There are many talking points up for debate in the world of financial planning; active vs passive investing, charging based on assets or flat fees, life planning or financial advice? You’ve probably heard and read many a discussion or blog post on these topics and more.
One thing that is becoming a big issue in our profession but perhaps isn’t being talked about enough is the Adviser Gap. The average age of a financial adviser in the UK is broadly in the mid-fifties and this has been the case for a while. You would think that this would be cause for concern to the financial planning profession as a whole, however our experience suggests that this issue is far from being addressed.
After talking to many peers, both young and old, we’ve concluded two contrasting views from both ends of the spectrum. Firstly, young people in our profession are concerned that there simply aren’t enough opportunities to earn their wings as practising financial advisers. Conversely however, the more experienced individuals in our profession often complain of a lack of skills, experience and know-how required to take on such responsibility.
Like it or not, there is a gap emerging in the financial planning profession. This is the gap in skills, experience and expertise required by the next generation of would-be financial advisers, coupled with the lack of opportunity being afforded to them by those looking to hire. If we continue with this trend, it won’t be too long before there is a real shortage of high quality financial planners and advisers in the UK. This is where we see a fantastic opportunity for aspiring financial advisers to acquire the necessary skill set and take financial planning to the next level as a profession.
The Adviser Gap podcast is designed to help those who want to bridge that gap and begin their journey towards a career as a financial adviser. Our mission is to help as many people as we can to find the right path and inspire high quality individuals to pursue a career in this wonderful profession. We want to create a world where financial planning is seen as a career of choice rather than something people simply fall into. By working together as a profession to deliver better outcomes, we can improve the public perception and drive greater awareness of the incredible impact that financial planning can have on people’s lives.
It is only by raising awareness of the fantastic work that we do and engaging with the next generation with an openness to offer opportunity, support and guidance that a financial planning legacy can be formed.
We need a wave of new talent to take on the challenge to keep pushing the profession forward and we are here to support them to bridge the Adviser Gap.
Look out for the Adviser Gap podcast launching on 18th February 2019.
Sean & James