Number of financial advisers expected to increase

A survey from Prudential found that the profession could grow in the next year.

 

The number of financial advisers in the UK is expected to grow over the next year, a survey from Prudential Financial found.

The insurance giant’s study found that 38 per cent of advisers expect the field to grow as the sector gains new recruits. Last year, 51 per cent of survey respondents said they expected the numbers to fall.

The reasoning for the increase is an increased confidence of recommending the field as a career path, the study stated. Around 70 per cent of respondents said they would urge others to start a career as a financial adviser.

“Consumer demand for financial advice is increasing and this is reflected in the dramatic turnaround in advisers’ expectations over the past year, with evidence of increased optimism about the growth of the profession and recruitment levels in the next 12 months and beyond,” said Paul Harrison, head of Prudential’s business consultancy for advisers.

However, some worry about where the next generation of financial advisers will come from.

Around 31 per cent of advisers don’t think enough is being done to encourage people, while 74 per cent think universities need to do more to promote the field as a career choice. Another 58 per cent felt that government should sponsor a campaign to recruit more financial advisers. Still, many feel that the industry needs to do more. Around 83 per cent want to see more coordinated recruitment efforts in the sector.

As a result of the study findings, Prudential has partnered with Personal Finance Society on a financial adviser development programme called Aspire to help close the recruitment gap.

“We need to support this growing demand and the need for succession planning through attracting and developing new talent which is vital to the ongoing success of the profession,” said Keith Richards, chief executive of the Personal Finance Society.

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