Advisors had to adapt to the challenging environment of 2023

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Jenny Davidson, director of commercial propositions at Quilter, said advisers had to adapt to support clients during economic uncertainty, as well as deal with regulatory changes throughout the year.

The ongoing cost of living crisis is having a major impact on personal finances, putting pressure on people’s ability to invest in their futures.

Davidson said this has made financial planning more difficult for advisors and their clients.

“High interest rates, market volatility and recession risks continue into 2023,” Davidson said.

“Not only have financial planners had to adapt to support their clients through this challenging environment, but they have also had to be agile in responding to the various government and regulatory changes that have materialized throughout the year.”

The Financial Conduct Authority’s consumer obligations came into force on July 31, and Mr Davidson labeled it a “salient feature for the financial services industry” throughout 2023.

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