The research also surveyed 100 advisers in the same period which involved facilitation of a series of online/telephone interviews.
One adviser summarised in the report that, “Advice needs a stronger brand than it currently has".
Explaining the benefits of advice to new clientele has obvious value. Yet the report findings also show there is a demand for more communication from advisers with their existing client base.
Those who have spoken to an adviser in the past five years were asked in what ways they think their adviser relationship will need to adapt or change in the future.
The top reason selected from the options provided was “increased communication and updates", involving more regular check-ins, performance reviews and adjustments as circumstances change (23 per cent).
Insights from speaking to advisers revealed that investing in marketing and communications may not be an economically viable option, for at least some businesses.
In fact, ‘marketing costs and issues attracting new clients,’ was the top cause for concern relating to ongoing operations (40 per cent).
Evans added: “The hope is that research such as ‘State of Flux’ will encourage the industry to have open discussions around challenges such as these, and ultimately keep driving the conversation forward.”
sonia.rach@ft.com
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