FCA publishes findings from financial adviser market survey

We have published findings from our Financial Adviser Survey. The findings provide an updated picture of how the UK financial advice market is evolving and what this means for firms, consumers and future growth.

The survey brings together responses from more than 4,100 financial advice firms; alongside analysis of data we already hold on around 31,000 advisers.

Overall, it shows a market that remains broadly stable and continues to support millions of clients, even as firms adapt to consolidation, new business models and technology.

Key findings include:

• Firms responding to the survey advise on around £1 trillion of assets for more than 4.1 million clients, highlighting the scale of advice being delivered.
• Large firms account for around 50% of assets under advice, all firms play an important role through relationship led and local advice. 
• Adviser numbers have remained broadly steady at around 31,000 since 2023, despite a 15% fall in the number of authorised advice firms since 2021. This points to consolidation across the market rather than a reduction in advice provision.
• Women account for around 18% of financial advisers, despite being part of around 60% of advised client relationships, highlighting an opportunity for the sector to better reflect the consumers it advises by strengthening recruitment, retention and progression.
• Financial advice remains concentrated among older and wealthier consumers, with regulated advice currently reaching only around 9% of UK adults. Nearly a third of firms are considering offering a form of simplified advice propositions to help expand access, particularly for mass affluent consumers.

The survey also shows positive engagement with the Consumer Duty, particularly in pensions and retirement advice, which account for 69% of clients’ main advice objectives. 

We are publishing this analysis to help firms benchmark their practices and to inform our supervisory and policy work, as we continue to take a more data led and proportionate approach to supporting good consumer outcomes.