Almost three out of every five financial advisers expect their role to be significantly different or non-existent within five to 10 years, a new report has found.
The report from the CFA Institute was based on survey responses from more than 3,800 CFA Institute members and candidates globally.
It found that 48 per cent of members and candidates expect their role to be significantly different or non-existent within five to 10 years and that the rate is 58 per cent among financial advisers.
Further, 89 per cent of industry leaders surveyed agree that individuals’ roles will be transformed multiple times during their careers.
Sixty per cent of leaders expect that investment firms will need to increase training and development in the next five to 10 years, while 87 per cent of investment professionals said that training and development opportunities are one of the most important aspects of an employer.
“In a disruptive and complex environment, knowledge decays more quickly and skills must be deepened. The ability to see opportunity in disruption is vital for today’s investment professionals,” said CFA Institute head of future of finance Rebecca Fender.
“This report offers valuable insight into how employees and employers in the industry can adapt and thrive.”
In May, the CFA Institute said it believed the financial advice industry needed major reform, including the immediate removal of grandfathered commissions, if it was to survive as a legitimate profession.
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