A survey commissioned by the Association of Professional Financial Advisers (APFA) found 51% out of 235 financial advisers questioned in October said they would recommend a family member took up financial advice as a career.
The research also suggested no more than 20% planned to hand their business to a family member when they retired.
Instead a quarter (26%) of advisers planned to sell their business when they quit work, and a further quarter (26%) indicated they have no succession plans at all.
Director general Chris Hannant (pictured) said the “burden of bureaucracy and costly regulation” are partly to blame for the lack of enthusiasm around advice as a career.
“Ultimately, they may be tainting what is a vitally important profession. This needs addressing,” he said.
He added: “The legacy of today’s firms should be a vibrant and healthy profession tomorrow. This means ensuring all firms have succession plans in place when the time is right, but it’s also about the regulator doing more to reduce the burden on advisers and ultimately making the profession a more attractive career option.”
APFA vowed at its annual dinner in November it will work with the regulator to “achieve the sort of industry that we want”.
The association, which celebrated its 15th year anniversary this year, said it believed it “punches above its weight” when it comes to lobbying and getting things done for the financial advice industry.
Among other things, the body currently fights for a long-stop for advisers, proportionate fees to cover the guidance guarantee cost and a reduction in regulatory fees.