If there’s one thing that consistently worries the financial advice sector, it’s the looming capacity crunch.

The statistics are well known: a recent Investec survey found 49% of financial advisers and planners intended to retire within the next five years, while 35% aimed to retire by age 50. And this is only the latest in a long line of such findings.

So, why aren’t these numbers being replaced? Again, it’s a familiar story: in some cases, young people see financial advice as not relevant to them, as something “stuffy and old-fashioned”, in the words of the LIBF’s John Somerville.

These initiatives are a great starting point, but they should act as a spur for a much bigger push

Others may feel, incorrectly, that they lack the necessary skills. Or they are put off by the routes to qualification, seeing them as arduous and expensive. Or the advice firms themselves are reluctant to invest in new talent.

But the overwhelming problem is a lack of awareness. According to the CII’s Claire Bishop, “Often, it’s just not something that’s on the radar of people at school, university or college.” The same is true for careers advisers.

This is despite the opportunities financial advice offers in terms of role diversity, opportunity, location, salary and self-employment. It is a sector that suits a wide range of talent and abilities; as Bishop puts it: “There’s an assumption that it’s all about maths. And it’s not. It’s about helping people and understanding people.”

All of the schemes agree that collaboration is vital

And, while no one would describe it as an easy profession, research last year by Dynamic Planner revealed that nine in 10 advisers under 30 would recommend financial advice as a career. There aren’t many other professions that could make that claim.

So, it’s time the sector pulled together and did more to promote itself. If financial advice is so rewarding, why don’t more people know about it? And, if everyone in the profession is agreed that we have a problem, why not collaborate more on the solutions?

Fortunately, there are plenty of initiatives out there that are doing just that. This month’s cover feature highlights four of them: CII’s virtual work-experience programme with Springpod; the New Talent Alliance; The Verve Foundation’s ‘We Are Change’ initiative; and Future Financial Adviser.

In some cases, young people see financial advice as not relevant to them, as something stuffy and old-fashioned

All of these are promoting opportunities to young people and assisting them on their journey. All of them are helping to push financial advice into the spotlight. And all of them agree that collaboration is vital.

However, we need to do more. These initiatives are a great starting point, but they should act as a spur for a much bigger push.

So, if you know of a project that is addressing the adviser gap, or you have any thoughts that aren’t addressed in our feature, we’d love to hear from you!

Tom Browne is editor of Money Marketing. Contact him at: tom.browne@moneymarketing.co.uk

This article featured in the October 2024 edition of Money Marketing. 

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Good morning and welcome to your Morning Briefing for Wednesday 9 October 2024. To get this in your inbox every morning click here.

#ICYMI: The news from MMI London

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Shouting about advice

If there’s one thing that consistently worries the financial advice sector, it’s the looming capacity crunch.

The statistics are well known: a recent Investec survey found 49% of financial advisers and planners intended to retire within the next five years, while 35% aimed to retire by age 50. And this is only the latest in a long line of such findings.

So, why aren’t these numbers being replaced? Again, it’s a familiar story: in some cases, young people see financial advice as not relevant to them, as something “stuffy and old-fashioned”, in the words of the LIBF’s John Somerville.

In Conversation With… Hymans Robertson’s William Marshall

In this episode of In Conversation With…, Kimberley Dondo talks with William Marshall, CIO and head of wealth investment at Hymans Robertson Investment Services.

They dive into key topics like sequencing risk, debunking longevity myths, and how Hymans Robertson’s holistic approach supports clients in retirement. William also addresses how the Consumer Duty has shaped the focus on value for money, the balance between passive and active investing, and the role of factor investing in portfolio design. Tune in now:

Quote Of The Day

A move like this could stoke fear amongst public sector workers that the government is coming for their pensions.

– Graham Crossley, NHS pension specialist at Quilter, comments on reports that the Chancellor is considering cutting the amount that can be taken tax-free from pensions to £100,000

In Other News

Progeny has appointed Phillip Liu to the role of director of data and digital.

A newly created role, the director of data and digital will lead an increasingly data-driven approach and provide strategic leadership to Progeny’s data team.

With over 20 years in data leadership, Liu is an experienced transformational data change leader and was previously at Atlanta Group as director of data.

He has also held leadership roles for Yorkshire Building Society, General Electric and International Personal Finance.

In his new role at Progeny, Liu will have responsibility for overseeing, building on and enhancing the group’s data capability, to help inform and support Progeny’s continued growth.

He will also act as data protection officer, overseeing all aspects of data stewardship, data quality and data protection.

