Seven in ten (70%) advice firms have not hired new recruits from outside the industry to either the role of a financial adviser or paraplanner in the past two years, according to Panacea Adviser.
The adviser networking hub found the majority of advisers were struggling to hire new recruits, while a mere 6% felt this was not an issue for their firm and 25% were unsure. Some advisers claimed it was difficult to match the salary expectations and career aspirations of graduates, while others pointed to the increasing cost and time involved in recruiting and training to keep new advisers up to speed with complex compliance and regulation. Panacea Adviser surveyed 104 advisers in May 2017. Some 87% warned the lack of new advisers could pose a threat to consumers. They feared a d...
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