Some 84% of advisers want a joined-up industry approach to attracting future talent a study by Canada Life has revealed.
An important factor determining the future success of financial advice firms is the ability to attract and retain talent according to the pension provider.
The research paper State of Flux sponsored by Canada Life and conducted by consultancy firm AKG found that 74% of advisers think the government should consider sponsoring an initiative to help recruit advisers into the industry.
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Some 58% agree that more should be done by schools and universities to educate and inform students about a career in the advice industry.
While 66% think they should expand their apprenticeship programmes to attract and train potential future talent.
Tom Evans, managing director of retirement at Canada Life, said: “For financial advisers, acquiring and retaining top-tier talent not only offers a competitive advantage, but it’s a fundamental pillar for sustainable growth. The future of the advice industry hinges on firms’ ability to attract, nurture and retain the best and brightest minds. As the complexities of the market continue to evolve, and younger clients start coming through, a skilled and diverse team is essential to meet their needs.
“Alongside this, advisers told us through the research that technology, and increasingly AI, will have a role to play in helping drive efficiency and therefore create capacity to service a wider client base. In a dynamic and fast-moving market, by investing in talent development and training, alongside the tech stack, firms will not only ensure their own sustainability, but are also contributing to a robust and resilient financial ecosystem.”
