An updated version of this report is available to download now. View here.

The Personal Finance Society and NextWealth have combined forces to publish this benchmark report to allow financial advice professionals to compare their firms with those of their peers.

The results in this report are based on a survey of 327 financial advice professionals conducted between 12 July and 11 August 2022.

In this fourth collaborative annual benchmark report with The Personal Finance Society, we revisit key benchmarks to evaluate the health of the advice industry and explore how firms are building on the changes they made during the pandemic to face the next set of challenges.

Key findings

• Client numbers are steady but fewer advisers say they are taking on more clients.

• Portfolio values are down but advisers are also working with more younger clients.

• Firms are cutting back on hiring plans, though among the biggest firms half are still looking to recruit.

• More firms are looking to sell or exit the market but more than half plan to grow next year by taking on new clients.

• Financial advisers report spending 18% on average on compliance costs.

• 41% say preparing the report is the lengthiest step in the annual review process

The Financial Advice Business Benchmarks report will be updated annually to stay in line with any changes in the financial market.

You can complete the form to the right to receive a free copy of the Financial Advice Business Benchmarks report 2022.