More than 75% of adviser firms are considering hiring more staff – but just a third will offer graduate schemes.

That was according to a Personal Finance Society survey involving more than 1,600 of its members.

Just 34% said they were likely or very likely to offer a graduate scheme.

Some 46% of firms have plans to take on additional staff over the next 1-3 years, with an additional 30% saying they were uncertain but may consider boosting their workforce over that timeframe.

Two in five respondents said they were likely or very likely to offer technical apprenticeships in the next 1-3 years (40%).

Some 44% said they would offer work placements and internships.

The report revealed that a lack of new talent remained a major concern within the profession with 22% saying a lack of talent and skilled trainees was a major threat to the success of their business.

PFS chief executive Keith Richards said: “The survey results reinforce the need to encourage and support new talent in the profession, which is vital to meeting succession planning requirements, and the needs of an increasing number of consumers who require professional financial advice.”

“We have recently sponsored the development of a new Financial Adviser apprenticeship standard, which offers a much-needed alternative route for advisers to enter the profession. We will be launching additional support and ‘good practice’ guidance for member firms throughout 2017.”

“Apprenticeships can help to overcome many of the financial barriers facing financial planning firms seeking new talent, and together with several other initiatives, will go a long way to easing the increasing risk of a skills shortage developing further in the coming years.”

The Department for Education approved the new specialist Financial Adviser apprenticeship standard in November, offering employers up to £9,600 in financial assistance to contribute towards the development of a competent financial adviser.