Advice firms' growth ambitions 'slow' in 2022, report finds

Advice firms seem ‘increasingly cautious’ after period of change

Jenna Brown
clock • 2 min read

Financial advice firms have put growth ambitions on hold this year and are taking a more cautious approach, NextWealth research has found.

Its Financial Advice Business Benchmark report, produced with the Personal Finance Society, found while the advice sector remains healthy advisers themselves are taking stock amid global economic uncertainty. It found recruitment for all roles within advice firms had fallen from the post-Covid bounce-back period. Some 40% of respondents said they were looking to take on new staff - down from 59% in 2021 but still an improvement on the 32% in 2020. In 2021, nearly two-thirds (65%) of respondents said the number of active clients was up year on year. In 2022, this dropped to 46%. Howeve...

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