In the next five years the financial advice sector will see small adviser firms thrive while the number of clients served will grow by 30%, according to predictions from wealth consultancy NextWealth.

Employee benefits have failed to evolve and are failing employees’ needs for financial wellbeing, according to a report from wealth and investment manager Close Brothers.

Nearly one in four UK adults (23%) say they would never seek financial advice, even if it was free.

Wealth consultancy NextWealth has predicted a "seismic shift" in advice firm structures over next five years with the fee earner to non-fee earner ratio moving from 1:1 to 4:1.