Regulatory demand drives growth in advice networks

Advisers are increasingly concerned about regulation, which has emerged as the top challenge affecting their businesses. The introduction of Consumer Duty in July last year has added to the regulatory burden, reducing the time advisers can dedicate to client service. According to Benchmark's Annual Adviser Survey, conducted in April, technology is also a key and growing concern, in addition to retaining existing clients.  These challenges have fuelled the expansion of networks, with an increase in directly authorised firms opting to switch to Benchmark. Benchmark chief executive...