21 days ago

Scott Stevens

Head of Recruitment & Acquisitions

13 November 2020

Adviser SOS – What happens next?

The growth in people requiring holistic financial planning seems to have moved hand in hand with the rising age of those giving the advice. The average adviser has worked in the profession for just over 26 years and around a third (33%) have done so for more than 30 years. Given this, it’s no wonder the decision whether to retire is at the forefront of a significant number of advisers’ minds.

Octopus Investments recently conducted a study which found that:

“29% of advisers we surveyed said they plan to retire before 2025. A further 33% say they expect to retire before 2030, meaning more than 6 in 10 advisers will leave the profession over the next decade.”

I don’t know about you, but as someone who believes passionately in the value of advice, these are frightening numbers. With 60% of the adviser population looking to retire in the next 10 years, it does raise the inevitable question, ‘What happens next?’

The role of a financial adviser has never been more important than it is right now. With more families and individuals looking at their short and long-term financial futures, having a financial planner can be the difference between enjoying prosperity or unintended future impoverishment. Peace of mind or living with a constant nagging fear.

Despite this clear demand, recent market announcements have led to a lack of clarity for numerous financial advisers over their professional futures, fearing looming redundancies and wanting to know how they can get back to helping clients. I am certain the majority of the 60% of advisers approaching retirement will confirm that providing financial advice has been and continues to be an excellent career. Likewise, they will all be looking to secure a seamless transition of their clients (many of which they will have developed deep and long-lasting friendships) to the next generation of advisers.

Within Quilter Financial Planning, we have conducted extensive work with member firms, identifying and supporting those that want to enhance their advice talent. Whether that be as a succession planning exercise, the chance to grow their existing business or enhance their client servicing capabilities. This in turn has created multiple opportunities for those looking for a new challenge in a stable and successful wealth business.

With over 1,300 member firms across the Quilter Financial Planning network, the variety of contract types, client profiles and business models vary considerably. However, the core values remain the same - making high quality advice, more accessible, to more people.

What's next for you?

If you are looking at your professional future as a financial adviser and wondering if there’s something better out there, we’d love to hear from you. It’s often helpful to think about your current environment. Does it offer you the chance to deliver advice on a holistic level? Is your current infrastructure helping you do more? And ultimately, will you achieve the goals you set yourself when you first entered the industry, by staying where you are?

Looking to join a new firm?

 

Scott Stevens is director of recruitment and acquisitions for Quilter Financial Planning.

Notes to Editors

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £95.3 billion in customer investments (as at 31 March 2020).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform and Quilter International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Quilter Financial Advisers (previously Charles Derby Group)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Investment Platform in 2020)
  • Quilter International (previously Old Mutual International)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Senator House, 85 Queen Victoria Street, London, EC4V 4AB, United Kingdom. Registered number: 6404270.  Registered in England.