The advice market is likely to consolidate even further during 2019, due to the rising cost of professional indemnity insurance, Tenet's chief executive has said.
Martin Greenwood said the challenge for advisers was responding to the ever-changing regulatory environment and said 2019 looked likely to compound this.
He said: "Reducing numbers of advisers however and an ever increasing demand for advice, especially since pension freedoms, means that there are exciting times ahead for those firms who can rise to the professional challenge.
"This will undoubtedly lead to further consolidation in the market, with access to affordable professional indemnity insurance a key factor.
"At Tenet, we will continue to build on our strategy of growth and concentrate on our core propositions to ensure we support firms in line with changing requirements.
"Ours is certainly not an industry for the complacent but if you are willing to embrace change then you can seize the opportunities this brings."
Among the changes due to take place during 2019, Mr Greenwood highlighted the introduction of the senior managers regime in December, and said advisers would need to lay the foundations for this over the course of the year.
He also highlighted the Financial Conduct Authority's mortgage market study, which is due to be published in the spring.
Mr Greenwood added: "January sees Mifid II statements of aggregated costs and charges coming into play, essentially providing the client with information on how much it has cost for them to invest, taking into account advice, product and fund charges for Mifid investments.
"Having a plan for a uniform process to deliver this will be key, although in the first year there may be some dependencies upon what information is available from platforms and other providers."