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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.”

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