The financial advice market has a battle on its hands.
The number of advisers in the sector is declining and the industry needs to find a way to bolster the talent pool.
The Personal Finance Society (PFS) surveyed 207 members and found that more than eight-out-of-10 (178) identified financial services as “viable” and a sector they recommend retraining to enter.
The Financial Conduct Authority (FCA) requires financial advice professionals to be qualified to at least level four to provide advice , which is the equivalent of a certificate of higher education.
It costs approximately £1,600 ($2,179, €1,795) to achieve the Diploma in Regulated Financial Planning.
Ofqual has calculated it takes around 370 hours for a student to typically complete the Chartered Insurance Institute’s (CII) Diploma in Regulated Financial Planning.
‘New wave’
Keith Richards, chief executive of the PFS, said: “Bringing fresh talent into the profession is a key element for securing the financial fortitude of the UK.
“We sit at the precipice of the largest intergenerational wealth transfer since records began and the events of 2020 have shown how important it is to have insurance in place to act as a safety net when things go wrong.
“It is vital we bring a new wave of talented financial advisers into the profession, not just because it benefits them but because it benefits all of society.”
