Good news for independent advisers. The more private banks and others who seek to ditch what they consider to be ’small’ clients, the better for those of us who still think £300,000 is quite a lot of money. Sanlam say they would like their ‘average portfolio size’ to be £1m; and I know many IFAs who won’t talk to anyone with less than a couple of hundred thou’ to invest. But, to quote Mr Nile Rogers (kids and or parents etc.), these are the good times. And as we’re now discovering, good times don’t last forever.
“Britain has lost 435 financial advice firms since 2022”
Headline figures, there were over 200,000 financial advisers at the end of the ’90s, there are around 30,000 now and our numbers are continuing to reduce.