With the average age of advisers still at 50+ and almost half of business owners planning to exit in the next five years, the industry needs to focus on where its fresh blood is going to come from - and the effect this will have on their own businesses, writes Brian Spence...
In our most recent Adviser View survey, 30% of the 320 advisers that took part said that new recruits will come predominantly through in-house graduate schemes - well ahead of providers (23%) and universities (20%). A further 12% felt that ‘lateral hires' from other professions would be key, with women looking to kick-start a more flexible career to fit around family thought to be an important source by a relatively low 6% of respondents. The growth potential of UK advice market is huge. We currently have an adviser force of just 20,000 serving a population of 65 million and rising. ...
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