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Financial advisers worried about rising costs/threats to business

Journalist: Ima Jackson-Obot, FTAdviser

ended 10. February 2023

Hello advisers,

Referencing a recent study which found that 85% of advisers are expecting a rise in overhead costs over the next six months, while 39% believe rising costs could impact their business over the next year, with firms attributing concerns to simultaneously falling revenues - how concerned are you about this in relation to your own business? How prepared do you feel for an increasingly difficult business environment? Does regulation play a part in any of this as well? Is there more the FCA (or other authority) could be doing to help? Are you taking any action yourselves to manage the impact? Thanks.

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Editor
Scott Gallacher
Director at Rowley Turton
Financial adviser firms, like all firms, are not immune from rising costs. However, in my firm Rowley Turton's case, we continue to take on new clients and grow the firm. And it's income from these new clients, and the additional growth that this gives us, that ensures that rising costs are not a major concern to us.