The CISI, PIMFA and NextWealth have combined forces to publish this benchmark report to allow financial advice professionals to compare their firms with those of their peers.

The results in this report are based on a survey of 244 financial advice professionals conducted between July and August 2023.

In this fifth collaborative annual benchmark report, we revisit key benchmarks to evaluate the health of the advice industry. Last year, we said that financial advice firms are battening down the hatches, curbing growth plans and reigning in tech spend. That trend continues but we’re also seeing some interesting changes in firms.

Key findings

• 16% are looking to sell the firm or exit the market in the next 18 months (up 5% year-on-year)

• The total all-in cost fell from 1.98% to 1.75%, the first shift since we’ve been asking the question.

• We asked if client facing staff are called financial advisers or financial planners: 60% label client facing staff as financial advisers.

• 48% have been approached about acquiring the firm

• 55% use multi-asset or multi-manager funds for new client money (down from 63% in 2022)

The Financial Advice Business Benchmarks report will be updated annually to stay in line with any changes in the financial market.

You can complete the form to the right to receive a free copy of the Financial Advice Business Benchmarks report 2023.