Some 73.5% of advisers believe the consolidation of the advisory market has not been positive for clients, according to a survey published by boutique investment consultancy Albemarle Street Partners.
The research drew on an adviser roundtable event hosted by Albemarle in December 2021 and a survey of 49 advisers, of whom most (71.4%) were business owners. It explored the challenges faced by independent advisory firms at a time when much of the sector is engaged in rapid consolidation. The survey revealed that 59.1% of advisers polled believed the main drawback of a more consolidated sector was a ‘weaker focus on the best interests of clients', while 28.5% said the main drawback was ‘less individualised financial advice'. In terms of any benefits consolidation brings, 36.7% though...
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