The advice profession is getting younger. What about the gender gap

The average financial adviser is getting younger. Given how long the profession has spent worrying about who will replace its retirees, that counts as genuinely good news.

After decades spent warning that the profession might retire en masse and leave nobody behind but compliance, this counts as progress. Then the gender figures arrive and spoil the mood.

FCA data puts the average adviser age in the late 40s, reflecting an increase in younger people entering the market. The various academies, training programmes and alternative entry routes appear to be doing what they were designed to do.

At Quilter Academy, for example, the average age of those joining is now 37.

That matters in a profession built around relationships measured in decades rather than quarterly targets. Chris Jones, academy director at Quilter, says younger advisers can give clients greater continuity throughout their financial lives.

“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,” he says.

So far, so encouraging. The gender figures are rather less flattering.

Recruitment has improved. Progression still looks suspiciously like the bit everyone planned to sort out later.

Women account for only 18 per cent of advisers, despite making up a much larger proportion of paraplanners and support staff. That suggests the profession doesn’t simply have a recruitment problem. It also has a problem moving talented women already working in advice firms into adviser roles.

“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.

Women make up 30 per cent of new joiners at Quilter Academy, although the organisation wants that figure to increase.

Building a younger and more representative adviser population won’t happen through recruitment campaigns alone. Firms also need credible routes from administration and paraplanning into advice, backed by training, supervision and enough time for experienced staff to support new starters properly.

That last part is usually where the cheerful recruitment plan meets the working week.

Hiring and developing new advisers takes experienced people away from client work. If you’re expanding your team and need support while new recruits find their feet, our paraplanners can slot into your existing workflow and help keep cases moving.

And if you want to grow but aren’t ready to add another permanent salary, outsourced paraplanning can give you extra support without rushing into a hire.

A younger profession is welcome. Recreating the old one with fresher faces would be less impressive.