Why we are all responsible for building the next generation of advisers – Bawa

Recent analysis by Mortgage Solutions found the number of mortgage advisers fell by 11% last year, the sharpest decline since 2009. For the first time in several years, adviser numbers are moving in the wrong direction, and it should be a cause for concern for everyone in the industry.

Behind that statistic lies a bigger issue. When the pool of advisers shrinks, fewer people are able to access the professional guidance they need to make confident, informed financial decisions. That has implications not just for individuals, but for the economy as a whole.

Financial advice has never been more important. Whether it’s helping first-time buyers navigate affordability challenges, supporting families with protection needs or assisting clients in planning for later life, advisers play a crucial role in helping people make choices that are right for their circumstances.

When people act on instinct rather than informed advice, the risk of poor outcomes rises. A financially resilient nation depends on ensuring that more people – not fewer – have access to good advice.

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Understanding why adviser numbers are falling

There’s no single reason for the current decline. Advisers today face a demanding and often stressful working environment. The role requires long hours, continuous regulatory awareness, and an ability to balance client expectations with complex compliance obligations.

Every day, we see how these pressures can affect advisers’ wellbeing. It’s one of the reasons we introduced a partnership with Six MHA, a mental health service providing confidential counselling and support for advisers and their families. Looking after advisers is the right thing to do on a personal level, but it is also essential for sustaining the quality of advice clients receive.

There’s also a demographic challenge. The adviser population is ageing, with many experienced professionals approaching retirement. The question the industry must ask itself is whether we are doing enough to replace them. Without a strong pipeline of new entrants, we risk an advice gap that leaves consumers without the guidance they need.

Encouraging new talent into the profession

If we are to counter this fall in adviser numbers, we need to ensure financial advice is a career that attracts young people and career changers alike. It needs to be seen as a profession that offers long-term opportunity, purpose, and personal fulfilment.

We’ve seen first-hand the real value from offering internships and entry-level opportunities for those considering a career in advice. Many who joined us initially to gain experience have gone on to become fully qualified advisers, building successful and rewarding careers within the network.

But we can’t rely on internships alone. As an industry, we need to show that financial advice is not just about numbers, but rather about helping people achieve life goals, from homeownership to retirement security. For a generation seeking meaningful work, this is a career that makes a tangible difference.

Structured development pathways are also vital. That means clearer access to qualifications such as CeMAP, mentoring programmes that build confidence, and networks that provide hands-on guidance during those first crucial years.

Creating the right environment for advisers to thrive

Attracting new advisers is one thing; retaining them is another. Too many professionals leave the sector because they feel unsupported or restricted in how they can grow their businesses.

For networks, there is a clear challenge here – building an environment that supports advisers as individuals, giving them the freedom to develop their business in the way that suits them, while providing the compliance, marketing and operational support they need to succeed.

When advisers have access to a supportive community, they stay in the profession longer.

A collective effort

The decline in adviser numbers isn’t just a challenge for networks. It’s something that affects every part of the mortgage market. Lenders, regulators, and trade bodies all have a role to play in making advice more accessible and sustainable.

That means breaking down the barriers that deter new entrants, promoting diversity across the industry, and highlighting the breadth of opportunity that advice can offer. Just as importantly, those already in the sector should take the time to mentor and guide the next generation.

The future of the profession depends on collaboration. If we want to protect the quality and accessibility of advice, we need to make the pathway into the industry as open and supportive as possible.

When more people have access to advice, outcomes improve for everyone, whether that’s clients, communities, or the wider economy. It’s a goal that requires a collective effort, but one that’s absolutely achievable if we pull together.