Regulation and Brexit have been listed as the top two challenges of 2020, according to a survey of 360 users on Intelliflo’s Intelligent Office conducted during December.
The survey asked respondents to select their top three opportunities and challenges from a list.
Regulation is the biggest concern for the coming year having been selected 334 times, followed by 189 for Brexit, 154 for cyber security and 130 for pension transfers.
The list also included factors such as merging with another firm, robo advice and selling the business.
The research revealed that in 2019, regulation (341) and cyber security (174) were the top two challenges, while 348 advisers said existing clients recommending new clients was the biggest business opportunity, followed by pension transfers selected by 193.
Looking ahead, respondents continue to believe client recommendations are the biggest opportunity for 2020 with 332 choosing the option. The survey results showed recruiting extra staff as the second biggest opportunity with 176.
Intelliflo chief executive Nick Eatock says: “It’s no surprise that regulation tops the list of challenges but it’s interesting to see it ranks highly as an opportunity too. Regulation such as PROD (The Product Intervention and Product Governance Sourcebook) is one regulation that many advisers are still grappling with but, when done well, it can provide huge benefits for clients and advice businesses.
“It’s also interesting that staff recruitment remains an issue. When we carried out a similar survey last year, recruitment was third in the list of challenges for 2018 and this latest survey seems to indicate that was the case and also that recruitment continues to be a challenge for the year ahead.
“Our experience working with advisers is that those who adapt their businesses to recognise the benefits offered by fully embracing technology can overcome some of the recruitment challenges they fear.”