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New blood matches exits as adviser numbers stay stable

New blood matches exits as adviser numbers stay stable

Last year saw the number of new advisers joining the industry matched by the number leaving, according to research by Equifax Touchstone.

In total, 6,991 advisers were added to the Financial Conduct Authority’s register last year, up by 53 per cent on the 4,576 new additions seen in 2014.

The number of new advisers in 2015 was, however, matched by de-authorisations, which stood at 6,825, up slightly from 6,777 in 2014.

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Geoff Greensmith, director at Equifax Touchstone, said opportunities for financial advisers were growing, driven by ever-changing regulation.

“However, competition between firms to attract the best quality advisers is fierce. Management teams must prioritise their talent acquisition strategy alongside their client retention and new businesses models.

“Client demands are changing; while robo-advice has the potential to alter the advisory landscape, people still value their personal relationships with advisers.”

To attract the best talent joining the sector, firms must appeal to the younger generation and people from different business backgrounds, he added,

In total, 18,000 individual adviser changes took place in the sector last year.

More than 4,347 advisers moved firm during 2015, which is down significantly compared to the previous year’s figure of 5,979.