"The future of the advice industry hinges on firms’ ability to attract, nurture and retain the best and brightest minds."
- Tom Evans, MD of retirement at Canada Life
A key factor determining the future success of financial advisory firms in the UK is the ability to attract and retain talent, but it is an issue professionals across the sector are facing, a new report reveals.
The new research paper sponsored by Canada Life and conducted by financial services consultancy, AKG, looks at the future of the financial advice industry, exploring the current market conditions that advisers are experiencing, and what the possible implications are for the future of the advice market.
More than eight in ten (84%) advisers agree that a coordinated effort by industry trade bodies and financial services providers is needed to attract more advisers into the industry. Three quarters (75%) think the Government should consider sponsoring an initiative to help recruit advisers into the industry, and 58% agree that more should be done by schools and universities to educate and inform students about a career in the financial advice industry.
Almost three quarters (71%) feel that the onus is on them, agreeing that the financial services industry - including providers, advice firms and trade bodies - as a whole, needs to develop its own programme. Similarly, 66% think they should expand their apprenticeship programmes to attract and train potential future talent.
Tom Evans, MD of retirement at Canada Life, commented: “For financial advisers, acquiring and retaining top-tier talent not only offers a competitive advantage, but it’s a fundamental pillar for sustainable growth. The future of the advice industry hinges on firms’ ability to attract, nurture and retain the best and brightest minds.
"As the complexities of the market continue to evolve, and younger clients start coming through, a skilled and diverse team is essential to meet their needs. Alongside this, advisers told us through the research that technology, and increasingly AI, will have a role to play in helping drive efficiency and therefore create capacity to service a wider client base.
"In a dynamic and fast-moving market, by investing in talent development and training, alongside the tech stack, firms will not only ensure their own sustainability, but are also contributing to a robust and resilient financial ecosystem.”
