Around a third (31%) expect to retire in the next two-to-five years and 30% plan to stop work in the next five-to-10 years, the research found.

More than half (58%) of advisers have not yet made their clients aware of their plans to retire in the next 10 years.

When retiring, two fifths (40%) plan to sell their stake of the company and 16% are planning to merge their business with a similar firm.

Not enough advisers to cope with demand

Some three-quarters (76%) believe there are not enough advisers entering the industry to cope with future demand, while (60%) believe there are not enough IFAs joining the industry to manage workloads; and over a quarter (27%) said that there is a lack of specialists in areas that need more of them.

When asked about the consequences of a lack of IFAs, 70% said fewer consumers would be able to access financial advice, nearly half (46%) thought consumers would suffer financially and 36% said certain areas of advice would have less resource.

In the event of the industry having insufficient IFAs to handle workload, over a quarter (26%) of those surveyed said more advisers would leave the industry, 20% thought that the quality of advice would decline and 18% expressed the view that robo-advice would become more popular.

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