Mickey Morrissey: A profitable alternative to dropping 'unprofitable' clients 

Take a long-term view

clock • 3 min read

Advisers cannot control the costs of regulation but, says Mickey Morrissey, they are in charge of their own destinies when it comes to other elements of their business, including client segmentation

With regulatory costs on the rise, many financial advisers are feeling the strain and so, in an attempt to remain profitable, are making radical changes to their businesses. According to data published in PIMFA's most recent Cost of regulation report, financial advice firms as a whole spent an estimated £470m on regulation in 2015 - up from £460m two years earlier. Faced with higher costs as they grapple with regulation, one obvious temptation for advisory firms is to take a hard and fast look at their client books and speedily dismiss those who do not meet minimum requirements. The b...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

The banks are back: What does this mean for advisers?

The banks are back: What does this mean for advisers?

Banks ‘uniquely positioned’ to provide advice to mass market

Sophia Panayi
clock 24 August 2026 • 6 min read
Social media investment advice leaves investors out of pocket - research

Social media investment advice leaves investors out of pocket - research

Over half who acted on social media financial advice regretted it

Isabel Baxter
clock 21 August 2026 • 3 min read
New sexual harassment duty: Can adviser firms show they've taken 'all reasonable steps'?

New sexual harassment duty: Can adviser firms show they've taken 'all reasonable steps'?

'Employers will be expected to take all reasonable steps'

Emily Bradshaw
clock 19 August 2026 • 4 min read