Research shows demand for recruits in financial advice sector

Research from life insurance company Prudential has shown a demand for new recruits in the financial advice sector. 70 per cent of survey respondents say they would urge people to pursue a career in financial advice.

The research showed that while financial advisers are optimistic about the growth of the financial advice market, many believe that not enough action is being taken to encourage people to enter the profession.

Increase

According to the study, 38 per cent of financial advisers are expecting the number of recruits in the financial advice sector to increase over the next 12 months. This shows financial advisers are feeling more optimistic about the profession than they did last year, when more than 50 per cent expected there to be a drop in the number of recruits.

Over 30 per cent of respondents believe not enough is being done to get more people into the profession. 83 per cent want coordinated action to be taken to boost the number of recruits in the sector.

Prudential is now providing support to advisers by teaming up with the Personal Finance Society (PFS) for the launch of Aspire, a financial adviser development programme that aims to bring new talent into the financial advice sector.

Priority

Prudential Head of Business Consultancy, Paul Harrison commented that consumer demand for financial advice is increasing. This is reflected in the dramatic turnaround in advisers’ expectations over the last 12 months, with evidence of increased optimism about the growth of the profession and recruitment levels in the next year and beyond.

He added that supporting advisers is a priority, and an important aspect of this is working with the PFS on its Aspire programme to help to bring fresh talent into the profession.