Financial advice could becoming the preserve of the super-wealthy if the industry does not attract new talent, the managing director of deVere United Kingdom has claimed.
Mike Coady warned several factors including rising demand for advice, an ageing adviser population and the effects of the RDR could have created an imbalance in the market.
He said: “While it is unquestionably positive that ever more people are seeking professional advice to help secure their financial futures, it appears demand is beginning to exceed supply of independent advisers.
“This is largely due to many advisers exiting the advice market, or opting for a restricted advice business model, since the introduction of the RDR.”
Mr Coady’s comments came as he announced that deVere United Kingdom was aiming to take on more people from its UK graduate programme this year than it had in previous years.
Last month 10 graduates joined de Vere United Kingdom, Mr Coady said.
He added: “A failure to bring new blood into the industry will leave consumers with a smaller pool of advisers.
“Inevitably, this could result in financial advice become the exclusive domain of only the super wealthy.”
