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.
“A career as a financial adviser can be fulfilling and I think quite unique. Money is often seen as a taboo subject for clients.
“The trusted relationship they form with their adviser must instil confidence that advice received will make a real difference to their lives.
“This is not just technical and market knowledge, it’s also conduct, ethics and communication skills – and that runs right through the Academy programme.
“Subject to meeting regulatory criteria and standards there are no barriers or constraints in who we are looking to enter and bring through the Academy.
“At the same time, we want as many individuals as possible to be able to access some form of financial advice in a way that best suits their circumstances.”