Advice firms call for action to ease consolidation pressure

'Missed generation'

After coping with regulatory pressure, the next worry advisers listed was retaining staff.

Hence, the manifesto suggests both better education at a grass-roots level as to what financial advice is, and better awareness of the profession among people planning a career change.

“At school careers’ day, financial advice was just not spoken about,” said Cathy Nolan, an adviser at Burton & Fisher Financial Services in Lancaster. 

“Financial services is all banking and accountancy…There’s not a lot out there in terms of advocating for advice roles.”

Nolan warned of a “missed generation” of advice, due to the lack of promotion of the career, suggesting firms could face a “generation gap” if older advisers are not more forward-thinking in their succession planning, bringing new blood into the industry before it’s too late.

FTAdviser has approached the FCA for comment.