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.
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%).