Inspiring career stories | Scottish Careers Week blog | Ally Moncrieff, Lloyds Banking Group

Ally Moncrieff
Associate Relationship Manager
Lloyds Banking Group

As part of this year’s Scottish Careers Week we’re celebrating inspiring career stories that showcase diverse experiences and different career paths across our industry. Ally Moncrieff from Lloyds Banking Group shares his story about a journey into financial services and wealth management.

I currently work as a Relationship Manager within Lloyds Banking Group’s Corporate and Institutional Bank. My specific area of focus is our Wealth Manager clients - right the way from our traditional household names, with wood panelled offices and a long and storied history, to app-based startups looking to disrupt the industry.

Most people would assume that to get to the position I’m in currently I must have followed the traditional journey from university, to Grad Scheme, to permanent role. While a number of my colleagues have followed this path, that’s certainly not the case for me. 

My career journey has been less straightforward, including, but not limited to; an abortive attempt at University, a modern apprenticeship, kitchens, retail, some part-time writing and then eventually an entry level call centre job with Scottish Widows, which of course led me to where I am now. I don’t have the data to hand, but I’d be surprised if there are many individuals who hold professional qualifications in Financial Advice and Electrical Installation. 

Until joining Scottish Widows I had no financial services knowledge and would have struggled to have even a broad stab at explaining a pension. The Pensions Freedoms Act being introduced a few months after joining certainly changed that! As with anything new the role was challenging but the customer interaction was a huge highlight (as I’ve progressed through Lloyds Banking Group I’ve always been customer facing) and I genuinely found the work interesting. The really great thing for me was that it soon became clear that LBG’s commitment to developing colleagues was genuine and I was given space and encouragement to grow. 

Knowing my career path up to joining Scottish Widows, it won’t come as a great shock to hear I didn’t have a set plan in place in terms of what to do once I got there. What I did do however, and what I will always continue to do, was to be curious, ask questions and take on development opportunities. That approach led me to promotions and roles within; corporate pensions, our Intermediary Protection product and then finally (before moving to the Corporate and Institutional Bank) looking after financial advice firms in a business development role. It was there I gained my Level 4 Diploma in Financial Advice.  

The move from Scottish Widows to the Corporate and Institutional Bank was a big one and it was certainly a risk. I was comfortable at Scottish Widows and enjoyed my job but I wanted to try something different and push myself further. I actually made the move during the pandemic so my first 6-12 months was spent in a state of various lockdown restrictions which added an extra degree of complexity to what was already a significant change. Thankfully it’s worked out even better than I could have expected and every day I learn something new. 

It's not always been a straight line upwards. I’ve taken a number of sideways moves where I was excited by the opportunity. I could arguably have progressed through the organisation quicker than I have, but I think my breadth of experience is my greatest strength. I am clearly a generalist rather than a specialist and I think it’s important to acknowledge that. 

I’m sure there are times when my lack of degree/grad scheme experience has and will count against me, but I feel that’s more than compensated for by the skills I’ve gained on my slightly unusual path. I know that my resilience, empathy, communication skills and adaptability are all greater because of my experiences.  

In terms of advice, especially for those who don’t have a set plan, I would suggest considering a sideways move or even a backwards step into a larger company. You’ll be surprised at the breadth of roles available and how quickly opportunities open up if you have the right attitude (and a bit of luck of course). People will have preconceptions about the Financial Services industry but once you’re inside it you’ll see how dynamic and interesting it can be and more importantly the positive affect it can have on people’s lives. 

My final bit of advice, for all my fellow generalists, is to read a book called ‘Range: Why Generalists Triumph in a Specialised World’ by David Epstein.