Wealth manager and platform provider Quilter says that the FCA’s Adviser Survey, released yesterday, shows signs that the advice profession is “starting to renew itself.”
The company, one of the UK’s largest wealth managers, says the fact that the average adviser age has fallen to the late 40s reflects an increase in younger advisers entering the profession.
The average age of people joining the Quilter Academy is 37.
Despite more younger professionals joining the profession, the FCA Survey found that the number of adviser firms has fallen to a five year low and is down by 15% since 2021 although the number of advisers has remained steady at 31,000.
The FCA’s survey found that the average age of advisers, traditionally seen as being in the 50s, appears to be falling with 50% of advisers now under 50 and the proportion under 40 rising since 2023. More women are entering the profession although women still form only 18% of advisers.
Chris Jones, academy director at Quilter, said that the survey was “encouraging” and backed up recent Quilter Academy experience.
He said: “The FCA’s survey shows encouraging signs that the advice profession is starting to renew itself. The average adviser age has fallen to the late 40s, reflecting an increase in younger advisers entering the market and showing that entry routes into the profession are beginning to gain traction. The average age of people joining Quilter Academy is now 37.
He added: “That's important because financial advice is built on long‑term relationships. Clients often stay with the same adviser for decades, through accumulation, retirement and later‑life planning. Younger advisers enable continuity, allowing clients to benefit from working with someone who knows their circumstances, goals and family situation over the entirety of their financial journey.”
He said he accepted, however, that there was still more to do to renew the profession, particularly on the number of female advisers which remains too low.
He said: “Only 18% of advisers are women, despite women making up a much larger share of Paraplanners and support staff. That points to a progression challenge rather than a lack of interest in the profession, and it limits the industry’s ability to build a workforce that reflects the clients it serves over the long term. Quilter Academy has 30% of female new joiners but would like to see this increase.”
He said he believed adviser academies and similar structures were helping to recruit new talent particularly graduates and second careerists.
Mr Jones said he also believed that more needed to be done to boost adviser numbers.
He said: “The FCA’s findings underline why this work needs to continue. A younger adviser profile is a positive step, but flat overall adviser numbers and a persistent gender imbalance show that existing pipelines are not yet strong enough on their own. If the profession wants clients to benefit from consistent advice over a lifetime, it needs to keep investing in new entrants and do more to explain what a modern career in advice looks like and who it is open to.”
The FCA study predicts a further decline in adviser firm numbers by about 5% between now and 2028 - a drop of about 250 - although adviser numbers are likely to remain steady as consolidation continues, it believes. Overall there are 5,100 adviser firms offering financial advice in the UK.