A third (31%) of UK advice businesses expect their 2022 turnover to be down on previous years due to ongoing poor economic conditions but overall firms remain “resilient”, according to research from The Lang Cat.
The consultancy's fifth State of the Adviser Nation (SOTAN) said a third of advisers foresaw lower turnover for 2022 compared to 7% which expected a drop in 2021 and 42% in 2020. However, it added that financial advice proved its resilience with 42% of advice firms predicting turnover would increase and 27% forecasting a level turnover for 2022. Source: The Lang Cat SOTAN questioned 605 advice professionals across a range of job functions. It found 76% of firms said very few clients left their books in any given month and 94% said they consistently added new clients "even in th...
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