Financial advisors are mostly old men and many are put off the job by the amount of paper work involved, according to research by Norwich Un...

Financial advisors are mostly old men and many are put off the job by the amount of paper work involved, according to research by Norwich Union Healthcare. Worryingly, the survey entitled “Intermediary Health of the Nation” revealed that financial intermediaries aged between 18 and 24 all admitted that they have considered leaving the industry in the last 12 months. That dwindling age bracket only makes up 7 per cent of the total. Some 59 per cent of respondents are aged 45 to 65 and only 16 per cent are female. Nearly three quarters of respondents blamed vast amounts of paper work and administration as the main cause of dissatisfaction with the job. According to respondents, administrative tasks currently make up 65 per cent of their workload, with only a quarter of time spent face-to-face with clients. Poorly defined career progression and a lack of development, which was a major bugbear across other industries, only garnered 3 per cent of replies in the case of intermediaries. Some 40 per cent of respondents complained about high stress levels and being over-worked. With over a quarter of those in the industry working over 50 hours a week, many confessed in the study to being unhappy with their current work/life balance. However, the research also showed that intermediaries are generally an active bunch who probably most enjoy getting out and about when doing their jobs. Nicole Hockley, head of consumer marketing propositions at Norwich Union Healthcare said: "Our ‘Intermediary Health of the Nation’ research helps to provide us with an in-depth understanding of their needs and the ways in which they work. Services such as Healthcare Zone, an online toolkit for intermediaries and Norwich Union Healthcare sales support teams help us develop profitable business relationships with intermediaries and highlight our commitment to addressing problems identified by the research."