Recent research has found that almost a third (28%) of financial advisers expect to retire within the next five years. This means that the UK ‘advice gap’ is set to widen even further.
Over recent years the number of practicing advisers in the UK has already drastically decreased, whilst the population – and therefore, in theory, the number of those seeking advice – has steadily increased. This is known as the ‘advice gap.’
The survey of 205 advisers also found that over the course of the next ten years, six-in-10 (58%) advisers expect to retire – equivalent to more than 15,000 advisers leaving the profession.
The study also found that current practising advisers are already worried and concerned about engaging new quality advisers. One reason being that in a poll of university students, only 1 in 10 stated they would consider a career as an adviser and over a third confessed to not knowing what the role of a financial adviser is!
Keith Richards, chief executive of the Personal Finance Society, said: ‘Both the need and demand for professional financial advice is set to increase but much more needs to be done to raise the profile of financial advice in the UK to attract new talent.
‘As the profession is still relatively young, it’s simply not seen as a career choice in the same way as accountancy or law, yet it can be highly rewarding with the power to change people’s lives.’
Brunsdon Financial Chairman and Financial Adviser, Brian Morman, agrees. His daughter, Lisa, has joined Brunsdon Financial, having recently qualified as a Chartered Financial Planner.
Brunsdon Financial Chairman Brian Morman (left) with Keith Richards, Chief Executive of the PFS and Chartered Financial Planner, Lisa Morman
In his book ‘Your Bigger Future,’ which will shortly be available free on the Brunsdon Financial web site and is currently available on Amazon as ‘The Little Guide To Your Bigger Future,’ Brian says, ”As a financial consultant for more years now than I care to remember, I've met people from all walks of life and discussed with them their dreams for the future. It's been my privilege to play a small part in helping them make those aspirations become reality. I think I have one of the best jobs in the world!”
At Brunsdon Financial there is no shortage of quality financial advice. Our advisers are all experienced and highly industry qualified and are dedicated to helping our clients realise their financial aspirations. Please contact us if you need help and advice.
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