MM Meets… Aberdein Considine Wealth’s Jen Paice: ‘I thrive on challenges that require bold action’

Jen Paice did not set out to be the boss of a large wealth management business. Initially, she wanted to be a physiotherapist.

But she says the skills she learned from her training in this area stood her in good stead for her subsequent career, including the role she’s now in.

“I don’t ever think that physio was a waste of time because the skills I learned, about listening and analysing things and trying to find a solution, have really helped me throughout my career,” she says.

The sector is evolving rapidly and we need to keep up

When we meet at Aberdein Considine Wealth’s offices in Edinburgh on a cold October afternoon, Paice explains why she made the switch from physio to financial services.

Medical roots

Her mum is a nurse, her dad a GP, so she wanted to follow in their footsteps within the medical profession.

She was always sporty as a child. She played badminton and tennis, and swam competitively until her twenties, so she looked into becoming a sports physio.

In the end, though, she decided this was not the career path for her.

“I came out of that and thought, ‘What do I want to do?’”

She decided to start a master’s degree in management. However, when the course was cancelled halfway through, Paice took the opportunity to find herself a job.

“I applied for a sales graduate role at a company called Snowdrop, based in Oxford, which was then bought by Sage. It was an opportunity to move out of Scotland.

I’m really optimistic because I’m seeing more people driven to enter the profession

“I had never really left home because I went to university in Glasgow, so it was a big move for me. I packed up my wee car and drove down. I absolutely loved it, but it was hard work.”

Paice worked her way up through the company, from sales graduate to sales manager to sales and marketing director.

“I was involved in the sale of the business and decided, after a number of years there and commuting, that I wanted to come home.

“Long story short, I moved back to Glasgow with my then-boyfriend. We split up soon after moving, and I was like, ‘I’m in Glasgow and I’m not sure I want to actually be here. Where do I want to be?’”

It was at this point that Paice decided to apply for a role in financial services.

“It was in sales for Scottish Development International, which is the economic development agency for Scotland.

“I applied for that job, thinking, ‘There might be a bit of travel which will be good, but it will use my sales skills.’

We must adapt but there will always be a need for face-to-face financial planners

“I got an interview and, after they’d asked me a couple of questions, they said, ‘So how do you feel about living in New York?’ And I was like, ‘What do you mean, New York?’ It turned out the HR team had not put it on the advert, by accident.

“It had landed in my lap and it was amazing. I lived in a Trump building. I had really good expat friends. It was so fun.”

In this role, Paice was responsible for bringing new, high-value jobs within financial services back to Scotland. At the time, RBS and Lloyds were suffering, ahead of the financial crash of 2008.

“I came in at the point where the problems were very acute and the Scottish government was worried about how many jobs they were going to lose in the country,” says Paice.

“I was brought in to look at how the firms were going to be affected by job losses.”

I’m encouraged because we’ve successfully grown younger advisers within our firm

She worked on a project basis to “get under the skin” of both organisations.

“I sat in meetings about what redundancies were going to happen, and then we put plans in place about how we would support all these people who were losing their job.”

‘Making meaningful change’

Paice went on to have her first child, which meant stepping away from a project she was working on. When she was ready to return, she was offered a secondment to RBS.

“It was half-jokingly suggested that I was some sort of spy from the Scottish government but, really, the idea was to bring a fresh perspective,” she says.

She sat on one of the boards for RBS’s asset management business, Lombard.

Many advisers and clients value face-to-face interactions because you want to be seen as a trusted adviser

“My role involved learning about their sales process, but I also became a champion for diversity and inclusion, providing an external viewpoint,” she says.

Paice says it was during this time that she realised this was the kind of work she wanted to do — “making meaningful change”.

“I could see how I could influence and learn from different leadership experiences.

“I found it incredibly rewarding and eye opening, and it gave me the confidence to apply for my first chief executive role.

“In my thirties, I became CEO of SafeDeposits Scotland, a tenancy deposit scheme.”

She was proud of her achievement and says she has a vivid memory of sitting in Edinburgh’s Charlotte Square with a glass of champagne to celebrate.

“Shortly after I got the role, I realised I was pregnant with my second child,” she recalls. “I started my new job just six months later, taking only two weeks of maternity leave because I couldn’t afford to be away for long.

For me, it’s about being excited by technology and seeing where it can add value

“The business was essentially a start-up, so it was all hands on deck and I felt I couldn’t step back.

“My mum helped with childcare and my baby went into nursery early. It was a whirlwind, but I used all I had learned to drive the success of the business. That first leadership role brought together all my experiences and set the foundation for what came next.”

