Profits down across financial adviser firms

On average, financial adviser firms with 50 or more advisers saw losses swell to £2.4m last year from a negative £580,076 reported in 2022. The number of larger firms making a pre-tax profit dropped from 31 to 25. Retained average profit for the smallest firms (those with one adviser) shrank 32.1% year-on-year, to £21,936. While 2,246 made a pre-tax profit in 2022, 1,958 achieved last year. For those businesses with two to five advisers, typical retained average profit fell 21.1%, to £61,730. The number of pre-tax profit-making firms of this size dropped from 1,912 to 1,735 year-over-...