"With client banks growing, understanding of the importance of advice increasing and more channels of communication between clients and advisers now available, the future looks very positive for our sector."
58% of respondents saw an increase in the size of their client-bank since the start of the pandemic, with just 5% reporting a decrease in size. And, just 19% of advisers plan to exit the industry in the next three years.
93% of advisers said they will continue to offer digital engagement options to clients, alongside face-to-face meetings.
However, 55% of respondents believe their clients will be more vulnerable than they were before the Covid-19 pandemic.
SimplyBiz also asked its membership to rank the biggest challenges and opportunities they anticipated in the upcoming twelve months. The top three most commonly mentioned challenges were PII fees, administrative burden and regulatory pressures. The three challenges which came up most often were building value for the future, increasing operational efficiencies and re-engaging existing clients.
Engaging new clients, utilising developing technology and intergenerational advice were also viewed as significant opportunities for advisers in the next twelve months.
Richard Ardron, marketing director of SimplyBiz, commented: “The past sixteen months have been tough for all of us, and it’s fantastic to see results of our survey demonstrating, once again, the resiliance and ability to adapt which is so prevalent within the adviser community.
“Overall, the results revealed both that advisers were generally optimistic about the future, and that they have reason to be. With client banks growing, understanding of the importance of advice increasing and more channels of communication between clients and advisers now available, the future looks very positive for our sector.
“Our membership is generous enough to take the time to regularly let us know how they, and their clients, are feeling about key issues and what is most important to them. This insight is incredibly useful in helping us make sure we’re supporting our members when and where they need it most, and continually evolving the services we provide in order to deliver the first-class service our members deserve.”