From there, Paice kept asking, ‘What’s the next step?’

“I’ve been fortunate to be headhunted for various roles, each with a focus on change and transformation,” she says.

“I’ve always been drawn to opportunities where I can bring a fresh, entrepreneurial approach. I don’t like being in a steady, unchanging environment. I thrive on challenges that require bold action.”

Natural evolution

Paice was approached for the role of CEO at Aberdein Considine Wealth after having helped another large wealth management firm through a buyout.*

When tech becomes a core element of the work, it helps attract people

The business is part of the successful and well-known Scottish law firm Aberdein Considine, which also has offices in the north of England and more than 450 staff.

“It started as a solicitor estate agency and it has evolved into financial services and other legal services,” says Paice.

“It started with having advisers at some of its estate agencies, because that made sense. Then it grew from there.”

The business, which started in the 1980s, now has around 30 financial advisers.

When we meet, Paice has been in her role for two years. It has been both “challenging and exciting”, she says.

“There’s been a lot of change and, while my team might sometimes wish I’d slow down, the sector is evolving rapidly and we need to keep up.

I don’t want to just hire replacements externally. I’d rather see growth within the team

“I felt that the business was ready for a change in energy, focus and modernisation.

“That’s where my efforts have been directed and I’m proud of the progress we’ve made so far.”

Paice’s strategy for the business is focused on growth — specifically, how it can market beyond its usual marketplace, particularly within the law-firm sector.

“It’s about effectively growing our brand,” she says.

“Another area we’re exploring is employee ownership or offering different opportunities for staff to increase engagement and retention. We’re in the early stages of this process, but it’s about finding ways to be different and innovative.

I don’t like being in a steady, unchanging environment

“Ultimately, it’s about raising awareness that we’re a large firm with extensive experience. The goal is to highlight and showcase that expertise effectively. That’s where our focus lies.”

The business is also looking at how it can leverage technology and innovation to make it more efficient. Paice is a “self-confessed geek”, she says.

“I love technology. I remember queuing in New York for an Apple product because I wanted to be one of the first to get it. For me, it’s about being excited by technology and seeing where it can add value.”

Encouraging talent

Paice is passionate about bringing new talent into the financial advice profession.

“Over the past year I’ve had so many people, particularly graduates, contacting me to say they want to be a financial planner.

“It seems there’s been a bit of a shift. Financial services as a whole, especially during the banking crisis, struggled to attract new talent. It used to be appealing to work for a bank, but then it wasn’t.

“However, I think that’s all changing now.”

Ultimately, it’s about raising awareness that we’re a large firm with extensive experience

She says there are a number of younger advisers in Aberdein Considine Wealth, and she wants to focus on promoting internally.

“When someone comes in as an administrator or a paraplanner and says, ‘I want to be an adviser,’ we support them to follow that route.

“We’ve got advisers who will be retiring in the next five years and I don’t want to just hire replacements externally. I’d rather see growth within the team.

“I’m really optimistic because I’m seeing more people driven to enter the profession.”

She believes technology plays a big part in this.

“When tech becomes a core element of the work, it helps attract people. For example, we’ve had people reaching out about graduate programmes, and even family members telling me their children are interested in financial planning. I think they see the more exciting side of it and think, ‘That’s something I’d like to do.’”

I took only two weeks of maternity leave because I couldn’t afford to be away for long

Paice believes the challenge will be maintaining the personal relationships that are so important in financial planning.

“Many advisers and clients value face-to-face interactions because you want to be seen as a trusted adviser — the person they turn to in an emergency,” she says.

She wonders how this will change with different generations. For instance, the younger generation, especially those who went through Covid and missed two years of proper schooling, may struggle with communication skills.

“It’s relatively straightforward to get them into these roles, but developing those personal, face-to-face skills will be harder.”

Communication shift

This is a challenge that extends beyond financial services into other industries.

“So much communication now happens via email, text or virtual calls, and that shift is something we’ll need to adapt to,” says Paice.

I could see how I could influence and learn from different leadership experiences

“That said, I’m encouraged because we’ve successfully grown younger advisers within our firm and we continue to support administrators and paraplanners who want to progress into advice roles.

“Looking to the future, there will undoubtedly be changes, especially with the rise of robo-advice and artificial-intelligence platforms.

“While these will alter the landscape, I think there will always be a need for face-to-face financial planners.”

This article featured in the December 2024/January 2025 edition of Money Marketing. 

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