The lack of new recruits to financial advice poses a "real threat" to the industry as more than a third of advisers plan to retire within 10 years, Investec Wealth & Investment has warned.
Head of intermediary services Mark Stevens said the industry had to find a way to replenish the stock of advisers as more and more were leaving the sector.
According to Investec's latest research, more than a third (36%) of owner-managers are looking to semi- or fully retire in the next decade. The firm had spoken to 94 intermediaries in October 2016.
Stevens said:"The investment and financial planning environment is unlikely to get any easier in the years to come so it is vital that the financial advisory sector works together to replenish the pool of talent and experience it will lose."
Better training and mentoring schemes
For IFAs the most desired option to overcome the recruitment gap at trainee and graduate level, was to introduce better training and mentoring schemes, followed by building stronger links to universities and colleges.
Offering more placements and internships to those considering a career in financial planning, was also a popular option for IFAs, according to Investec.
The government has already outlined plans to introduce formal standards for apprentices joining the industry.
"Whilst many advisers are keen to take on graduates and bright school leavers they sadly get overlooked if they do not offer formal graduate schemes and have a much lower profile at universities and colleges compared to other professions."
Data quality is key
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