Professional bodies for the Independent Financial Adviser market are being told to sharpen up their act to help fill a gaping hole in the jobs market, says an IFA recruiter at Essex law firm Birkett Long.
David Cant, partner and business development manager, has been trying to recruit three IFA roles for almost 18 months for the firm’s offices in Chelmsford, Colchester and Basildon.
The firm has used online recruitment, traditional newspaper and magazine adverts and has had almost daily contact with specialist recruitment agencies who say it’s a problem throughout the market.
As a result he says it is hampering the expansion plans of Birkett Long, one of the oldest and largest financial advisers and law firms in Essex, and he claims the firm’s experience is not unique.
David says: “The industry has to do its bit to ensure it attracts new blood. Young people need to be given more encouragement to pursue a career in financial services, perhaps with better academic representation at further and higher education stage.”
Following the Retail Distribution Review (RDR) in December 2012, IFAs now have to charge for their services rather than receiving a commission for recommending investment opportunities: it has resulted in less IFAs in the market.
David says many IFAs left the market following the RDR, chased away by having to requalify and ongoing regulatory changes and compliance issues.
He said: “We need to see greater promotion of the industry and look to rebuild confidence, focusing on examples of good advice, advisers making a difference, and much less of the over-stated negativity we’re always reading about.
“A career as an IFA has great longevity; it’s a profession of which to be proud.
“With an ageing population and a silver economy dependant on quality advice it really is an amazing opportunity and quality IFAs should stand shoulder to shoulder alongside other professional advisers such as lawyers and accountants.
“The industry needs to highlight why IFAs play such an important and valued role and why they should be proud of what they do.”