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M&G seeking to fill looming gap in financial advisers

Advisers are needed to help people manage their money

M&G Wealth is hoping to fill a looming shortage of financial advisers by persuading workers to consider a career change.

The company recently formed the M&G Wealth Advice Academy and has announced that its first intake includes a pilot and a butcher.

M&G said it is keen to hear from more people, whatever their current employment background, who may wish to consider giving financial advice as a future career.

It is appealing to those working in “time limited” professions, such as the armed forces and sport, who may be looking for a second career.

The move comes amid an ageing workforce of advisers. A large number expect to retire over the next few years, creating a critical shortage.

Tom Hegarty, director at The Advice Partnership at M&G Wealth, said: “There are far fewer financial advisers now than there were 20 years ago – yet the potential demand is far greater.

“Added to this is the reality that the average age of an adviser has increased which will lead to a large number retiring over the next few years.

“This is a critical issue and as an industry it is our collective responsibility to bring new people and solutions through. The ‘advice gap’ is a serious issue for us all.

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