The Personal Finance Society has enjoyed a boost in its membership to around 35,000 despite a reduction in adviser numbers following the introduction of RDR reforms, Keith Richards has said.
Speaking about the increase of about 1000 members over the past 12 months, PFS chief executive Mr Richards said: “The increase in adviser numbers mirrors a corresponding increase in the number of SPS certificates issued by the CII during the same period, with a positive contribution from new joiners working in support roles within advice firms.
“This is particularly encouraging at a time when there has been an overall reduction in post-RDR adviser numbers, exacerbated by the exit from advice by many of the big banks.”
In an announcement the PFS said that 52 per cent of its new members were aged 35 or younger and were a mixture of advisers and people in support or trainee roles in advice firms.
Mr Richards said that the membership increase could be driven by factors including the growth in paraplanner and support staff, new people being attracted to the profession and advisers re-entering the investment market.
He said: “We have always felt more confident than most commentators about the advice sector’s resilience and its ability to evolve, but did anticipate a fall in members after the RDR.
“However, this continued growth puts us ahead of where we expected to be and is testament to the quality of the people who remain and their talent for attracting new entrants to the profession.
“Adviser confidence has continued to grow in the post-RDR landscape and many firms are actively on a recruitment drive to meet the demand for professional financial advice.”
There had been a renewed appetite for the organisation’s professional development events, with attendance up by around 80 per cent this year compared to in 2013.
Adviser view
Roy Lupton, director of Kent-based Allied Luptons, said: “There are an awful lot more people registered now, but many of them are in a non-adviser capacity. They could be paraplanners or support staff or backroom technical people.
“Any increase in numbers is a good thing.”
