Financial Advice: a £4bn market
04 Jan 2022
Over £4 billion earned by financial advisors in 2020
In 2020, intermediaries and advisors offering advice on retail investments earned over £4 billion in revenue. IRN expects this to have risen to near £5 billion in 2021. These findings come from the IRN Research report Retail Financial Advisors 2021.
2020 was a difficult year for financial investing given the COVID crisis but markets recovered in 2021, although supply shortages and new COVID variants hit markets again at the end of the year. Firms offering advice on retail investment products provided ad-hoc/initial/one off advice on over 1 million occasions in 2020, but the number declined 9% over 2019 to 2020. Retail financial advisors catered to just over 3 million on-going clients in 2020. Despite the number rising in 2020 over 2019 by 6%, advisors, they attracted fewer new customers in 2020 compared with 2019
About the Report
This market data report considers the retail financial advice and intermediary market, covering regulated and unregulated advice offered to consumers when buying financial products or organising their financial affairs. The report assesses the size and structure of the market, recent trends, the future and sets out the environmental framework in which advice and guidance is offered today.