PFS reports post-RDR membership surge

The organisation said more than half of its newest members were under the age of 35 and were made up of a mix of advisers, support staff or trainee roles within advice firms.

Earlier in the year the PFS announced increased numbers of individual and corporate chartered memberships.

Chief executive Keith Richards said: “We are naturally pleased with the progress on all three fronts and the on-going appetite for personal professional development in general.

“The increase in adviser numbers mirrors a corresponding increase in the amount of statements of professional standing certificates issued by the Chartered Insurance Institute during the same period, with a positive contribution from new joiners working in support roles within advice firms.”

Richards (pictured) said the figures were “particularly encouraging” as there had been an overall reduction in the number of advisers operating post-Retail Distribution Review.

He said big banks’ departure from advice had hit total adviser numbers but said the growth in membership was down to the more paraplanners and support staff joining the PFS, advisers re-entering the investment market and new entrants attracted to the profession.

“We have always felt more confident than most commentators about the advice sector’s resilience and its ability to evolve, but did anticipate a fall in members after the RDR,” he went on. “However, this continued growth puts us ahead of where we expected to be and is testament to the quality of the people who remain and their talent for attracting new entrants to the profession.

“Adviser confidence has continued to grow in the post-RDR landscape and many firms are actively on a recruitment drive to meet the demand for professional financial advice.”

Richards also confirmed that there is a renewed appetite among the profession for continued professional development, with attendances at the society’s professional development events reaching record levels - up by more than 80% compared to last year.