The findings are from SimplyBiz’s biannual adviser survey.

The study, which was completed at the end of January by more than 200 adviser firms, revealed two-fifths of firms felt positive about the coming 12 months.

Just 13% indicated they felt concerned about the future with the rest cautious, with more optimism for the second half of the year.

Market volatility and the effects of inflation were the most common topics of conversation with clients, followed by the cost-of-living crisis and interest rates.

Two fifths of firms responding to the survey reported growth in client numbers over the past 12 months.

However, that was down from the 75% that reported an increase in client numbers in the 2022 survey.

The primary focus for advisers was finding ways in which to further support clients, with 45% selecting it as their main priority. 

Further supporting clients was selected almost three times as often as the next most chosen focuses: adding further efficiencies, growing client bank, and reducing admin burden. 

Much of the changing operating patterns built up during the pandemic continued, as advisers looked for a balance of virtual and physical interaction.

Richard Ardron, marketing director of SimplyBiz, said: “With the obvious challenges facing us all, we wanted to gain a first-hand understanding of where advisers would be focusing their proprieties, which issues they were addressing for their clients and how they would prefer to operate.”

He said the survey was conducted to understand the shifting landscape of challenges and opportunities facing advisers, and evolving client needs and concerns. 

SimplyBiz provides support services, software and data for professional financial advisers, financial intermediaries and product providers.

It supports more than 3,000 intermediary firms with regulatory and business support while providing product distribution support to more than 400 financial institutions.