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FCA reveals 11% fall in bank adviser numbers

The number of bank and building society advisers continued to fall this year, while the number of financial advisers experienced a slight drop, the latest FCA figures reveal.

Figures released by the FCA show the number of bank and building society advisers fell by a further 11 per cent between January and October, from 3,556 to 3,182.

This is on top of a 23 per cent fall between July 2013 and January, and represents just over a third of the 8,658 bank and building society advisers operating at the end of 2011.

The figures show there was a 2 per cent fall in financial adviser numbers between January and October, from 21,881 to 21,496.

The number of discretionary investment managers is down 5 per cent over the same period, from 1,787 to 1,698.

Overall, the number of advisers fell slightly, from 31,220 in January to 31,153 last month. 

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There are 6 comments at the moment, we would love to hear your opinion too.

  1. It think its interesting that bank advisers don’t seem to be filtering into the IFA position ?

    Based on the 3rd gone sine RDR began

  2. “The number of discretionary investment managers is down 5 per cent over the same period, from 1,787 to 1,698”.

    89 down. That’s a start I guess

  3. Most Bank Advisers are used to being an Employee and with database and client bank. When they leave they can’t take Client Bank so Self Employment is their biggest challenge.

    Only few and far between do some IFAs with smaller Firms offer Salary and Clients.

  4. If you are an ex bank adviser at Lvl 4 in the Canterbury area, whilst we are not (currently) looking for another adviser, I was speaking to another firm in Canterbury, Kent who ARE looking for a level 4 adviser to join a team of 7 (2 advisers). They join an existing team and don’t need an existing client base as they have a large existing client base (they are part owned by a solicitors practice) that the two existing advisers are struggling to service even with their back office support. Like our firm, they are forward thinking in that they have at least one apprentice and succession planning is part of their business plan.

  5. Given the monumental pasting inflicted on the banks for their industrial-scale mis-selling practices, I’m surprised that the attrition rate is as small as just 11%. I’d thought that the banks had been axing their FS sales operations left, right and centre since the advent of the RDR.

  6. We’ve been looking for a good IFA and are struggling to find one, there seems to be plenty of “dross” out there and despite offering a decent salaried position, access to an existing client bank and good support, we just can’t seem to find anyone suitable.

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