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Apfa: third of advisers plan to expand business in next six months
by Michelle Abrego on Aug 22, 2013 at 10:36
Only 1% of advisers are expected to leave the industry within the next six months, and nearly a third have plans to expand their businesses, according to research from the Association of Professional Financial Advisers (Apfa).
The survey, which was conducted by NMG Consulting and surveyed 203 advisers, also showed that 12% of firms are planning to slim down their business through refocusing or restructuring.
Results of the survey follow figures released by the Financial Conduct Authority showing the number of financial advisers had increased by 6% to 21,684 from 20,435 since the start of the retail distribution review (RDR), as advisers re-entered the market.
The survey showed 15% of firms were planning to recruit more advisers and 19% were looking to recruit or outsource more paraplanning or administrative services.
In addition, one in 10 is looking to expand through acquisition or merger with another financial advice business.
Linda Smith (pictured), senior technical adviser at Apfa, said: ‘The advice industry is going through a period of considerable change, but our research shows that many advisers see this as an opportunity. It is encouraging that so many are optimistic about future growth and planning to expand their businesses in some way.’
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