Openwork: mid-market IFAs to disappear in three years' time

Carmen Reichman
clock

Mid-market independent financial advisers could start to disappear in as little as three years' time as regulatory changes and market pressures start to bite, according to a senior figure at Openwork.

Proposition and marketing director Philip Martin has said that mid-market IFAs will find it increasingly difficult to compete with larger regulated firms on price and regulatory compliance. He predicted that as soon as 2016 adviser numbers of IFAs will form the clear minority on the market due to costly new regulatory rules and the fact that larger restricted firms will find it easier to strike the cheapest deals for their customers. IFAs, he said, will retreat to the top end wealth management market where they will thrive. "The direction of travel of the industry is definitely tow...

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 Your profession

One in five adults have made panic-driven financial decisions

One in five adults have made panic-driven financial decisions

Link between financial education and levels of anxiety

Jaskeet Briah
clock 25 February 2026 • 1 min read
Who really owns the digital client relationship? From ownership to orchestration

Who really owns the digital client relationship? From ownership to orchestration

The battle for the digital layer

Tessa Lee
clock 23 February 2026 • 5 min read
Why more financial advisers should post on TikTok

Why more financial advisers should post on TikTok

‘In 2026, financial advisers should take another look at TikTok’

Joe Jordan
clock 23 February 2026 • 4 min read