In preparation for the anticipated increase in demand for its services, Adviser Matrix is currently in the final stages of appointing a well known and highly respected figure in the broker and network market to manage its anticipated growth 2009.
Adviser Matrix’s research shows one in five advisers have considered joining a network in 2008.
However as the financial impacts of the credit crisis continue to affect the industry an increasing number of advisers set to review their business models prior to the FSA renewal deadline in April.
Julian Wells, director of Adviser Matrix, says: “Whilst many advisers will prefer to continue with their directly authorised status, we expect to see an increase in the proportion deciding to join networks.
“We believe that this is driven by an increasing squeeze on costs and business volumes as the credit crunch has impacted markets this year. Furthermore, whilst the ongoing Retail Distribution Review is not due to be embedded until 2012, we expect that one of the impacts of the RDR is that independent financial advisers will at the very least begin to review their business models.”
Phill Evans, managing director of DA firm Enable Finance, says: “2008 has been a really tough year and if anything next year is looking just as bad, if not worse. Advisers are having to deal with a huge amount of change and the demands on them are quite severe. I can see that joining a network will be popular as the regulatory shelter and training benefits will look increasingly attractive.”