Competition for financial adviser jobs is experiencing a surge according to independent advice group deVere, which has seen job applications double this January.
The group said it had received twice as many job applications in the UK on this year's ‘Massive Monday' as it did last year.
It put this down to the Retail Distribution Review (RDR), which it believes has driven many banks and some advisory firms out of the market, leaving advisers out of a job.
'Massive Monday', the first Monday in January, is statistically the most popular day of the year to hunt for a new job.
deVere United Kingdom head of financial planning Kevin White said: "There is always a spike in the amount of CVs we're sent on ‘Massive Monday' as people have had time over Christmas to think things over and are starting the New Year motivated to further their careers or begin new ones.
"But this year we were staggered by the amount that we received- it was up more than 100% on last year.
"It would seem that a major factor in this surge would be the RDR, which has been in full effect now for 12 months.
He added: "Whilst the RDR has further driven up industry standards and transparency levels, many banks, and other advisory firms, exited the independent financial advice market last year due to the perceived regulatory burden of RDR.
"A substantial amount of the applications we received on Monday came from IFAs who previously worked for those companies."
deVere said it welcomed the growing numbers of applicants as it was looking to grow its business throughout the next year. The firm is also putting together its own apprenticeship scheme for aspiring financial planners.
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