Advisers in Quilter's network remain confident of a boost in client numbers in the coming year, as most report losing no business as a result of advising remotely throughout the pandemic.
A survey of more than 70 advisers in the Quilter network found 55 per cent expected to see their client numbers increase in 2021.
The majority also said they felt "fairly confident" of fulfilling business objectives over the next 12 months.
Last year the Financial Conduct Authority told MPs that small advice firms and self-invested personal pension providers would particularly struggle to cope during the second national coronavirus lockdown.
But Quilter's survey showed 70 per cent of advisers had not lost business or clients as a result of having to deliver advice remotely.
Gemma Harle, managing director of Quilter’s advice network, said: "The past year has not all been plain sailing obviously, but the feedback we’ve had from the network advisers has been very positive.
"There have been other figures that paint a more precarious picture of the sector, but the advice firms we work with do not replicate those messages."
Ms Harle said it was "highly impressive" how the sector had adapted so quickly to last year’s changes.
She added: "These messages of success must not be lost and we need to remain optimistic about the future of advisers. As we all know there has never been a more important time for advice."
The FCA has probed the financial stability of the advice market three times since last June via mandatory surveys.
It came amid predictions from chief executive Nikhil Rathi that the second round of coronavirus restrictions could serve as a "tipping point" for smaller firms.
In particular, concerns were raised last year that the newest advisers in the industry would be hit hardest by the financial impact of the coronavirus crisis due to their reliance on new business.
But in its most detailed financial snapshot of the market published since the pandemic began the FCA said earlier this month firms in the retail investments industry had remained profitable despite the challenges.
The FCA’s data shows that 87 per cent of firms within the sector reported being ‘profitable’ in the latest tranche of data, up from 85.6 per cent in February.
rachel.mortimer@ft.com
