What 2023 has in store for advisers

Speaking to ifa, chief executive of Lifespan Financial Planning, Eugene Ardino, made several predictions for 2023 including that competition for advisers would flourish, with licensees competing for a smaller demographic of advisers.

Moreover, Mr Ardino believes that while there are still groups out there with ambitious growth targets, most of this will likely be achieved by merger and acquisition, rather than organic growth.

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“At Lifespan, we have ambitions for continued adviser growth in 2023, as we believe that our privately owned, and family-orientated advice community continues to be attractive to advisers seeking certainty and flexibility in their licensee partner,” Mr Ardino said.

“We are also very focused on our existing community of advisers, and will continue to deliver relevant, tailored service and support across the group”.

As for how the economic landscape will shape up this year, Mr Ardino predicted that market volatility is here to stay. As such, he said, “challenging economic conditions in 2023 will continue to prompt advisers to better articulate the value of the advice that they offer”.

“Advisers will need to continue to look for ways to boost advice efficiency, including the ability to respond quickly to changing market conditions, and managed accounts will continue to play a large role in this,” Mr Ardino said.

“The adoption of managed accounts can prove difficult for many practices that have not properly formulated and delivered their value proposition to clients, outside of investment performance. We see a huge opportunity for licensees to support practices to better articulate the value that they offer clients and enjoy the efficiency benefits of managed accounts,” he explained.

Ultimately, Mr Ardino said 2023 is possibly the first year, in over a decade, that the advice industry has entered with a greater sense of optimism and certainty.

“No doubt, there are still significant challenges to be addressed, and the pace of reform might not be as rapid as we might hope. However, things are looking up, the pendulum is gradually swinging back, if not in our favour, then closer to the middle.”