Almost half of advisers (49 per cent) have turned away up to five potential customers in a month, with one in 10 having to reject six or more people, according to research by Prudential.
A study among 206 advisers across the UK showed that three in five advisers have, for various reasons, turned away a potential client in the last month.
Yet despite advisers having to reject clients, 51 per cent of those polled expected the number of advisers operating in the UK to shrink in 2016.
The research also revealed a growing number of clients now come from the professional services sector, including accountants and solicitors. A total of 11 per cent said referrals from the professional services sector is the biggest contributor to their new business pipeline.
The biggest driver of business for advisers is the quality of their service proposition, as 78 per cent of advisers say current clients act as their most important source of business.
Paul Harrison, head of Prudential’s business consultancy for advisers, said: “Although demand for advice has exceeded supply, the advice community has reacted strongly to increase capacity by streamlining and improving their service proposition.”
