"Growth remains the industry’s number one priority, but many firms are trying to achieve tomorrow’s ambitions using yesterday’s operating models."
- James Goad - Owen James
Advice and wealth management firms are targeting an average growth of 17% over the next three years, despite growing concerns that technology challenges and low productivity are limiting their ability to achieve it, new research from Fintel’s event and insight division, Owen James, has revealed.
The research captures insight from 1,500 senior executives across the UK’s adviser and wealth management sectors and was conducted ahead of Owen James’s upcoming Festival of Finance, which will take place in Birmingham on 29th September 2026.
The findings show that, whilst organic growth remains the industry’s preferred route to expansion, many firms continue to rely heavily on traditional referral-based business development strategies, with relatively little change in client acquisition approaches over the past two decades.
There is also a growing disconnect between ambition and capability. Although artificial intelligence, data analytics, and digital transformation are widely viewed as critical to the future of financial advice, technology is also frequently cited as one of the biggest barriers to growth.
Owen James Pulse data indicates that 70% of technology projects in the industry fail, most commonly due to poor planning, employee resistance, and unrealistic vendor promises.
Productivity was named the industry’s number-one challenge for the fourth consecutive year, despite significant investment in digital tools. Owen James’s data shows firms scored themselves just 6.2 out of 10 on productivity, a 15% decline from the previous year, with legacy systems, disjointed processes, and difficulties implementing change all identified as obstacles.
In addition, advisers report spending only 34% of their working day in direct client-facing activity, with the remainder absorbed by administration, compliance, and internal processes.
At the same time, firms reported they were preparing for significant shifts in client demographics and expectations. Respondents highlighted the intergenerational transfer of wealth, the growing influence of women wealth holders, and the retirement revolution as trends that will reshape the advice market over the coming decade, which Owen James says will add to the pressure on firms to evolve how they attract, engage, and retain clients.
James Goad, managing director, Owen James, said: "The data paints a fascinating picture. Growth remains the industry’s number one priority, but many firms are trying to achieve tomorrow’s ambitions using yesterday’s operating models.
"The good news is that demand for advice remains strong. The challenge is ensuring firms have the technology, talent, and productivity needed to capitalise on the opportunities ahead.
"As client expectations evolve and firms adapt to major demographic shifts, those that successfully modernise their businesses will be best placed to achieve their growth ambitions."
