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Recruiting the financial advisers of tomorrow
The challenge for a maturing advice industry
It’s essential to ensure the growth of your practice. The average adviser is in their mid-50s^ and over 50% of financial advisers are expected to retire in the next ten years.** As many advisers approach retirement, what lies ahead for the advice industry?
Attracting and retaining talent is consistently a top 5 challenge for financial advisers in the UK.¶
of firms plan to grow by hiring new staff, which is nearly double compared with last year.*
of the workforce are Gen Z (people aged 13-28). Yet fewer than 6% of advisers are under 30.†
Building a business case
Before you recruit, it’s important to identify exactly what your business needs.
- Why do you need new staff?
- Do the benefits outweigh the costs?
- Can you afford the time to find the right people?
Start by making a solid business case and remember that outsourcing some functions can also be a cost-effective option.
What next if you’ve decided to recruit?
Before you begin your search, it’s worth considering the attributes that best match your business and its culture. For example, you might want a candidate who is:
- Personable
- A great communicator
- A specialist
- Curious
- Technically minded
- Resilient
- Strategic
While you might immediately look to a reputable recruiter or specialist job boards, you could save time and money by exploring other avenues. For example, you could:
- Set up a colleague referral programme.
- Look internally at who may be interested in moving to another role.
- Make use of government support and apprenticeship schemes§. Smaller employers are eligible for government funding of up to 100% of the apprentice training costs. Large employers can use their levy to pay for apprenticeship training‡.
- Use your network, especially your LinkedIn connections.
- Partner with a local university or college.
- Contact potential recruits through events and forums where like-minded people connect, such as PIMFA and FT Adviser Financial Advice Forum.
Whatever the role or level of experience you’re looking to fill, it’s always a good idea to consider including:
- A brief background of your business.
- Its vision and culture.
- How the candidate can contribute to your company’s success.
- Their day-to-day responsibilities.
- Compensation and benefits, including hybrid or remote working.
- Career growth and learning opportunities.
Points to remember
A proper screening process is important, and candidates will want to know if there’s going to be a phone call, presentation or multiple interviews. During any interviews you hold, it’s also a good idea to have a checklist of required skills and attributes to hand, that you can tick off along the way.
Diversity, Equity and Inclusion (DE&I) should be integral to the recruitment process in financial advice firms – not only as a compliance measure, but as a strategy for building stronger, more innovative and client-centric teams.
Ensure the candidate selection and interview process is accessible to all, avoids personal bias, is transparent, and provides flexibility around time and technology requirements.
Even after you’ve filled the role, it’s worth thinking about keeping your door open, as fantastic employees could be looking for a job any time.
Our goal is to help firms like yours build strong, profitable and sustainable businesses, while supporting you through any challenges that may arise. That’s why we’ve curated our Profitable Practices series.
For more help and support, take a look at the rest of the series and discover other areas that could help you drive greater profitability for your practice:
Source :
^IFA DNA 2022
**Money Marketing 2022
¶Owen James research 2024
*NextWealth 2024
†FTAdviser 2022
§Understanding apprenticeship benefits and funding
‡Employing an apprentice: Get funding for apprenticeship training – GOV.UK