Three quarters (76%) of independent financial advisers (IFAs) believe there are not enough advisers entering the industry to cope with future demand.

The study was conducted by market research company Opinium, which surveyed 218 financial advisers in March.

Opinium head of financial services Alexa Nightingale called for incentives to be put in place to attract the next generation to join the advice sector.

“Given the number of IFAs planning to retire in the next decade and the lack of IFAs joining the industry, there is no doubt that there is a growing concern on the future of the financial advice industry,” she said.

Three quarters (76%) of IFAs plan to retire in the next decade, with 31% expected to retire in the next two to five years and 30% are planning to retire in the next five to ten years.

Despite this, three in five (58%) IFAs have not yet informed their clients of their decision to retire.

Nightingale added: “In order to ensure that financial advice does not become less accessible, it is important that incentives are put in place.”

The study revealed that the top incentives for attracting younger workers to the industry – according to IFAs – are better marketing (47%), better training and development (44%), and financial incentives to join the industry (19%).

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