Schroder European Real Estate Investment Trust PLC Wealth Management Capital Markets Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Kevin Ryan - Bloomberg Intelligence - Analyst : It's Kevin Ryan of Bloomberg Intelligence. I just had one question on Schroders Personal Wealth. You mentioned the collapse in the number of advisers in the U.K. And I suspect a lot of that's to do with some really quite difficult exams you've got to do become an adviser now. And I just wanted to know what you're doing to address that challenge of getting new advisers in? Because you also mentioned the average age was 57. And I suspect a lot of those people want to spend more time playing golf or fishing or something. So what's the look forward? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 13, 2023 / 8:00AM, SERE.L - Schroder European Real Estate Investment Trust PLC Wealth Management Capital Markets Day Mark Duckworth It's a great question. So the average age is 57. And you're quite right that I think post-COVID, we've definitely seen a slowdown from people as they've been through that COVID to think, do I come back and do I work as hard as maybe I would have done pre. What we did is we built an academy when I joined. So of the 60% that I quoted of the advisers that have changed. 50% have actually come through the academy and 50% are of experienced peers. So we've got a balance of 50-50. We've actually brought down the age. Our average age of our advisers at SPW now sits at 42. And that's because the average age of an academy entrant actually is 32, and it's split 50-50 male, female. So we've got a really nice pipeline. We've got another 18 people that I expect to come off our next academy cohort in the next 4 weeks. And it's going very well. Yes. So that's what we're working through.