Top adviser concerns revealed

Several firms said they were undertaking large scale IT projects, replacing legacy systems with modern solutions.

CEOs of wealth management and financial advice firms stated that ‘maximising technology enhancements’ and ‘leveraging digital capabilities and technology in advice’ was an advantage. 

Martin Bamford, chartered financial planner at Informed Choice, said staffing and talent were of particular concern for him at the moment.

He said: “I don’t think Brexit is having a direct impact on staffing concerns. It’s more that there’s just a real shortage of talent, particularly in roles like paralegal planning which is an important role in supporting financial advisers.

“There’s also a real focus on data security, especially after recent events like the Cambridge Analytica scandal.

"It’s a hot topic. Any breach of data in our area of work, where we deal with sensitive client information, would be terrible.”