SimplyBiz has published the findings of its biannual adviser survey, conducted to understand the shifting landscape of challenges and opportunities facing advisers, and evolving client needs and concerns.
The survey, which was completed at the end of January by over 200 adviser firms, revealed a number of key findings, including the fact that 41% of firms felt positive about the coming 12 months, with just 13% indicating they felt concerned about the future. The rest were cautious, with more optimism for the second half of the year.
Market volatility and the effects of inflation were found to be the most common topics of conversation with clients, followed by the cost-of-living crisis and interest rates.
40% of respondents reported a growth in client numbers over the past 12 months, a trend that continued from its 2022 survey, in which 75% reported an increase in client numbers.
Almost half of those who responded – 44% – said they had an increased number of vulnerable clients over the past 12 months.
The primary focus for advisers was finding ways in which to further support clients, with 45% selecting it as their main priority. Further supporting clients was selected almost three times as often as the next most chosen focusses: Adding further efficiencies, growing client bank, and reducing admin burden.
Much of the changing operating patterns from during the pandemic continued, as advisers looked for a balance of virtual and physical interaction.
Richard Ardron, marketing director of SimplyBiz, said: “Our adviser survey provides great insight into adviser sentiment and focus. With the obvious challenges facing us all, we wanted to gain a first-hand understanding of where advisers would be focusing their proprieties, which issues they were addressing for their clients and how they would prefer to operate. In turn, this ensures that we can align our support to our members and clients’ needs.”
