NextWealth has combined forces with PIMFA to publish an update to your annual Financial Advice Business Benchmarks report. It aims to allow financial advice professionals to compare their firms with those of their peers.

The results in this year’s report are based on a survey of over 300 financial advice professionals conducted between July and August 2024.

In this sixth collaborative annual benchmark report, we revisit key benchmarks to evaluate the health of the advice industry. A commitment to organic growth has emerged this year and we explore this further in our findings.

Key findings

• Confidence levels are highest in areas under a financial advice firm’s direct control: 92% of financial advice professionals are confident in their firm’s ability to deliver good value for money.

• Conversely, confidence levels are lowest around areas driven by external factors: 26% are confident in the capability of the regulator.

• Total client cost increased in the past year from 1.75% to 1.89%.

• Nearly half (46%) of respondents said that their number of active clients has increased – up from just over a quarter (29%) in 2023.

• Only one-fifth are satisfied with their tech stack and are not looking to make a change, which is the lowest level since 2020.

Complete the form to download a free copy.

Join us next month for the NextWealth Roadshows

We are going on the road! Between the 4th and 16th of November, we will be travelling the country – from Southhampton all the way up to Edinburgh and Belfast. Together, we will spend the morning absorbing, debating, and discussing NextWealth data and insight alongside your peers on the theme of retirement advice.

We aim to clarify (maybe challenge) the regulator’s intentions with a practical reality on the drivers behind the retirement income review. What is good practice?

Advisers, paraplanners, administrators, compliance professionals, research teams are welcome as long as you work in an advice business delivering retirement advice. After the event, each attendee will receive a written summary – a snapshot of the day’s learnings, participator views and helpful data from NextWealth to help with benchmarking your firm or adding some due diligence to your processes.

Reserve my space