Recruitment is failing across the financial services sector, advisers have warned, especially among the young.
According to Mark Stevens, head of intermediary services for Investec Wealth & Investment, unless steps are taken to attract young talent, there will be a serious "shortfall" of qualified advisers in the years ahead.
He said: "Many firms who want to recruit younger staff have historically relied on larger bank/assurance companies to deliver the foundation training required.
"While many advisers are keen to take on graduates and bright school leavers they sadly get overlooked if they do not offer formal graduate schemes and have a much lower profile at universities and colleges compared to other professions."
His comments came as a poll conducted by Investec Wealth & Investment among just under 100 advisers revealed 55 per cent believed the financial advisory sector was "failing" to recruit sufficient numbers of graduates and trainees.
This scarcity of talent would only serve to add to existing problems over succession planning, with 36 per cent of those intermediaries who own all or part of their firm, planning to semi-retire or retire fully in the next decade.
A career in financial advice is no longer just attracting the older generation, but younger people too. Adrian BatchelorAccording to Mr Stevens, ways in which advisers are hoping to overcome the recruitment gap at trainee and graduate level include introducing better training and mentoring schemes.
This was the most popular measure, followed by building stronger links to universities and colleges, and then offering more placements and internships to those considering a career in financial planning.
Mr Stevens added: "It’s clear advisers recognise the need for a more structured approach and with many advisers approaching retirement, there is the risk that a lack of fresh blood coming through becomes a real threat.
"The investment and financial planning environment is unlikely to get any easier in the years to come so it is vital that the financial advisory sector works together to replenish the pool of talent and experience it will lose."
His comments came as research conducted by St. James’s Place Academy, the training and development arm of the FTSE 100 financial services company, found there was an appetite among younger people to join the financial services industry.
Its research found almost two fifths of British workers are interested in a career that enables them to give people advice on their investments and finances.
According to the research, more than half of Londoners were attracted to the idea of a career in financial advice and wealth management.
Adrian Batchelor, academy director at St. James’s Place Academy, said: "The wealth management industry has evolved greatly in the last few years.
"These figures highlight that a career in financial advice is no longer just attracting the older generation, but younger people too – which is great news for the future of our industry."
