A new survey has revealed that nearly two-thirds of financial advisers have concerns that the UK’s education system is incapable of helping produce the next generation of advisers.

The Personal Finance Society’s (PFS) seventh annual survey, which was conducted among 1,498 members, found that 63% of respondents believe the UK education system does not adequately serve the needs of the advice profession.

Participants said they want recruits with better literacy and numeracy skills, and not to have to ‘top-up’ these basics.

The survey also offers up an ‘amber warning’ on the future of the advisory profession, the PFS said, with advisory firms facing the prospect of ‘increasingly finding themselves competing to secure new hires from a diminishing talent pool’.

PFS public affairs manager Daniel Pedley said: “As a profession, we need to work to develop new and varied talent pipelines. Future advisers might be waiting for us in schools, colleges, universities or elsewhere in the labour market.

“Collective action can help advises access talent pools that have been relatively untouched in the past. If we can show what an attractive prospect financial planning can be then more and more of the top talent from education and high quality career changers will consider a career in advice.”