deVere bucks trend and sets out to recruit MORE wealth management professionals

It has been recently reported by the Association of Professional Financial Advisers (APFA) that the number of financial advisers based in the UK is continuing to fall, largely due to the effects of the Retail Distribution Review (RDR).

I mentioned the potential and unintended effects of the Retail Distribution Review (RDR) earlier this year.

Although the principal aim of the Financial Conduct Authority’s initiative was to increase transparency and reduce the risk of mis-selling, RDR’s regulations have, as the figures reveal, led to a substantial decline in numbers of financial advisers.  It seems that a large number of companies have chosen not to further invest in their IFAs and, further to that, the future of their firm and the industry.

Latest figures show that there are now less than 20,000 in the UK, which when considering there are estimated to be over 6,000 professional footballers in the country, is somewhat alarming.

With the demand for expert financial advice continuing to soar, and ‘supply’ on a downward spiral, there are real concerns of only high net worth investors having the ability to seek professional financial advice.  It was revealed earlier this year that many clients with less than £50,000 in assets were being rejected by IFAs, as their investment was not ‘attractive’ enough.

This could, of course also result in a serious ‘domino effect’ on the UK economy.  If millions of working Britons choose to invest their hard-earned money without receiving professional advice and suffer subsequent losses, the effect on individuals and the country as a whole could be catastrophic in future years.

deVere Graduate Programme

In complete contrast to this continuing decline in professional financial advisers, the deVere Group has launched a two year Graduate Programme this year, giving students the chance to learn how to become a wealth management professional within the world’s largest independent financial advisory organisation.

Students receive direct training at our Malta office and then have the opportunity to relocate to one of the deVere Academy offices located in Abu Dhabi, Dubai, Istanbul, Kuala Lumpur and Malaga.  After the two years, or maybe even before, the graduates will usually be able to choose which of deVere’s 70 globally-located offices they wish to begin their career.

For more information regarding the deVere Graduate Programme, please visit:

www.deveredestinations.com

Share this article

Mike is recognised at the forefront of financial planning as a financial advice mentor who demands only the best outcomes for both individuals and businesses he works alongside.

Connect with us