Nearly one in three (31 per cent) people have considered switching from their current financial adviser, research from Investec Wealth and Investment has revealed.
The research, which was conducted among 535 UK consumers with stock market-related investments, found that, of those clients considering switching advisers, 37 per cent are thinking of doing so in the next six months.
Additionally, 82 per cent want to make the move within the next 12 months, and 92 per cent said they will have switched within the next two years.
Just 4 per cent intend to wait more than two years before changing.
Investec Wealth & Investment head of strategic partnerships, Simon Taylor, warned this showed there was “no room for complacency” when it comes to retaining those clients.
“People are becoming better educated about the financial markets and want more information on how their investments are faring,” he said.
“There is a lot of competition amongst the financial planning sector and clients may feel compelled to explore other options if they believe another adviser may be better able to navigate complex financial situations or can help their assets deliver better returns.”
The switch to another adviser may not be down to quality of advice, as 34 per cent rated their advice as “excellent” and a further 52 per cent reported it was “good”.
Only 13 per cent said their IFA or financial planner gave them “average” advice and just 1 per cent described it as being “poor”.
The research also uncovered a gender disparity as men were more likely to be thinking of switching their adviser than women - 34 per cent compared to 20 per cent.
Men were also found to be more impatient with the switch, with 85 per cent wanting to change advisers within the next 12 months compared with 67 per cent of women.
The findings may not come as a surprise to the 91 per cent of advisers recently surveyed who said they have seen clients becoming more demanding over the past three years.
This increase took place amid a backdrop of volatile financial markets and client’s desire to have greater insight into how their investments and assets are performing.
tom.dunstan@ft.com
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