Firms worried about recruiting ‘next generation’ of advisers – Openwork

Advice firms are increasingly optimistic about the future of the financial advice industry, but remain worried about recruiting the next generation of advisers, according to new research by Openwork.

A nationwide study among advice firms found that 64% would recommend a career in financial advice to graduates and school leavers, while 63% would recommend it to people looking to switch careers. These figures reflected rises from 48% and 46% respectively from Openwork’s research last year.

Despite the rise in optimism, Openwork suggested that advisers believe “much more” needs to be done to encourage new recruits into the industry, with major concerns about a lack of younger advisers.

Eighty-four per cent of advice firms indicated they believe schools and universities should do more to highlight the opportunities in financial advice careers, while 68% said networks need to invest in training.

Furthermore, just 8% believe the industry is currently attracting enough new recruits while 42% of firms believe the number of advisers in the UK will fall over the next 12 months.

Openwork wealth and platform director, Mike Morrow, commented: “It is encouraging to see the number of advisers recommending a career in financial advice is so high and is rising.

“That underlines the strength of the industry and the fantastic opportunities it has already provided for many. As demand for advice continues to grow the opportunities will increase.

“The worries about a lack of recruitment are being addressed across the industry and at Openwork we are focused on encouraging young people and career-changers to make the move with extensive investment in training.”

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