The fifth annual Voice of the Adviser survey gathered responses from over 200 financial advisers, on the state of their industry, sustainable investment and the economy. Today we look at the financial advice market where 2014 saw strong growth with promising signs for 2015.
The market for financial advice is strong with three quarters of advisers reporting an increase in their client numbers during 2014. Four fifths of advisers expect a rise in client numbers during 2015. Less than a tenth saw a decline in 2014 and expect a similar decline in 2015.
The biggest competitors to financial advisers are other finance professionals (accountants, stockbrokers, etc.), followed by the media, online advice sites and Friends and family. Those not getting advice remains one of the largest groups with two fifths of advisers say this is one of the principal ‘competitors.’
With pension and annuity reform three fifths of financial advisers expect their clients to require more advice in 2015, than they did in 2014.
If you’re looking for financial advice why not refer to our 2013 Guide to Ethical Financial Advisers.
Photo: Ken Tegardin