He added: “As we look back at 2022 and forward to 2023, we are proud to be fully committed to independence and independent financial advice.”
This trend towards consolidation is partly borne from the increasing number of financial advisers reaching retirement age.
ValidPath noted that two issues arising from this is firstly, what happens to the clients and firms when the owner-manager retires, and secondly, how does the industry encourage the next generation to join the advice sector.
In 2022, recognising that some advisers do not find the idea of selling their business to a consolidator appealing, ValidPath launched a ‘succession solution’ as an alternative.
“I strongly believe that the UK financial advice sector is well positioned to continue to serve a large and growing market demand for financial advice, and those firms that embrace technology, independence and focus on what is in the best interests of clients will be well positioned to thrive,” MacNee said.
jane.matthews@ft.com
