Independent financial advisers look to sell
Advisory businesses for the mass affluent could be under threat as new research shows a seventh of independent financial advisers in the UK are seeking to sell their business, due to concerns about the recession.
Nearly one in seven IFAs are looking to sell their businesses this year as worries about the economic outlook and the Financial Services Authority's Retail Distribution Review hit home, according to the survey from MetLife Europe.
The results showed 9% of advisers are starting the process this year while another 4% will definitely sell their businesses by the end of 2009.
A a greater percent of advisers - 32% - do not feel confident about their business performance this year, compared to those who feel confident, coming in at 26%.
A roughly equal percentage of advisers either believe that the RDR will have little or no impact on their business this year – 28% versus 25% who believe it will have a major impact.
Dominic Grinstead, managing director of MetLife’s UK Branch said: “The IFA market is undoubtedly going through a period of transition and consolidation, and it is striking that more than 10% of businesses are likely to be up for sale."
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