One in five (21%) financial advisers plan to make changes to their investment propositions in 2023, according to a new report.
Advisers told platform AJ Bell that they were considering changes to their investment proposition ‘suppliers’ following the market turmoil of the last 12 months.
Seven in 10 (68%) advisers told the platform that good quality of service would be a critical factor when making changes.
Quality of service was rated the most important factor by advisers when considering selecting providers next year.
The quality of service ranked ahead of price reductions (9%), innovation to help automate and reduce overheads (7%), improved investment choice (6%) and enhanced technical support (4%).
One in three advisers (29%) expected investment trading conditions to improve in 2023, with six in ten (61%) expecting them to remain the same.
Mark Rendle, head of marketing at AJ Bell Investcentre, said: “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.”
AJ Bell surveyed 251 financial advisers and Paraplanners between 5 and 12 December.
• Read Editor Kevin O’Donnell’s column on the prospects for Financial Planning in the year ahead.
