More than three quarters of financial advice firms are set
to take on new staff over the next few years, according to a new Personal
Finance Society (PFS) survey.
The professional body’s 2016 Member Survey reveals that 46%
of firms are planning to take on extra staff over the next one to three years.
An extra 30% also revealed that they are uncertain currently,
but will more than likely consider boosting their workforce over the same
Under a quarter (24%) of the 1,600 respondents said that
they had no plans in place to take on more staff in the short term.
A third (34%) also indicated that they were likely to offer
a financial advice graduate scheme in the next three years, whilst 44% said
that they were extremely likely to offer work placements and internships in the
Keith Richards, PFS chief executive, said: “The survey
results reinforce the need to encourage and support new talent in the
profession, which is vital to meeting succession planning requirements, and the
needs of an increasing number of consumers who require professional financial
easing the skills shortage
Despite plans to hire, ensuring those within the sector have
the right level of skills has proved challenging and Mr Richards believes
apprenticeships and graduate schemes are essential when it comes to easing the
The Department for Education recently approved a new
specialist Financial Adviser apprenticeship standard, offering employers up to
£9,600 in financial assistance to be used towards the development of financial
Two in five respondents (40%) said they were likely or very
likely to offer technical apprenticeships in the next one to three years.
The sector’s rise in graduate recruitment is also reflected
in the Graduate Market in 2017 report from High Fliers, which showed that the
accounting and professional services sectors had the highest number of
vacancies with 4,489.
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