The average age of a Financial Adviser in the UK currently is 58 years old. Not long ago there were over 200,000 financial advisers operating in the UK, now, due to strict qualification guidelines, this number has dropped to 26,311.
Over the next 2 years this number of financial advisers is expected to drop from 26,311 to 19,311, a massive 27% drop.
Lots of people need financial advice. On average an individual is likely to save/invest £170,000 over a period of time after consulting a financial adviser, those that do not, on average, only have £100,000. This means that after consulting a financial adviser you are, on average, likely to increase your savings by over 40% compared to if you took the financial path alone.
The need for financial advice is clear, however will the UK have enough financial advisers to go around considering the falling number? Action is being taken. Educational facilities that offer the qualification courses required are stepping up and encouraging more young people to become interested in this industry. Those financial advisers that employ, nurture and train young individuals with the qualifications needed are in good stead to continue offering their clients financial advice and support long after they themselves have retired.
MWS is a firm believer that the future of financial advice rests in the hands of the next generation, the need for face-to-face interaction will always exist when dealing with finances.