Call for younger advisers under median age of 50
Citing research from eFinancialCareers, Fortnum Private Wealth is calling on better incentives within the advice industry to attract young talent as close to half of Australia’s financial advisers are aged over 50.
Managing director of Fortnum Private Wealth, Joel Taylor has said figures from eFinancialCareers that show 43 per cent of financial advisers are aged over 50 is an industry-wide concern.
To attract the best talent within the industry, Taylor said it was crucial for licensees to revamp value proposition and better support the needs of practices with technology support and strong advice capabilities.
“It’s important to have one eye on today and one eye on tomorrow to stay as relevant as a licensee,” he said.
“Today’s advice businesses will be unrecognisable in the next 5-10 years with new education standards, a smaller professional advice community (with adviser retirements) and increasing customer demand and complexity.
“Attracting young, quality advisers…is an important part of building the future.”
To meet a changed environment, Taylor said Fortnum, which has an average adviser employee age of 41, had focused specifically on recruiting professional and well-educated young advisers and recently appointed Samuel Fenning off the back of the recent acquisition of Just Advice Financial Services.
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