Advisers optimistic about 2019 growth despite regulatory concerns

Asked to rank what they see as their biggest opportunities for the year ahead, taking on new clients via recommendations came out top, with staff expansion coming in second and growing through acquisition coming third.

The results reflect the opportunities they experienced during 2018, with word of mouth recommendations cited as the biggest opportunitity over the past year, followed by staff expansion.

Asked what they see as their biggest challenges for 2019, regulation was top of the list, with cyber security second and recruiting staff a close third.

Regulation was also ranked the number one challenge for 2018, with almost three quarters (72%) of those taking part in the survey ranking it as top.

In a similar survey in December 2017, regulation was cited as the most pressing concern for the year ahead, with ‘complying with MiFID II’ and ‘being ready for GDPR by May 2018’ being ranked first and second.

Nick Eatock, Intelliflo’s founder and executive chairman, commented: “It’s interesting that regulation is seen as both an opportunity and a challenge for businesses but it highlights the resilience of advisers and their ability to turn what might seem like a negative into a positive. GDPR is a good case in point, with many finding the work they had to do to meet the new regulation in 2018 paying dividends in terms of the service they provide to their customers.

“With so much uncertainty around Brexit and the impact this will have on the future, it’s great to see advisers are optimistic about their own businesses. We know from our analysis of how our customers are using technology, those who embrace it fully are the ones who are reaping the most rewards in terms of business growth and I’m confident that our adviser partners will continue to enjoy success during 2019.”