Future Stars - Attracting and retaining the advisers of tomorrow

Financial Advisory

23 November 2023

AttractingFinancial AdvisoryMeeting of MindsRelationshipsRetentionTalentTraining

Expert and Facilitator: Emma Napier, Consulting Director, NextWealth


  1. The talent gap in financial advice - There is an aging adviser workforce nearing retirement age, which will create a talent shortage. Firms like SJP, Quilter, M&G Wealth are running academies to train hundreds of new advisers each year. But smaller firms face challenges recruiting new talent.
  2. Apprenticeships and collaboration - Apprenticeships can help smaller firms take on and train new talent. Industry collaboration through initiatives like shared training resources and talent platforms are needed to enable wider recruiting.
  3. Building awareness of financial advice careers - Better financial education and awareness at schools and universities is critical so students see financial advice as a viable career option earlier.
  4. Leveraging military talent - Military personnel transitioning to civilian careers represent an untapped talent pool that could be leveraged through focused recruiting and training programmes.
  5. Developing relationship skills in new advisers - Key skills needed in new talent are empathy, emotional intelligence, communication, and trust-building. New advisers must develop confidence to have a voice and shape the future.
  6. Embracing new ideas and change management - New advisers bring fresh ideas on technology use and service models. But change management is key so new approaches align with firm philosophies.


The discussion covered various topics related to attracting and retaining new talent in the financial advice industry. A key theme was the need for new entrants and fresh perspectives, as the average age of advisors is increasing.

There is a looming talent gap as many advisers near retirement. Firms like St. James's Place, Quilter, and M&G Wealth are running academies to train new advisers, with hundreds entering the field each year through these programmes.

Smaller firms face challenges recruiting, so industry collaboration is needed. Apprenticeships can help smaller firms take on and train talent. New talent brings fresh ideas on technology use and client service models. But change management is critical so new approaches align to firm philosophies.

Overall, it was agreed that the industry must work together to recruit and retain talent to close the advice gap.

Key takeaways:

  • Research military transition programmes and explore partnerships to recruit talent leaving the armed forces
  • Speak at local schools and universities to build awareness of financial advice as a career
  • Discuss with management increasing our apprenticeship program enrolment goal for next year
  • Review your new adviser training curriculum and ensure you are developing relationship skills alongside technical skills
  • Create a forum for new advisers to propose ideas on improving service and technology use
  • Arrange a change management session for leadership on embracing ideas from new talent