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2024 UK Adviser Technology Business Report

Regulation and Innovation Drive Change in UK Adviser Practices, Reveals Investment Trends Report:

  • 85% of UK advisers impacted by Consumer Duty regulations, leading to enhanced client management and adjusted pricing models.
  • Advisers are increasingly turning to technology in pursuit of improved business outcomes.
  • There is intense competition among platform providers as advisers diversify their use and seek higher service levels.

May 2024, London – Leading research firm Investment Trends releases its latest 2024 UK Adviser Technology and Business Report. Providing an in-depth review of how UK financial advisers are adapting to significant regulatory impacts and shifts in technology use.

The report indicates that 85% of financial advisers have felt the impact of Consumer Duty regulations, which has necessitated more rigorous record-keeping and intensified client interactions.

Lorenzo Vignati, Associate Research Director at Investment Trends said, “Consumer Duty regulations have resulted in profound changes across the financial advice sector. With the majority of advisers reporting significant impacts on their operations, we’re witnessing a shift towards more rigorous compliance and client-focused strategies.

Copyright 2024: Investment Trends. 2024 UK Adviser Technology & Business Report

Furthermore, Vignati highlights that “a third of advisers have adjusted their pricing models to demonstrate value for money, reflecting a proactive adaptation to regulatory expectations.”

The report shows only 12% of advisers currently rate their main platform as ‘very good’, marking a significant drop from 21% the previous year. The decline in satisfaction being attributed to poor service levels and cumbersome administrative processes.

Vignati explains, “advisers are increasingly turning to technology in pursuit of improved business outcomes. However, our findings show a sharp decline in satisfaction with existing platforms, underscoring the urgent need for platforms to enhance their service and usability.”

Advisers seeking new solutions

The report also shows an increase in the average number of platforms used per adviser, up to 2.7 from 2.4 in 2023, signaling a broader acceptance and need for diverse technological solutions.

We have seen advisers vote with their feet by exploring new platforms due to existing solutions not fully meeting their needs, prompting them to look for alternatives. We are also observing a more competitive market as advisers demand better service, agility and technological sophistication,” states Vignati.

The study further notes that over a third (36%) of advisers have stopped using at least one platform in the past year, with a growing proportion blaming outdated systems and poor useability. Despite the marked drop in active client numbers, advisers have not decreased their focus on service quality; instead, they are concentrating more on high-net-worth (HNW) clients to maintain stable inflows.

Vignati said “as advisers sever less commercially viable relationships, the average number of active clients per adviser has decreased over the past year. This reduction reflects a strategic narrowing of client bases to those that are more profitable.”

In conclusion, the report highlights a critical period of transition for UK advisers, driven by regulatory requirements and the need for advanced technological capabilities. As the adviser platform landscape continues to evolve, key insights will aid platforms to win adviser share by navigating these changes effectively.

For more information from the 2024 UK Adviser Technology & Business Report, please contact Investment Trends on:

Email: or Phone: +44 203 865 9881.

About the report

The results are drawn from the Investment Trends 2024 UK Adviser Technology and Business Report, based on an in-depth study of 1,252 financial advisers concluded between February and March 2024.

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