How the pandemic has changed adviser recruitment

Perhaps unsurprisingly, last year saw a slowdown in the number of advisers looking to move roles, particularly at the more senior and experienced level.

There are understandable reasons for this, a key one being a nervousness to change jobs during a time of such extreme uncertainty. For those advisers with an existing book of business, moving to a new proposition and transitioning clients is a big step even when markets and the economy are running smoothly.

As we move out of lockdown and the economy opens up, we have already begun to see an uptick in activity.

Initially, this seems driven by advisers moving to more holistic financial planning propositions, as well as those moving into advice for the first time. The pandemic appears to have put the importance of good financial planning front and centre of many people’s minds.

From an employer perspective, the pandemic has shown how effective remote working can be, with many committing to more flexible models going forward.

This is unlikely to have a material impact for self-employed advisers, as we would expect them to have enjoyed a large amount of flexibility before the pandemic started anyway. However, the adoption of remote working and digital platforms, such as video conferencing, is likely to leave an impact.

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