- The sector is facing a recruitment crisis and needs to find thousands of new financial advisers
- Research reveals young people not applying as unaware of career opportunities
Young people in Britain consider a high-paid salary (52%), flexible hours (42%) and long-term stability as the most important aspects to a new job. However, many of them are unaware of career opportunities that offer all of these benefits in a sector that desperately needs new recruits.
Millions of people rely on financial advisers to help them plan their savings and pension plans but the financial advice sector is facing a recruitment crisis with thousands of advisers retiring over the next few years according to research released today by Octopus Investments.
The research also revealed the chronic lack of younger staff currently at advice firms. More than two thirds (69%) of advisers reported that they didn’t have a single adviser under the age of 30. Only 14% of current financial advisers are women.
On average a financial advisor can earn £78,000 a year, is entitled to a raft of benefits and job perks as well as the opportunity to help people manage their money and families plan for the future which brings with it huge job satisfaction.
Today’s research reveals almost a third of financial advisers are planning to retire within the next five years, rising to 6 in 10 (58%) within the next ten.
The report also surveyed young people about their career ambitions and revealed just 1 in 10 would consider a career as a financial adviser, with roughly a third stating that they didn’t know anything about what a financial adviser does.
Yet when students were given more information about what the profession involves, such as problem solving, working flexibly and making a difference to people’s lives, a much greater proportion (43%) said they would consider it as a career.
The industry has lots to offer with half (63%) of workers optimistic about receiving a pay rise – this is the highest percentage across financial services for four of the last five years.
This means there’s huge potential for A-level leavers, as financial advice doesn’t require a degree or to be chartered to begin their career path in financial advice.