While regulation remains the top concern of advisers, retaining existing clients and technology are growing worries according to Benchmark’s annual adviser survey.
In a survey of the 190 firms that are signed up to Benchmark, some 63% cited as their top concern, with the introduction of Consumer Duty in July last year seen as a further burden impacting the time available to service clients.
Despite these concerns however, the survey showed that year-on-year the number of advisers citing regulation as their top worry had fallen 15 percentage points (pps). Conducted in April, the survey showed that technology is also a key and growing concern (up 7pps year-on-year), in addition to retaining existing clients (up 11pps).
In terms of adviser priorities for the next 12 months, 66% of the advisers polled said increasing their productivity/operational efficiency was their main goal (up 2pps), while 53% said growing their client base was their top aim (up 14pps).
“Being more productive and growing the client base are key drivers for advisers and Benchmark provides the solutions to enable them to do this,” said Gillian Hepburn, commercial director at Benchmark.
“Many advisers are also keen to engage with us on exit and succession plans for their business and in addition to our network services, technology and investment solutions, we continue to see many of them working with us to consider the options available and whether our own financial planning business (Benchmark Financial Planning) might be an appropriate longer-term home for their business and clients,” she added.
