The advice gap is well documented. It’s the gulf between those who currently receive financial advice and the millions who would benefit from it but don’t.
Despite years of debate, pilot schemes and innovation, the gap isn’t getting any smaller. Robo-advice and targeted education are often cited as potential solutions, but they remain only part of the answer.
What’s far less discussed is the adviser gap; the shortage of new talent entering the profession. Without fresh blood, there’s little hope of delivering advice cost-effectively to the younger generations now beginning to build wealth.
As the latest cohort of A level students heads off to university, how many are doing so with the dream of becoming a financial advisor? And as Year 12 students attend open days with their parents, how many will even hear the profession mentioned as a career option?
The truth is that financial advice rarely features in conversations about careers. That’s a missed opportunity; not just for young people seeking rewarding work, but for the industry itself.
Making the profession visible
We must be more visible to the next generation and change the narrative about what it means to be a financial adviser.
It’s not only about flexible working, being your own boss, or earning potential — although those are powerful attractions. It’s also about the chance to make a genuine difference in people’s lives. Advisers are problem-solvers, educators and guides during some of life’s most stressful financial decisions.
The truth is that financial advice rarely features in conversations about careers. That’s a missed opportunity
If the profession wants to appeal to young talent, it needs to tell that story in places young people are listening. So, how can firms and networks play their part in engaging the right candidates? Here are some practical steps.
View your brand through their eyes
Young people live online. Is your website and social-media presence likely to catch their attention? Would they even consider you a forward-thinking employer?
A simple but powerful test: ask teenagers or young adults in your family to critique your digital presence. If you’re brave enough, hand over your Instagram or TikTok for a week and see how differently they’d approach it.
Offer real work experience
Partner with local schools and colleges to provide placements. Colleges often offer longer blocks, giving you a chance to properly involve a student in your business.
Cover story – Tackling the adviser gap: How firms can build a bridge to the future
Don’t just sit them in a corner filing papers or making tea—immerse them. Let them try administration, shadow client meetings, or even draft reports. Give them a taste of the real work and you’ll get a better sense of whether they could grow into the role.
Create a pathway
University isn’t the only route. Setting up graduate schemes or apprenticeships can offer a clear path from school leaver to adviser, combining qualifications with practical experience in administration or paraplanning. Many networks already support these schemes — firms simply need to take advantage of them.
Go where they are
Engage with schools, colleges and local careers fairs. Offer to speak at assemblies or participate in careers events. The more young people hear directly from advisers, the more likely they are to consider the profession a viable career path.
The payoff
Investing in young people isn’t just altruism. The benefits flow both ways:
- Fresh perspective: Younger recruits can highlight blind spots in how financial services is perceived.
- Engagement with younger clients: They can help bridge the intergenerational wealth gap, building relationships with clients who may otherwise feel overlooked.
- Digital fluency: For Gen Z, AI and digital tools are second nature. Their skills can help firms adopt and adapt faster.
Closing the advice gap will take more than technology. It requires people. Skilled, motivated advisers who can meet clients where they are and guide them through complex financial decisions. That means tackling the adviser gap head on.
The more young people hear directly from advisers, the more likely they are to consider the profession a viable career path
By becoming more visible, offering clear pathways and engaging with young people before they choose their career, we can attract a new generation into financial services.
It may take effort, but the rewards are tenfold: for the firms that gain talent, for the clients who gain advice and for an industry that urgently needs to evolve.
If we’re serious about closing the advice gap, it starts with who we inspire to join our organisations.
Chris Miles is managing director of SM Advice
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For more practical information on how to get started in financial advice, please visit our Future Financial Adviser community. We tell you how to take the first steps, how to get ahead and what attributes you need to flourish. Even better, we can put you in touch with helpful contacts.
