Many financial advice firms are switching off ongoing fees for some clients, as growth ambition runs alongside a closer look at sustainable growth and economies of scale, research from NextWealth has found.
This comes as firms are taking on more clients and are looking to grow assets from existing clients. NextWealth's latest Financial Advice Business Benchmarks (FABB) report, based on a survey of 318 financial advice professionals, found that 64% work at firms planning to grow by taking on new clients, with 53% looking at growing assets from existing clients. Organic growth from new or existing clients is currently a major driver of change within the firm for 47% of those surveyed. Just under half (49%) said they are personally serving more clients than a year ago. This is the highes...
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