More than three quarters of financial advice firms are considering taking on more staff in the next few years, according to a Personal Finance Society survey.
The PFS’s 2016 Member Survey showed 46 per cent of firms have plans to take on more staff within the next three years, with another 30 per cent saying they are uncertain but may consider increasing their workforce over that timeframe.
Less than 24 per cent of respondents said they did not have any plans to take on more staff in the near term.
PFS chief executive Keith Richards said: “The survey results reinforce the need to encourage and support new talent in the profession, which is vital to meeting succession planning requirements, and the needs of an increasing number of consumers who require professional financial advice.
“We have recently sponsored the development of a new financial adviser apprenticeship standard, which offers a much-needed alternative route for advisers to enter the profession.
“We will be launching additional support and ‘good practice’ guidance for member firms throughout 2017.
“Apprenticeships can help to overcome many of the financial barriers facing financial planning firms seeking new talent, and together with several other initiatives, will go a long way to easing the increasing risk of a skills shortage developing further in the coming years.”
The Department for Education approved the new financial adviser apprenticeship standard in November, offering employers up to £9,600 in financial assistance towards the training of a financial adviser.
The survey also revealed that a lack of new talent remained a major concern within the profession.
More than one in five respondents said a lack of talent and skilled trainees was a major threat to the success of their business over the next three years.
More than 1,600 PFS members responded to the survey, which was conducted between 11 October and 8 November.
