Advisers intent on defying ageing demographic
Longstanding projections that an ageing demographic would result in many financial advisers leaving the industry in droves are premature, according to Chris Wrightson, director of broker Centurion Market Makers.
“Five years ago we were saying that 20 per cent of the industry would want to get out in the next five years, but I don’t think we’ve seen that happen now.”
“I myself would’ve signed on for that ageing demographic but I’m not sure now that ageing is as big an issue as we once thought.
“It’s not a physical job, and not a labour intensive job at the moment, and is something you could be doing when you’re 70’s if your of active mind and sprit.
Wrightson added that back then we thought it was age that would make them exit, as we thought with FSR coming in it was all going to be too hard.
Well they didn’t, and they had a good ride there for a few years with good investment markets, and they appear to be intent on hanging on to their firms in the current cycle until revenues improve.
He said that while age itself isn’t going to drive adviser ouof the industry, it’s possible that too much legislative change,
as we have been experiencing lately, that could drive people out.
However, the impact of this next round of legislative changes is three years away and the adviser may be more adaptable that we think.
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