KPMG US chief cites urgent need to halt slide in accounting ranks (Financial Times)

Chinese stocks tumble as stimulus skepticism keeps bulls at bay (Bloomberg)

India cenbank holds rates, shifts stance to ‘neutral’ signalling rate cuts ahead (Reuters)

Did You See?

Believe it or not, we’ll soon be turning our attention to 2025 – and it might be a year for advisers to take particular notice of, says Nucleus’s Laura Barnes.

If estimates from The Centre of Economics and Business Research are correct, women will hold 60% of the UK’s wealth from next year. That’s a hefty amount.

As women’s wealth grows, the hope would be they increasingly look to seek professional advice on how best to manage it.

Of course, some will have been responsible for their own wealth creation and may already be benefitting from the peace of mind that comes with advice.

In this episode of In Conversation With…, Kimberley Dondo talks with William Marshall, CIO and Head of Wealth Investment at Hymans Robertson Investment Services. They dive into key topics like sequencing risk, debunking longevity myths, and how Hymans Robertson’s holistic approach supports clients in retirement. William also addresses how the Consumer Duty has shaped the focus on value for money, the balance between passive and active investing, and the role of factor investing in portfolio design. Tune in now:

THIS massive restaurant chain is to deliver a Christmas dinner feast to your door this festive season.

Côte restaurants have launched their indulgent range of Christmas meals designed by Gordon Ramsay’s former Executive Chef.

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Steve Allen – who previously ran Michelin-starred restaurants – has focused on fresh seasonal ingredients to showcase the classics, with a French twist, at Christmas.

This Christmas the premium delivery Côte at Home service has come up with three luxury Christmas feasts complete with simple instructions – so there’s less stress for the season.

In less than three hours, and with minimal fuss, the luxurious meals are ready to be served.

All three Côte at Home Christmas boxes have been specially designed so that dishes can be heated at the same temperature, avoiding oven hassle and more time to relax with loved ones.

Three of the Côte at Home Christmas boxes

The Côte Festive Turkey Feast (£124.95) serves up to six people and includes:

• A 2-2.5kg marinated British turkey breast from Larchwood Farm, East Anglia as the traditional centrepiece
• Pigs in Blankets with a spiced honey glaze
• Spiced Braised Red Cabbage
• Brussels Sprouts au Gratin
• Roast Potatoes
• Rainbow Roasted Carrots
• Sage & Onion stuffing
• Shallot & Thyme Jus

The second box of Christmas comes with the same side dishes, but you and your guests will dine on 1kg Chateaubriand instead.

The Côte Festive Chateaubriand Feast serves up to six and costs £154.95.

Or you can opt for the third box which is a vegetarian feast for two costing £54.95, featuring:

• Two individual Butternut Squash Tarte Tatin’s with toasted almonds and Chèvre Buchette goat’s cheese served with all the trimmings
• Spiced Braised Red Cabbage
• Brussels Sprouts au Gratin
• Roast Potatoes
• Rainbow Roasted Carrots
• Sage & Onion stuffing
• Shallot & Thyme Jus

There’s also a selection of delicious festive starters including:

• Chicken Liver Pâté (£8.95), infused with Grand Marnier and served with a fig chutney
• Truffled Pumpkin Soup (£5.95) topped with crumbled chestnuts and pumpkin seeds
• Brûlée Camembert (£5.95) which is sprinkled with sugar and caramelised to create a hard sweet crust, with grape chutney

All starters come with a freshly baked demi baguette.

Côte at Home also offers a selection of festive desserts:

• Pear & Almond Frangipane Tart with winter berry coulis (£8.95)
• Brandy Butter Madeleines with whipped brandy butter (£8.95)
• Bûche de Noël, a traditional chocolate roulade with pistachio cream (£15.95)

If you want to fill the fridge with other meals during the festive season, Côte’s chefs have designed another two exclusive boxes.

These mean you have more time to sit back and less time needing to focus on the big shop.

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The Côte Christmas Breakfast Box (£64.95), for two or more people

You can enjoy a Continental breakfast of croissants, mini jams, French bread and butter, yoghurts, our Côte granola and Valencian orange juice.

There’s also smoked salmon, Comté cheese and Jambon de Savoie ham, alongside Cumberland sausages, Boudin Noir black pudding, Dingley Dell smoked back bacon and free-range eggs.

The Côte Christmas Evening Box (£74.95), for two or more people

Enjoy a selection of French cheeses, charcuterie and luxury fish perfect for a cold buffet of luxury food. All accompanied by crackers, confit jams, cornichons, olives and sourdough demi baguette.

