Increasing client numbers leading to capacity issues
11 July 2018
Advisers saw client numbers jump by 21% in the last year, with one in five expecting significant growth to continue throughout 2018.
According to the wrap platform Nucleus’s latest survey of its users, the rise in demand also brings with it capacity issues. Two fifths (40%) of users said they spent less than 20% of their time with clients, despite clients most valuing the contact time they had with advisers.
As client numbers continue to increase, the survey also found that the average values available to invest are also on the rise, with more than double the number of clients having over £500,000 to invest, compared to 2017’s consensus.
The annual survey, which asks users a series of questions about advisers’ businesses, clients and their view on the industry, also highlighted the growing demand for service to match the pace of growth. Almost three quarters (74%) of respondents said their clients have at least a moderate expectation of digital engagement with their investments.
Barry Neilson, chief customer officer, Nucleus, said: “The growth adviser firms are currently seeing bodes really well for the future. Not only are client numbers and assets going up, but many have recognised the need to engage with them digitally, something that will appeal to future generations as wealth is passed down.
“Advisers must realise though that they cannot get complacent, especially as capacity issues begin creeping in. Clients have big expectations for the quality of service they receive so the proposition must reflect this. Many will consider integrating technology into their business more, while others will look to outsource functions so they can focus more on financial planning.”
Standards International has launched the Paraplanning Standard alongside the Standards International Academy, a skills and knowledge training facility for...
Professional Paraplanner is pleased to announce the winners of the Professional Paraplanner Awards 2018. The awards were announced last night,...
Professional Paraplanner is delighted to announce the shortlists for the Paraplanner of the Year and the Paraplanner Team of...