Close to two in three financial advisers and wealth managers are predicting strong growth in their number of clients, according to research from Ortec Finance.
The firm quizzed 100 professionals across the UK, Canada, Italy, the Netherlands, Germany and Switzerland to compile the report. They found 64% expect client growth of 20% or more over the next three years. Those taking part work at organisations collectively manage approximately £1.2trn.
The researchers also found that growing numbers of wealthy potential clients and better technology are fuelling the growth.
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Three out of four (75%) cited increasing numbers of mass affluent, high net worth and ultra-high net worth individuals as a driver, while 55% said investing in technology to improve their proposition is boosting the numbers.
Other notable findings included 59% saying they have seen growth in the number of clients they personally serve in the past five years, and just 5% reporting a drop in the clients they serve.
Tessa Kuijl, managing director global wealth solutions at Ortec Finance, said: “Rising numbers of mass affluent, high net worth and ultra-high net worth individuals wanting support from wealth managers and financial advisors is driving global growth in the sector.
“However, in this digital age, investment in customer-centric advice technology by firms is an important enabler of client growth with firms able to improve their propositions in general while also being able to enhance service to clients and work more effectively.”
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