Three-quarters (75%) of advisers have experienced a negative impact on gross revenues due to the Covid-19 pandemic, with a fifth forecasting a decline of at least 20%, research by the PFS and NextWealth has uncovered.
The Personal Finance Society's (PFS) and Next Wealth research found small firms with two to five employees have been hit hardest by the pandemic, with 83% of small firms reporting a decline in gross revenue. Despite the decline, financial planners reported customer numbers were up year on year, with nearly half (45%) of planners saying they were working with more clients this year than last, and 44% reporting new client enquiries are picking up. Just 5% of respondents reported a decline in client numbers year on year. The research was based on the answers of 365 PFS members surveye...
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