not only secure but also tailored to your individual aspirations.
Sometimes these accreditations are shown on the companies’ website, or their financial advisers profiles. Often, they are used in email signatures. If you cannot easily find them, be sure to double check the certifications and under which regulatory body the company operates.
Much like in the financial adviser world, where certifications and accreditation systems instil trust in clients, trained and certified marine crew members inspire confidence in passengers, shipowners, and regulatory authorities alike. The similarities between these professions lie not only in the requirement for certifications but also in the necessity for continuous development.
Find this article in Dockwalk’s November 2023 issue https://www.dockwalk.com/digital-dockwalk
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity.