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UK advisers want more help recruiting for growth

Waiting_for_interviewThe number of financial advisers in the UK market is predicted to grow, though many practitioners say not enough is being done to encourage new recruits.

Nearly 40% of 101 advisers in a nationwide study expected the number of advisers to increase over the next 12 months.

Prudential, which carried out the research, said the findings underline a “dramatic turnaround” in expectations because last year 51% expected numbers across the industry to fall.

Part of the reason for the turnaround is increased confidence in recommending financial advice as a career for new recruits, said Prudential.

But there are concerns about where the new recruits will come from – nearly a third of advisers (31%) believe not enough is being done to encourage people into the profession.

Financial adviser trade bodies and providers bear the most responsibility, said respondents, and advisers want to see co-ordinated action to encourage more people into the financial advice sector.

Keith Richards, chief executive of the Personal Finance Society (PFS), said: “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.”

PFS recently-launched the Aspire programme, which Prudential is supporting. It offers assistance to employers of help aspiring advisers obtain qualifications and skills.

Ideas designed to boost the numbers of financial advice recruits in the short-term include expanding the apprenticeship schemes offered by providers – around 69% of advisers say providers should invest in more of these schemes.

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