IFAs report growth in annual income
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More IFAs are reporting year-on-year increases to their income, according to NMG Consulting.
Based on the feedback of 449 advisers between October and December last year as part of its IFA Census programme, NMG found that 41 per cent of advisers have seen their income go up over the past year.
This latest data marks the fifth consecutive quarter that IFAs have reported growth in their income.
It is up from the low point of Q3 2009, when just 14 per cent of advisers saw their income increase.
Across all advisers, NMG found that income increased by an average of 3 per cent over the past year.
But not all advisers polled saw their income rise, with 25 per cent of IFAs experiencing a drop in their income.
NMG director David Burns says: “For many IFAs experiencing lower income levels this is not a recent phenomenon but the continuation of a longer term decline and we estimate that around half of this group will exit prior to implementation of the RDR.
“Analysis of advisers based on their progress along the RDR journey provides clear evidence that those who are most advanced are also the ones most likely to be thriving and this proportion appears to be growing.”
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