The number of IFAs and wealth managers across the UK could shrink 7% by 2022, according to research by Succession Wealth, as an increasingly stringent regulatory environment leads many to look to sell their businesses.
Half (51%) of the IFAs and wealth managers surveyed by the wealth management firm said this was a ‘very important' factor for financial services businesses wanting to sell. This was followed by 36% who said the same about the growing pressure on costs, while 34% cited the increasing investment now needed to operate in such a heavily regulated infrastructure as a key reason for businesses wanting to sell. At the same time, Succession Wealth predicted "a significant increase" in the numbers of consumers who may wish to make use of wealth management services. Drawing on industry research...
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