Côte Christmas Drinks Package (£84.25)

Côte at Home also offers a range of drinks gift packages this year, alongside some chocolate and Champagne gifting options.

Start (or end) the day with their exclusive house blend coffee, followed by Buck’s Fizz courtesy of Montaudon Champagne and Valencian orange juice.

Côte’s Les Mougeottes Pinot Noir pairs perfectly with your main meal, and there’s a bottle of Quinta do Crasto Port to enjoy alongside desserts of one of our French cheese boxes.

There’s also a range of wine packages – mixed, white and red wines, three bottles of exclusive French wine for £39.95.

And a Champagne and Crémant package for £59.95.

If you’re looking for a smaller gift, this year Côte are partnering with Montezuma chocolates and offering their ‘Into the Dark’ and ‘Dairy Beloved’ gift boxes with your choice of Champagne, Crémant or Non-Alcoholic Sparkling Rosé for £34.95 – £39.95.

Executive Chef, Steve said: “Our Côte at Home Christmas boxes have everything you need to creative a fabulous festive feast.

“From seasonal starters through to the main event and show-stopping desserts, you’ll find a selection of classic Christmas dishes with a touch of French flair.

“What’s more, everything is effortless to prepare in your own kitchen, so you won’t miss out on that all-important time with friends and family. Joyeux Noël!”

Delivered direct to your door Côte at Home festive menus and dishes are now on sale with delivery available nationwide from 18th – 23rd December.

Visit coteathome.co.uk to book your delivery and view the complete Christmas menu.

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REGULAR facials help keep your skin in top condition especially during cold and windy weather.

But rather than fork out on pricey salon services, treat yourself at home instead.

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Here’s how to get a glowing complexion on a budget . . . 

CLEANSE: Start by getting rid of make-up and grime.

You can use your own regular cleanser, or baby oil is a cheap product that will clean your face.

Then fill your sink with hot water and dip in a clean flannel or face cloth.

Wring out the cloth before laying it over your face. The steam should help open your pores.

You can then use the cloth to exfoliate and buff your face by rubbing in small gentle circles over the skin.

SPECIAL CARE: When you head for a facial, your skin is usually lavished in extra products to give it a nice boost.

Retinol can help reduce the appearance of fine lines.

Aldi’s Lacura retinol toner, £2.99, is a budget alternative to expensive brands.

Serums are absorbed by the skin and applied after cleansing and toning.

Try a vitamin C serum to help boost collagen production and make skin feel more supple.

Tesco’s Skin Saints vitamin C serum is £4.

MOISTURISE: As temperatures drop, your skin can quickly dry out.

Keep it well moisturised to plump your face and help it looking healthy.

Hyaluronic acid helps dry skin look revived — Tesco’s Skin Saints version is £4.

No need to splash out on exra pricey moisturisers. Vaseline works well and a 50ml tub is £1.79 from Superdrug.

Finish with an SPF to protect your skin from sun damage all year round.

Tesco’s kind & pure daily moisturiser and SPF 15, £2, is an affordable everyday option.

• All prices on page correct at time of going to press. Deals and offers subject to availability.

Deal of the day

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DRY your clothes in rainy weather with this three-tier heated airer, down from £94.99 to £59.99 at The Range.

SAVE: £35

Cheap treat

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TUCK into Lyle’s new gooey golden syrup flapjacks, £2.50 for a pack of five at Tesco.

What’s new?

POP Holy Moly’s new cheese dips in the microwave for a couple of minutes to get a warm accompaniment perfect for nachos.

The range is £1.75 with a Nectar card at Sainsbury’s, down from £2.75.

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Top swap

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PUT some style in your step with Ganni’s buckle ballerinas, £325 at ganni.com.

Or head to Primark and bag its similar flats, for £16.

SAVE: £309

Little helper

IN Morrisons toy sale, customers with More cards can save up to 50 per cent on brands such as Hot Wheels and Barbie.

This Barbie Dollhouse set is now £25, was £50.

Shop & save

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SNUGGLE up on the sofa on dark evenings with this throw, down from £36 to £25.20 at Dunelm.

SAVE: £10.80

Hot right now

LIDL’S reward scheme has been updated – customers who spend £250 in a month can get ten per cent off their weekly shop.

PLAY NOW TO WIN £200

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JOIN thousands of readers taking part in The Sun Raffle.

Every month we’re giving away £100 to 250 lucky readers – whether you’re saving up or just in need of some extra cash, The Sun could have you covered.

