Financial advisers are increasingly optimistic about the industry’s future but are worried about recruiting the next generation of advisers, particularly younger advisers.
According to new research from Openwork, 59 per cent of those questioned say their firm needs to recruit more under-35s and one in five say they need more female advisers.
Only 8 per cent of respondents believe the industry is currently attracting enough new recruits and 42 per cent think the number of advisers in the UK will fall over the next 12 months.
The network’s nationwide study among advice firms found nearly two-thirds (64 per cent) would recommend a career in financial advice to graduates and school leavers. This is up from 46 per cent last year.
Similarly, 63 per cent of advisers say they would recommend a financial advice career to people looking to switch profession, and this view has increased from 48 per cent last year.
But despite the rise in optimism advisers believe much more needs to be done to encourage new recruits into the industry.
More than four out of five (84 per cent) believe schools and universities should do more to highlight the opportunities in financial advice careers while 68% say networks need to invest in training.
Openwork wealth & platform director Mike Morrow says: “It is encouraging to see the number of advisers recommending a career in financial advice is so high and is rising.
“That underlines the strength of the industry and the fantastic opportunities it has already provided for many. As demand for advice continues to grow the opportunities will increase.
“The worries about a lack of recruitment are being addressed across the industry and at Openwork we are focused on encouraging young people and career-changers to make the move with extensive investment in training.”
In 2014, the Openwork Academy launched and has now trained and qualified 237 advisers; 139 qualifying as wealth advisers and 98 as mortgage advisers. A further 201 people are working towards qualifications.
The average age of candidates joining the programme in 2020 is 35 and around 36 per cent are female.
