He added that the influx of clients his firm has seen has meant they are not concerned about the impact of inflation on the business.
“We are confident that 2023 will herald a lot of opportunity for new business to fill that gap”.
Rich Mayor, senior analyst at the Lang Cat and co-author of the report, said given the harsh conditions at the moment, it is encouraging that advice businesses continue to be resilient and even smaller firms are adding clients on a regular basis.
“In turbulent markets more time has been spent reassuring clients of their existing financial plans, and in some instances taking what they see as remedial action if clients have swayed from their paths as a result of markets,” he said.
“We’ve seen a heck of a lot of acquisition activity from consolidators and the largest firms in the UK, and the landscape for this activity remains favourable for those looking to acquire.”
Steven Nelson, insight director and the other co-author, added: "While broader markets have been tough for businesses our data suggests advisers remain as resilient as ever.”
sally.hickey@ft.com
