'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.
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