Advisers have reported a steady growth in client numbers, according to the results of the SimplyBiz annual member survey.
The survey – designed to measure adviser sentiment about challenges and opportunities, the direction of the sector, and aims for the next 12 months – was conducted at the end of 2023.
When asked about the advice landscape’s prospects in 2024, 61.5% of advisers replied that they felt positive, rising to 69.8% among mortgage advisers specifically.
However, 25% were unsure at the time of the survey and said they would need a better feel of the new year before having a clear view.
Almost half (46.5%) 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.
Market conditions dominated client conversations, 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 said mortgage rates and payments (32%) were the areas most often discussed with clients, with interest rates second most common (31.4%).
Richard Ardron, marketing director at SimplyBiz, 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.”