Every Sun Savers code entered equals one Raffle ticket.

The more codes you enter, the more tickets you’ll earn and the more chance you will have of winning!

CHANNEL 4 yesterday reported its biggest loss ever   — and called for this month’s Budget to restore business confidence.

Boss Alex Mahon said: “That’s what advertisers need, that’s what consumers want, that’s what we want.”

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And she insisted that would help more than government assistance in its ownership, as briefly flirted with by the last administration.

The Great British Bake Off broadcaster fell to a deficit of £52million last year, compared to a £3million surplus the year before.

Overall revenues edged ten per cent lower to £1billion.

It blamed a near ten per cent slump in advertising revenues, plus piling cash into content.

It said the ad slump caught the entire market unaware — “even the highly paid forecasters”.

The publicly owned but commercially funded channel, which also screens Married At First Sight and The Piano, spent £663million on programming, its second-highest annual figure.

Bosses admitted they had hoped to spend even more, but the ads downturn meant budgets had to quickly be trimmed.

Ms Mahon said of the spend: “We did it knowing the single biggest contribution we can make to the financial health of the creative economy is what we spend on British intellectual property.”

She reasserted the importance of the Government maintaining tax credits for film and drama productions.

Channel 4’s results showed consuming video content will overtake traditional linear TV.

Streaming now makes up 15 per cent of its viewing after growing by a quarter last year.

It has been investing heavily in its digital partnerships, including YouTube which also streamed its Paralympics coverage.

The advertising slowdown meant Channel 4 has already tightened its belt by cutting around 240 jobs and shelving shows including Banged Up and Scared of the Dark, despite good ratings.

It will quit its London HQ on Horseferry Road, due to hybrid working.

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Sum mistake for Vistry with £1bn hit

MORE than £1billion was wiped off the value of housebuilder Vistry Group yesterday after it admitted that it had got its maths wrong.

The FTSE 100 group, formerly called Bovis Homes, put out an unscheduled update revealing that it had underestimated building costs on around nine of its 300 developments.

Vistry said the blooper would knock £80million off its profits and it will now make around £350million — below last year’s £419million.

Shares in the housebuilder tumbled by as much as a third as investors took fright at the error.

Investec analyst Aynsley Lammin said the key question for the City to consider going forward would be whether this was a one-off error or “more systemic and reflective of inherent risk within the group’s model”.

The business said it believed the issues were “confined to the south division” and it was starting a review to get to the root of the cause.

Vistry has been growing at a faster pace than all of its large competitors and recently upped its forecasts for house completions, despite others blaming higher mortgage rates for lower demand.

Shining results at Shein

FAST-fashion retailer Shein made £1.5billion in UK sales last year — more than its British online rivals Boohoo and Asos.

Young shoppers have snapped up its cheap goods.

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And fresh company accounts for Shein Distribution UK Ltd reveal its revenues rose from £1.1billion for 2023.

Its growth eclipses the £1.4billion revenues Asos made in the UK and Boohoo’s £921.5million of UK sales.

As it gears up for a potential London stock market listing, Shein reported its UK profits doubled to £24.4million.

It is facing scrutiny for exploiting an import duty loophole by shipping goods in small parcels directly to consumers.

The China-founded group has recently shifted its headquarters to Singapore.

But its Companies House filings confirm the ultimate controlling firm is registered in Cayman Islands, a known tax haven.

IMP’s cig boost

THE maker of Golden Virginia and Lambert & Butler is giving shareholders a £1.5billion award after benefiting from the rising prices of cigarettes.

Imperial Brands said it would increase the amount returned to investors in buybacks from £2.4billion to £2.8billion in the year ahead.

Imps still makes the bulk of its sales and profits from cigs but has been investing heavily in “next generation” products.

It expects sales of its Blu vapes and nicotine pouches to grow by between 20 and 30 per cent in the next year.

THE CAFE and bars chain Loungers has opened 17 new sites in the past six months and has plans for 18 more.

The business now has 273 in the UK and openings are fuelling its growth, with half year sales rising by 19 per cent to £178.3million.

Oxtail of woes

THE miserable weather in September had chilly shoppers stocking up on soup and hot chocolate, according to the latest grocery figures.

Hot chocolate sales rose 28 per cent and soup was up ten per cent at supermarkets, Kantar stats showed.

Brits are still spending more as food inflation ticked back up to 2 per cent, from 1.7 per cent in August.

They are buying more items on promotion.

Of the discounters, Aldi’s growth slowed to 1.8 per cent over the month.

Lidl’s sales rose by 8.8 per cent.