Nearly half of Financial Planners (49%) who offer retirement advice report that recent pension tax allowance changes have spurred a boom in demand for advice, according to a new study.

Managed Portfolio Service assets are growing faster on average than the platform market and costs and charges for clients are falling, according to a new report by a wealth consultancy.

Wealth consultancy NextWealth has predicted a "seismic shift" in advice firm structures over next five years with the fee earner to non-fee earner ratio moving from 1:1 to 4:1.

Turbulent economic conditions and the Consumer Duty challenges have hit confidence in the future of the advice profession with 16% - one in six - of firm owners looking to sell or exit the market in the next 18 months.