A quarter of the advisers surveyed said they were unsure about the outlook for the advice sector when asked at the end of 2023.

Almost half (46.5%) of SimplyBiz advisers said they had seen an increase in client numbers over the previous 12 months.

Client bank growth was also chosen as the top priority of 2024 by the majority of the advisers surveyed.

Client conversations were dominated by discussions around the effect of market conditions on investments (24%), interest rates (21%), and retirement planning (20%).

Richard Ardron, marketing director at SimplyBiz, said the network had seen an increased demand for financial advice since the start of the Coronavirus pandemic.

He said: “Since then, this increase in demand has continued, as consumers battle with the latest wave of challenges – rising inflation and interest rates, fluctuating markets, the cost-of-living crisis, and more.

“It’s also been a challenging time for advisers, with the regulatory and administrative demands of running a business increase once again 2023.  It’s heartening to see advisers remain resilient and positive about the future, with a clear desire to deliver good outcomes to more clients than ever before.”

SimplyBiz surveyed its financial advisers at the end of 2023.

SimplyBiz provides support services, software and data to financial advisers, financial intermediaries and product providers to deliver better outcomes for their customers. The network currently has around 3,000 advice firm members.

SimplyBiz is part of fintech and support services firm Fintel which also owns Defaqto.