Financial advice and wealth management firms target 17% growth by 2029

UK advice and wealth management firms are targeting average growth of 17% over the next three years, but new research shows that technology failures and falling productivity could stand in the way of that ambition.

The findings come from Owen James, the events and insight division of adviser platform Fintel, which surveyed 1,500 senior executives across the UK's advice and wealth management sectors.

The research was published ahead of Owen James's Festival of Finance, taking place in Birmingham on 29th September 2026.

Firms still rely on referrals for growth

Organic growth remains the industry's preferred route to expansion, the research found.

However, most firms continue to lean on traditional referral-based business development, with client acquisition methods largely unchanged over the past two decades.

Technology is both a priority and a barrier

The research points to a widening gap between what firms want to achieve and what their systems can deliver.

Artificial intelligence, data analytics and digital transformation are all seen as essential to the future of financial advice, yet technology is also one of the most commonly cited barriers to growth.

According to Owen James Pulse data, 70% of technology projects in the advice sector fail.

The most common causes are poor planning, employee resistance, and vendor promises that don't match reality.

Productivity has fallen for the fourth year running

Productivity was named the industry's top challenge for the fourth consecutive year, despite continued investment in digital tools.

Firms rated their own productivity at just 6.2 out of 10, a 15% drop on the previous year. