Advice firms need to highlight the entrepreneurial opportunities in financial planning if they are to attract more young people into the profession, according to national advice firm Continuum.
The firm said that while school programmes, academies and recruitment drives play an important role, more must be done to promote financial advice as a career where self-employment and business ownership are possible.
According to the Office for National Statistics, 21% of 16–21-year-olds expect to be self-employed at some point in their lives, up from 14% in 2019.
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Continuum argued that this growing entrepreneurial mindset could be a natural fit for the advice profession.
Martin Brown, managing partner at Continuum, said: “Young people still misunderstand the opportunities a career in financial advice can hold.
“Financial advice is an entrepreneurial profession but also a very rewarding one, as it makes a positive impact on people’s lives for many years.
“Today’s young workers are more interested than ever in building their own business. Promoting succession schemes and showing how young people can grow an independent business within financial planning, with no capital requirements on entry, is important if we are to attract the entrepreneurs of tomorrow.”
Continuum highlighted its My Continuum Succession initiative, launched in 2023, which enables advisers to buy the client book of retiring colleagues, offering a pathway to business growth with consultancy support.
The firm also supports new entrants through access to the M&G Wealth Academy, which helps advisers qualify, and through outreach with schools, colleges and universities to demonstrate the rewards of a financial advice career.
Brown added that with rising demand for financial advice, the profession must ensure it appeals to a new generation of talent.
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