The industry is facing sweeping transformations thanks to technology and regulation, with 63% of professionals saying the sector is undergoing unprecedented change, according to a Professional Adviser poll.
In our most recent PA Asks, 63% of professionals in the financial advice industry said they believe the sector is in uncharted waters with digitalisation and heightened regulatory scrutiny being pointed out as key drivers. One respondent noted that digital services now fulfil core client needs, such as tracking asset performance and optimising tax strategies through digital platforms. "Clients can now add to their plans or withdraw funds digitally—this is a far cry from the traditional ways of managing wealth," the respondent said. Another dominant theme was the regulatory burden. The...
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