Advisers ask providers to go back to basics on service as they remain generally upbeat about 2023

by | Dec 19, 2022

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Advisers
  • The majority of advisers expect trading conditions to improve (28.6%) or remain the same (61.3%) in 2023, with just 7.9% predicting worsening trading environment*
  • 68.5% of advisers want providers to go back to basics, as they look for quality of service from platform providers in the current environment
  • Just over one fifth (20.7%) of advisers plan to change their investment proposition either in-house or via outsourcing

Almost one third of advisers are upbeat about the outlook for 2023, with 28.6% expecting tradition conditions to improve and just a small minority (7.9%) expecting next year to be more challenging for adviser firms.

Following a challenging economic and political backdrop in this year, in which most global markets have delivered negative returns, the figures from over 250 advisers using the AJ Bell Investcentre Platform indicate that advisers remain generally optimistic about the outlook for 2023.

Advisers have also put an emphasis on the importance of providers going ‘back to basics’ on service, with seven in ten (68.5%) citing good quality of service as a critical factor when selecting providers next year in the current environment.

Quality of service ranked ahead of price reductions (9.1%), innovation to help automate and reduce overheads (7.5%), improved investment choice (6.3%) and enhanced technical support (3.9%) as the key things advisers want providers to focus on in 2023.

 

Asked if they were planning to alter their client proposition next year, just over one fifth (20.7%) of advisers said they will be reviewing their investment proposition, either by changing their inhouse process or through outsourcing.

Mark Rendle, AJ Bell Investcentre head of marketing, comments:

“This year has been a particularly challenging environment but as we’ve seen time and again, advised clients are well placed to weather the storm and focus on the long-term thanks to the support of their financial adviser.

 

“On the whole, advisers are optimistic about the year ahead, and anticipate trading conditions for the financial planning industry are likely to be better or remain the same in 2023. For adviser firms looking to grow their business the message is clear – they want to partner with providers they can rely on to deliver quality of service above all else.

“We recognise how important quality service and support is in helping firms to meet their ambitions and our focus on that will remain paramount – providing high quality service, easy to use products and competitive pricing, allowing advisers to add real value for their clients.

“We see advisers looking carefully at their chosen investment solutions after the turmoil of the last twelve months and it is with this in mind that we continue to build out our range of investment solutions and tools to best support advisers, whether they insource or outsource.”

 

*Based on a survey of 251 financial advisers and paraplanners by AJ Bell Investcentre, collected between 5-12 December 2022.

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