86% of advisers would recommend retraining to enter profession

Eighty-six per cent of financial advisers have indicated they would recommend their profession to a friend who had been made redundant due to COVID-19.

A poll, carried out by the Personal Finance Society (PFS) and Chartered Insurance Institute (CII) in December, showed that 178 out of 207 surveyed members identified financial services as “viable” and a sector they would recommend retraining to enter.

The FCA requires financial advice professionals to be qualified to advise to at least level four, which is the equivalent of a certificate of higher education.

To achieve the CII’s Diploma in Regulated Financial Planning, the PFS highlighted that the cost was approximately £1,600 in 2020. Ofqual has also calculated that it takes approximately 370 hours for a student to complete the Diploma.

“Bringing fresh talent into the profession is a key element for securing the financial fortitude of the UK,” commented PFS chief executive, Keith Richards.

“We sit at the precipice of the largest intergenerational wealth transfer since records began and the events of 2020 have shown how important it is to have insurance in place to act as a safety net when things go wrong.

“It is vital we bring a new wave of talented financial advisers into the profession, not just because it benefits them but because it benefits all of society.”

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