Number of smaller advice firms continues to shrink, analysis finds

'Costs of running an advice business on the rise'

clock • 2 min read

Plymouth-based IFA business Continuum was just one of 41 firms with more than 50 advisers in 2021, according to the latest Retail Mediation Activities Return (RMAR) data revealed by the Financial Conduct Authority (FCA).

The research showed that the number of firms with more than 50 advisers rose 17% from 35 firms in 2020, as consolidation within the financial advice market continued to narrow the number of smaller firms. In 2020, there were 4,581 firms with between one and five advisers, in 2021 this fell 4% to 4,396 firms. Continuum said it had 57 financial advisers in 2021 and was approaching 60 advisers at the end of June 2022. According to the FCA's RMAR data, there was a slight rise in the number of financial adviser posts across all firms despite the fall in the number of smaller firms. The ...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Adviser / Broking

Simplybiz names Tom Hegarty as CEO

Simplybiz names Tom Hegarty as CEO

Marks second stint at Fintel

Jenna Brown
clock 27 March 2025 • 1 min read
COVER Protection and Health Summit North 2025: Final call to register

COVER Protection and Health Summit North 2025: Final call to register

27 March 2025 – The Park Royal Hotel, Warrington

COVER
clock 18 March 2025 • 1 min read
84% of firms offering protection in house

84% of firms offering protection in house

The Lang Cat data

Cameron Roberts
clock 11 March 2025 • 2 min read