An additional 30% were uncertain whether they would do so and a quarter (24%) had no plans to boost their staff count
Less than half (46%) of financial advice firms plan to take on additional staff within the next three years, a Personal Finance Society (PFS) survey has found.
Nearly a third (30%) were uncertain whether they would do so and a quarter (24%) had no plans to boost their staff count.
More than one in five (22%) said a lack of talent and skilled trainees was a major threat to the success of their business over the next one to three years.
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.”
