According to new research from Canada Life, the majority of financial advisors (57%) can no longer afford to serve less wealthy clients, typically those with less than £100,000 in assets.
When the advisers surveyed were asked the minimum amount of assets required to make it viable to take on a client, only 16% said they would take on a client with less than £100,000, down from half of advisers in 2014. In reality, this means around one third of advisers have left the sub £100,000 client market in just five years.
Increased costs due to regulatory changes and insurance are cited as reasons for the shift of focus towards wealthier clients.
Despite facing stringent regulatory requirements and increased insurance costs, at Philip J Milton & Company Plc we have robust systems in place to ensure that we can look after any and all clients, regardless of their financial wealth.
For pensions and investments, whether you have £1,000 or £1million to invest, writing a Will, Lasting Power of Attorney or arranging a mortgage and more, why not contact the office to arrange an appointment to see what we can do for you. The initial meeting is offered at our cost.
The value of stockmarket investments and any income from them may fall as well as rise and investors may not get back the amount originally invested. Yield figures may vary and are not guaranteed. It is advisable to hold these investments for a minimum of five to ten years, over which periods stockmarket returns have shown themselves to be historically superior and broadly predictable through both good and bad times. Past performance should not be seen as an indication of future performance.