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Firms leaving vacancies unfilled

Half of adviser firms are not hiring new staff when vacancies occur and only a third are still taking on new recruits, according to George Street Research.

The firm’s survey of over 200 IFAs shows 52 per cent of firms are leaving vacancies empty. It says national IFA firms are more confident than smaller firms, with 63 per cent filling existing jobs.

The research shows 15 per cent of firms are putting on hold plans to change their business model to a new style because of the market turmoil while 29 per cent have no plans to change model regardless.

Over a third of IFAs – 37 per cent – believe the retail distribution review should be postponed because of the market conditions although 51 per cent do not agree there is a need for a delay.

Paladin Financial Services managing director Tim Purdon says there will be casualties in the advice sector but he believes the downturn is creating opportunities.

He says: “The financial environment has created greater demand for financial advice so those who survive the current climate will be in a strong position.”

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