The Prudential 2018 Adviser Barometer, which surveyed 200 UK financial advisers, also found more than two out of five (41%) advisers expect the number employed across the industry to grow in the year ahead.
This is up from 38% last year, and a staggering increase from just 11% in 2016.
Vince Smith-Hughes, director of specialist business support at Prudential, said: “Demand for advice is growing and that is reflected in the increasing optimism about the future from advisers and the hours they work.
“The numbers happy to recommend advice as a career is a great story to tell for the industry but there are concerns.”
Promoting the industry
However, there are growing worries about where new recruits are going to come from – just 40% of advisers said there are enough new advisers coming into the profession, compared with 48% in 2017.
Prudential’s research found 81% of advisers believe schools and universities need to do more to promote financial advice as a career.
The second most popular idea for promoting the industry was a coordinated approach by trade bodies and providers (79%), with more than three out of four (77%) IFAs wanting providers to develop their own recruitment programmes.
Around 66% of advisers said providers should expand apprenticeships to reach out to more potential advisers, and some 55% said the UK government should consider sponsoring a scheme to attract fresh recruits.
Smith-Hughes added: “Key among these concerns are around where new recruits will come from.
“However, the recent demand for advice shows a vibrant profession, with some advisers running dedicated graduate programs while others are naturally transitioning paraplanners across to advising.”
According to the survey, there is plenty of work for new advisers to do. One in four (25%) questioned said they are working more than 50 hours a week, compared with just 14% in 2017.
Prudential’s research found the rise in working hours is driven by a combination of business growth as well as compliance and regulation.
Nearly half of advisers (48%) said business growth has meant longer hours, while 44% said increasing compliance requirements mean they put in longer hours.
Some 30% said the impact of tax and regulatory changes has lengthened their working week.