Most financial advisers (81%) expect business and clients to increase over the next 12 months as the economy recovers from Covid-19.
A survey by Quilter Financial Planning looked at adviser sentiment within the market.
Around two thirds (62%) of advisers surveyed expect their gross turnover to increase over the next year compared with the year just gone, while only 5% expect it to decrease ‘significantly’.
Similarly, 63% of advisers expect their number of new fee-paying clients to increase over the next 12 months, and 23% believe client numbers will stay the same.
More generally, most advisers are fairly confident (with a weighted average score of 7 out of 10) that the outlook for the UK economy over the next year will encourage clients to seek financial advice.
They are also fairly confident that it will encourage clients to make investments (7 out of 10).
But respondents were split on whether the outlook will encourage clients to borrow money (5 out of 10).
It has been a tough year and a half for the economy, as the Covid-19 pandemic has hit almost every industry globally.
However, as the UK’s vaccination programme continues apace, signs of recovery are beginning to show, despite the looming threat of variants.
Quilter Financial Planning managing director Gemma Harle said it is “pleasing” to see this now being reflected in advisers’ predictions for the future.
“With many new and current clients sitting on significant lockdown savings, or potentially experiencing significant life changes due to redundancy or career change, there is a growing demand for advice to help ensure they make the right financial decisions at the right times,” she added.
The advice profession is already beginning to show signs of recovery post-pandemic.
Last month, investment platform Transact reported a robust set of results in the first six months of the year, with gross inflows up 15% to £3.73bn on 2020.
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