A new study by Standard Life, part of Phoenix Group, has revealed that financial advisers, paraplanners and business owners are feeling optimistic about the future of their businesses, despite concerns about external factors.
The research was conducted among 600 financial advice professionals and found that nine out of ten (89%) felt positive about their business in the coming months, with only 11% feeling pessimistic.
However, there are concerns about external factors that could have an impact, including 44% feeling pessimistic about the economic recovery and investment returns, and 70% expressing concerns about cost-of-living issues.
The survey also revealed that market volatility is the biggest challenge for advisers currently, with 62% citing it as a significant issue.
Other challenges include servicing existing clients (36%), compliance (33%), and the cost of running the business (33%).
Chris Hudson, retail advised managing director at Standard Life, said: “While these and other challenges are likely to persist for some time, the fact that they are feeling optimistic demonstrates their resolve and the sector’s resilience in the face of uncertainty.”
