Advisers are (finally) getting younger!

The data is in and the results are promising – the advice profession is starting to renew itself.  

After years (decades?) of concern about the financial advice sector suffering the same fate as the UK population at large (getting older without enough young people to replace those retiring), the tide seems finally to have shifted.

The average adviser age has fallen to the late 40s, according to FCA data, reflecting an increase in younger advisers entering the market and showing that entry routes into the profession are beginning to gain traction.  

The average age of people joining Quilter Academy, for example, is now 37.

That's important, as Chris Jones, academy director at Quilter, points out, because financial advice is built on long‑term relationships.  

“Clients often stay with the same adviser for decades, through accumulation, retirement and later‑life planning. Younger advisers enable continuity, allowing clients to benefit from working with someone who knows their circumstances, goals and family situation over the entirety of their financial journey,” Jones says.  

Yet there is still more work to do in some areas. Only 18% of advisers are women, despite women making up a much larger share of paraplanners and support staff.  

“That points to a progression challenge rather than a lack of interest in the profession, and it limits the industry’s ability to build a workforce that reflects the clients it serves over the long term,” says Jones. Quilter Academy has 30% of female new joiners but would like to see this increase.

Taking on and training new starters takes time away from the day job. If you’re keen to expand and need stop-gap support, our paraplanners can slot right into your workflow.

Or if you’re not ready yet to hire but are still looking to grow, we can help turbo-power your business in a highly cost-effective way.  

Talk to us today to discover our problem solving potential.

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