Six in ten (60%) advisers surveyed by FundsNetwork in February said they expected to expand by increasing client assets under management, while recruitment (17%) and acquisition (11%) were also under consideration.

Over half (57%) of financial advisers surveyed for the Fidelity platform’s second annual IFA DNA report said their firms’ 3-5 year plans have been affected by the pandemic. However, this has improved compared to 64% who reported concerns about the pandemic’s impact on their plans in 2020.

The majority of advisers surveyed welcomed changes to their everyday working practices caused by the pandemic, saying they have found a better work-life balance as a result. Almost two-thirds (62%) said they have more time available within their working day compared to before the pandemic began.

Over one in five (21%) noted a significant increase in free time. More than a quarter (27%) said they have reclaimed this time as their own, focusing on activities that are good for their physical or mental health, while one in ten (10%) have sought to achieve a balance with commitments outside of work, such as home schooling.

However, 16% of advisers surveyed found the changes to their day-to-day routines more disruptive, leaving them feeling time-poor and citing their volume of work (25%), process issues (22%) and less administrative support (22%) as challenges to overcome. Sixteen per cent have found commitments outside of work are also difficult to juggle alongside their work.

Levels of career satisfaction remained high among advisers, at 86% compared with 88% last year.

Jackie Boylan, head of FundsNetwork at Fidelity International, said: “While many advisers have revised or put their growth plans on pause over the last year, their ambition hasn’t been deterred. In fact, the pandemic may have strengthened their determination to succeed - just look at the increase in those who say their firm plans to grow by increasing assets under advice, up from 48% at the start of last year, to 60% today.”

• FundsNetwork carried out research with 200 financial advisers in February.