SimplyBiz has announced the results of its annual member survey, designed to measure adviser sentiment about the current challenges and opportunities they face, the direction of the sector, and their aiming for the next 12 months, which was conducted at the end of 2023.
When asked how they considered the advice landscape’s prospects in 2024, 61.5% of all advisers surveyed replied that they felt positive, and this figure rose to 69.8% in responses from mortgage advisers specifically.
However, 25% responded that they were unsure at the time of the survey and would need a better feel of the new year before having a clear view.
Regarding relationships with clients, 46.5% of those surveyed responded they had seen an increase in client numbers over the past 12 months, and client bank growth was also chosen at the top priority for 2024 by the majority of respondents. Market conditions dominated client conversations with advisers, with discussions around the effects on investments (24.3%), interest rates (20.7%), and retirement planning (19.9%) ranked as the most common.
Mortgage advisers surveyed responded that mortgage rates and payments (32%) were the areas most often discussed with clients, with interest rates second most common (31.4%).
Richard Ardron, SimplyBiz’s marketing director, said: “During the challenging times brought about by the COVID pandemic, we saw the demand for, and recognised value of, advice soar. Since then, this increase in demand has continued, as consumers battle with the latest wave of challenges – rising inflation and interest rates, fluctuating markets, the cost-of-living crisis, and more.
“It’s also been a challenging time for advisers, with the regulatory and administrative demands of running a business increase once again 2023. It’s heartening to see advisers remain resilient and positive about the future, with a clear desire to deliver good outcomes to more clients than ever before.”