Over three quarters of advisers are seeking to grow their assets under advice organically but only a tenth have deployed a strategy to achieve this, according to research from NextWealth and Aegon.
Although half of the advisers surveyed are working with more clients than last year, only 14% of people with over £100,000 in investable assets are currently receiving ongoing advice, a previous NextWealth survey revealed.
In the latest report, Organic Growth for Financial Advice Firms, advisers suggested a relaxing the regulatory framework would be the biggest enabler of organic growth.
Stephen Crosbie, managing director – adviser platform at Aegon UK, said financial advice firms are ideally positioned to capitalise on the current state of heightened demand and opportunity.
“By strategically focusing on organic growth, firms can sustainably extend their services to more clients, which not only benefits them, but would also generate a positive ripple effect across the economy,” he said.
“With advancements in technology and a favourable regulatory environment, advisers can optimise their operations and processes to reduce friction and enhance client experiences.”
Heather Hopkins, managing director and founder of NextWealth, added: “The findings reflect the challenge of managing regulatory change and delivering an ongoing service to existing clients, while still finding time for strategic thinking about growth.
“Despite these challenges, the demand for financial advice presents significant opportunities for firms willing to carve their own path and leverage their expertise.”
