Demographic challenges and staff turnover create urgent need for fresh talent
Financial advice firms are facing mounting challenges in attracting and retaining talent, with the typical age of advisers now reaching 58 and departures among junior staff accelerating. Firms across the UK are increasingly struggling to identify candidates with the necessary expertise and credentials to fill vacant positions and ensure succession planning.
This demographic squeeze, combined with sustained high turnover, has prompted industry bodies and training providers to seek alternative solutions. Without intervention, many advisory practices risk facing significant staffing gaps that could undermine service delivery and long-term viability.
In response to these pressures, the London Institute of Banking and Finance (LIBF), part of Walbrook Institute London, has partnered with Future Financial Adviser to establish a new apprenticeship pathway designed to streamline recruitment and development of entry-level talent. The scheme provides participating firms with substantially subsidised access to training and qualification programmes, with government funding covering up to 95% of participation costs.
The initiative enables advisory firms of all sizes to recruit young people directly into professional roles or transition existing employees into paraplanning and advisory positions. Participants may work towards level 3, 4 or 6 qualifications through a fully-managed programme that handles recruitment marketing, training delivery, assessment and funding administration. This model seeks to reduce the administrative burden on participating firms while developing advisers with strong institutional knowledge and long-term commitment.
By leveraging government apprenticeship funding, firms can substantially minimise recruitment and training expenditure, with costs potentially covered almost entirely in some instances.
"This collaboration brings together education, industry, and innovation," said John Somerville, director of financial services of the London Institute of Banking and Finance. "The pathways provide a clear academic and professional structure, but crucially, they also make it easy for firms to participate.
"All the training, assessment, and funding administration are handled for them, and it's been done with the input of some of the biggest names in the business. This means the package of support is ready 'out of the box' for firms to start the process as soon as possible. It's a practical, scalable solution to the profession's most pressing challenge."
"Many advice firms are asking the same question: where will the next generation of advisers come from? The answer is: they can come from you," said Piers Johnson, managing director at emap (Future Financial Adviser).
"We've made it simple. We can help firms create an entry level role within minutes and promote that to our members who come to us via our outreach activity among young career seekers. Employers can access the Employer Toolkit, and have everything from levy funding to training delivery managed on their behalf. It's not just about filling vacancies - it's about securing the future of advice."
The launch phase incorporates a broad-based campaign targeting prospective candidates, parents and employers. Two webinar sessions have also been scheduled for Dec. 2. Interested parties may register online via the Walbrook website.
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