Money
Start-up advice firms ‘driving market innovation’
A new generation of start-up advice firms is leading the post-private-equity-backed consolidation market with innovation and best practice, according to Platforum.
The consultancy said these start-up advice firms are “reshaping the market” once dominated by PE firms.
Private equity has played a big role in driving M&A activity in recent years with several firms acquired. And over half of advisers are now working at firms with more than 50 advisers.
The pace of PE consolidation has slowed in the past year due to higher interest rates and increased regulatory scrutiny.
However, Platforum said consolidation has also led to the rise of start-up advice firms, as many have been formed by breakaway advisers from acquired firms.
And there are others led by entrepreneurially minded advisers ready to branch off on their own.
A recent Platforum survey of 264 advisers found that over a quarter (26%) of advisers are working in firms that are less than 10 years old, half of those founded since 2020.
It said these newer firms tend to follow similar business models, particularly those that started during the pandemic.
They are more likely to use technology to boost efficiency and data analysis, have more academic qualifications with many attaining chartered status, outsource their investment propositions instead of managing them in-house and adopt evidence-based investment strategies.
The barriers to entry are minimal for financial advisers who start their own businesses, especially for those who have existing clients.
Starting costs are often low compared to other industries because of network turn-key solutions, manageable capital requirements, minimal start-up overheads, outsourcing options and favourable cash flow.
Platforum analyst Mariam Pourshoushtari said: “The recent wave of PE-backed consolidation has undeniably reshaped the UK advice market.
“However, less attention has been given to the new generation of dynamic, lean, tech-driven firms emerging in its wake. These businesses are also transforming the market, often leading in innovation and best practices.”
Starting firms from scratch can be a daunting enterprise for newly qualified advisers.
It often requires a few years to attract enough clients to become profitable and it takes time to gain the experience and soft skills required for long-term business sustainability, according to Platforum.
However, many commentators say that despite the increasing regulatory demands, newer firms are set up with these rules in mind from day one, helping them avoid the expensive restructuring that older firms often have to navigate.
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