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.

Turbulent economic conditions and the Consumer Duty challenges have hit confidence in the future of the advice profession with 16% - one in six - of firm owners looking to sell or exit the market in the next 18 months.

The number of Financial Planners is set to grow according to wealth consultancy NextWealth, after its research showed that Financial Planners are younger and more ambitious than typical financial advisers.

Consumer Duty pressure will spur one in five adviser firms to change or ditch some of their tech tools in the next 12 months, a new report predicts.