More than eight in ten advisers expect increased red tape and bureaucracy pressures in 2008, research suggests.
Of the 104 advisers surveyed at the inaugural Sesame Symposium, 86% said they expect their businesses to be hit with added regulatory burdens.
Advisers are also worried about the stockmarket in 2008, with 53% either 'concerned' or 'very concerned' about performance, while 64% fear the knock on effect of a dwindling housing market.
It is not all doom and gloom however, with 56% of advisers predicting increased demand for advice in the next 12 months. In light of this, 75% are actively reviewing their service proposition and 20% are looking to recruit.
The survey also suggests advisers are calm on competition, with 72% either ambivalent or not concerned by rivals such as supermarkets and banks.
Sesame sales and marketing director Stephen Young says the survey results illustrate the resilience of the adviser profession.
“I have never doubted the ability of our members, and the wider professional financial adviser market for that matter, to adapt to whatever the regulator and market conditions throw at them,” he says.
“The fact that such a high percentage of advisers are reviewing their offering, and evolving with the changing market place, makes me extremely optimistic for the future.
“Add to this the fact that 20% of Sesame advisers are actively looking to recruit, and it is positive proof that despite the many and varied challenges facing advisers in 2008, our members are making sure they are ready to meet those challenges head on.”
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