Advice firms ramp up growth plans after Covid challenges

1 October 2021

Advice firms have ramped up plans to hire new employees and grow client numbers, according to NextWealth and the Personal Finance Society (PFS).

The latest financial advice business benchmarks report found the average portfolio size is up to £345,693 in 2021, compared with £305,175 in 2020.

Meanwhile, 65% of advisers have increased their number of clients, compared with 45% in 2020.

And 57% of financial advice businesses plan to recruit in the next 12 months, compared with 32% in 2020.

The report suggested the skills of qualified financial advisers will be in “high demand” over the next year.

Recruitment will be prioritised as a route for growth for many advice firms.

Medium to large firms are particularly keen to recruit to help grow the business, with three quarters or more of firms with more than 10 existing staff looking to expand their employee base.

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