2024 Financial Adviser Survey: Accelerating through change
Key insights on how financial advisers are responding to regulatory
and technological change to enhance outcomes for their clients.
The 9th Annual FE fundinfo Financial Adviser Survey
The past year marked a major regulatory milestone for financial advisers. On 31 July 2023, the Financial Conduct Authority (FCA) introduced its new Consumer Duty, with far-reaching implications for advisers and their clients. Meanwhile, the launch of ChatGPT and other large language models (LLMs) opened the door to efficiencies and disruptions across a vast swathe of industries. Financial advice is no exception.
This FE fundinfo survey was conducted between November 2023 and February 2024. It consisted of 55 questions and was completed by over 160 financial advisers.
The survey spanned a broad range of subjects, including Consumer Duty, adviser technology and artificial intelligence (AI), communicating with clients and the outsourcing of investments. This year, we put particular emphasis on the effects of both Consumer Duty and AI on financial advisers.
Executive Summary
Key points
For advisers, the implementation of the Consumer Duty has been the biggest event since the Covid-19 pandemic. It is prompting consolidation in the market; changing working practices and the application of technology; and driving efforts to find efficiencies and improve the experience of clients.
-
Positive outcomes
Although 33% of advisers are unsure of the Consumer Duty's impact, 45% see it as benefiting the advice provided to clients
-
Improved communications
Advisers are focused on improving client communications, with a divergence of views as how best to achieve this.
-
Rise of AI
Although its uptake has been limited so far, advisers are keen to use AI to enhance their client communications and streamline their back-office operations.
-
MPS personalisation
The majority of advisers utilise several providers to support their centralised investment proposition, with many (31%) favouring custom MPS solutions. This is a growing area as the Duty puts emphasis on personalisation and suitability.
MORE INSIGHTS
What we think
Stay better connected and better informed with our expertise and insights for more efficient investment decisions based on trusted, insightful information.
