Advisers want more promotion of financial advice as a career choice

19 March 2020

The overwhelming majority of advisers responding to a survey from Openwork, said more should be done to promote the benefits of a career in financial advice.

More than eight out of 10 (84%) said they believe providers need to work more closely with schools, colleges and universities to promote the sector, while 79% said schools and universities should be doing more to inform students about the profession.

Nearly three quarters of advisers (72%) expected the number of advisers across the profession to fall in 2020, with 55% of those surveyed stating they intend to retire within the next five to 10 years.

However, according to the financial advice network, just 47% of advisers would encourage graduates and school leavers to pursue a career in financial planning, and 46% would recommend it as a career choice for people changing their jobs.

Despite this, Mike Morrow, wealth and platform director, Openwork, said the network found it “hugely encouraging” to see advisers recommending a career in financial advice, “endorsing the profession to both potential career changers and students”.

He added: “However, there remain concerns about whether schools, universities, providers and trade bodies are doing enough to ensure that there is a strong pipeline over the next few years of potential recruits.

“Moreover, with over half of those surveyed in this research saying they will retire in the next decade, the onus is very much on the profession to act quickly to ensure that people will always have access to qualified financial advice.”

Openwork has its own academy, which has enrolled more than 400 candidates over the past six years.

Professional Paraplanner