Adviser FCA registrations up by 53% in 2015
Equifax Touchstone, a market leading intermediary database provider, has revealed that over 18,000 individual adviser changes took place in the sector in 2015. In total, 6,991 advisers were added to the FCA register, up by a massive 53% on the 4,576 new additions seen in 2014.
The number of new advisers in 2015 was, however, matched by de-authorisations, which stood at 6,825, up slightly from 6,777 in 2014.
Over 4,347 advisers moved firm during 2015. While this is down significantly compared to the previous year (2014: 5,979), the statistics highlight that attracting and retaining top talent remains a pressing issue for advisory firms.
Geoff Greensmith, Director at Equifax Touchstone, says: “With ever changing regulation the opportunity for financial advisers is growing, and it’s great to see so many new people join the sector. However, competition between firms to attract the best quality advisers is fierce. Management teams must prioritise their talent acquisition strategy alongside their client retention and new businesses models. Client demands are changing; while robo-advice has the potential to alter the advisory landscape, people still value their personal relationships with advisers. This is particularly important when it comes to navigating major life events with complex tax and investment issues.
“To attract the best talent joining the sector, firms must have a clear proposition that appeals to the younger generation and people from different business backgrounds. This will help ensure that they have the right team and skills in place to develop services that are appropriate for clients both now and in the future.”
Equifax Touchstone utilises intermediary and customer profiling tools to enable financial services providers obtain a detailed understanding of their marketplace and client base. It also has an adviser database cleansing solution for asset managers and product providers to enable them to keep up with the ever changing market.