Most IFAs over 55 would retire now if they could, according to research by Armstrong Neal Financial Solicitors.
A survey of 100 IFAs carried out between February and March found that 86 per cent of respondents would leave the industry tomorrow given the chance.
Three-quarters claim the regulatory burden is a major factor for them wanting to quit while 60 per cent say remuneration and the 1 per cent world under stakeholder will make the industry commercially unviable. Just under one-third say they are not willing to do any more training.
However, financial constraints are keeping IFAs in the industry, with 90 per cent of respondents claiming they have not retired because they have no way of unlocking the value from their practices while 80 per cent claim they cannot afford to retire.
Armstrong Neal partner Gareth Fatchett says: “It looks as if many IFAs will lose out or sell cheaply to extract value from their past endeavours.”
Scottish Equitable IFA training manager Peter Williams says: “There will be IFAs who are willing to learn and grow and those who are not willing will not be able to stay in business.”