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Top advice firms control nearly half the market, study finds

The largest 25 firms control nearly half of the advice market, new research shows.

Their share is up 2 per cent on last year, according to research company Plimsoll, as sales growth at the biggest players outstrips the wider market.

Average sales growth for the sector is 8.8 per cent, with the top companies coming in at 12 per cent, Plimsoll finds.

According to the analysis, St James’s Place takes a 12 per cent share by itself, significantly outstripping competitors like Brewin Dolphin on 4 per cent and Tenet on 2 per cent.

The analysis identifies True Potential and Tilney Financial Planning as two of the firms that have improved their financial health the most in line with sales growth.

For the rest of the market, firms with less than £3m in sales make up 8 per cent of the total, and companies with between £3m and £22m in sales make up 22 per cent.

Do one-man band IFAs have a future?

FCA data shows there are still roughly 2,400 advice firms operating as sole financial planner practices. The average number of advisers in a firm is 4.5, the data suggests.

While 83 per cent of firms themselves are independent, 40 per cent of all charges come from restricted advice.

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