Five million advised clients orphaned by bank exits, study suggests

clock

The number of previously-advised customers who no longer have a financial adviser following widespread regulatory changes may be as large as five million, a report suggests.

Some three million adults have stopped using an adviser in the past year, following a decline of two million in 2012, according to the latest annual ComPeer/JGFR Financial DIY report. The study defines a financial adviser as either an IFA, bank adviser, wealth manager, stockbroker or accountant or solicitor offering advisory services. It has extrapolated its results from a survey of 1,005 over-16s carried out in December last year. Banks have seen the biggest exodus of clients, the report finds, after many "abandoned" financial advice during 2013. There is little change in the p...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on RDR

RDR ten years on: An advice industry changed for the better
RDR

RDR ten years on: An advice industry changed for the better

'The end of the advice industry as we know it'

Kevin Silvester
clock 08 February 2023 • 2 min read
RDR

Deja vu: Are we heading back to the future on commission?

Marty, fire up the DeLorean

Tim Sargisson
clock 13 January 2016 • 3 min read
RDR

Blog: How can we shrink the advice gap?

The advice gap has been a popular topic since the Retail Distribution Review, but hasn't this gap always existed?

clock 02 November 2015 •