Financial advisers are crying out for the industry to promote the sector as a good career path, but they are failing to do so themselves.
Advice network Openwork surveyed 103 IFAs and found only 48% would recommend becoming one to those considering a career change.
Some 22% neither agreed nor disagreed and 30% wouldn’t recommend it at all.
Additionally, only 46% believe it would be a good career choice for school leavers and graduates, as 22% said they neither agreed nor disagreed and 32% disagreed.
Naive optimism
Despite this, Openwork was very positive on the results.
Claire Limon, director of learning and acquisition, said: “The fact that so many advisers would recommend a career in financial advice is testament to the industry itself and the fantastic opportunities it has already provided for many.
“As the demand for advice continues to grow, it’s great to see that advisers are positively recommending the profession.
“That said, however, there are concerns about the flow of new recruits into the industry.”
Promotion
Openwork’s survey did highlight that IFAs want more done to encourage expansion in the number of advisers.
Nearly three-out-of-four (72%) believe there needs to be a coordinated approach by industry trade bodies and financial service providers to attract more recruits.
More than half want the government to consider sponsoring initiatives to attract more advisers into the industry.
Two-thirds (66%) said that providers should expand their apprenticeship programmes to attract and train potential future IFAs.
Limon added: “At Openwork, we are passionate about encouraging both ‘career-starters’ and ‘career-changers’ to consider a career in financial advice and we are dedicated to attracting as diverse talent pool as possible.
“Our academy programme welcomes people from all walks of life to pursue a career in the advice industry.”
