Demand for financial advice has surged, reaching unprecedented levels this decade.
- Fidelity International’s IFA DNA 2024 report highlights a significant increase in client acquisition.
- 29% of advice firms reported onboarding more clients than usual in the past year.
- 43% of firms maintained their typical client intake levels.
- A mere 4% of firms did not acquire any new clients over the past year.
In a notable shift within the advisory sector, there has been a marked increase in the number of clients seeking professional advice. The demand has reached an all-time high for this decade, reflecting a significant shift in client behaviour. According to Fidelity International’s IFA DNA 2024 report, a substantial proportion of financial advice firms have experienced record growth in client numbers.
The report reveals that 29% of advice firms have taken on more clients than usual over the past year. This figure is the highest recorded since the survey began in 2021, underscoring the burgeoning demand for financial guidance.
Meanwhile, 43% of firms reported that their client acquisition rate has remained stable, indicating consistent demand in the financial advisory sector. This stability highlights the enduring value clients place on professional financial advice.
Interestingly, only 4% of firms indicated that they had not onboarded any new clients in the last year, suggesting that the vast majority of firms continue to attract new business, despite varying market conditions.
Fidelity’s findings are a testament to the growing confidence in the sector. The trend suggests that advice firms are positioned strongly to meet evolving client needs, as demand for their services grows.
The report paints a picture of a vibrant advisory industry poised to capitalise on increasing client demand.
