New research shows that Brexit, political flux and a stuttering economy have failed to dampen the spirits of a resilient and buoyant financial advice sector. Far from it. Financial advisers in the UK are incredibly upbeat as we enter a new decade.
According to Linstock Communications’ research, commissioned from Censuswide, 85% of independent financial advisers surveyed say that they are optimistic about the outlook of their businesses for the 12 months ahead. Of these, 30% report being ‘very optimistic’. Only 4% of those asked say that they are not optimistic, with the remaining 11% taking a neutral view of the outlook. Notably, female financial advisers are marginally more upbeat than their male counterparts (87% compared to 84%).
Keith Brookbank, Director at Linstock, commented:
“A read of the newspapers tells us that many areas of the economy are reporting low levels of optimism as we head into the New Year. What we see here is that the financial advice profession is bucking the trend. A vast majority of advisers are feeling upbeat about the prospects of their business. There are few signs of pessimism.”
Asked to expand on the reasons behind their outlook, the Brexit issue was raised on a number of occasions. Yet some cited the issue as a driver for activity. As one adviser put it: “Brexit means uncertainty, and uncertainty increases the need for planning.” However, for over a third1 of advisers the reason for optimism is borne from something much closer to home – confidence in their overall business and its performance indicators. Some advisers point to high volumes of money available for investment. Others simply say that, “business is good”.
Keith Brookbank added:
“2020 looks promising for financial advice. People are reporting that business is good and clearly feel that this momentum will sweep them into next year. And whereas Brexit is often raised as a concern for the economy, a number of financial advisers feel that in uncertain times financial planning has a key role to play. Where others view problems, advisers see opportunity and want to grasp it.”
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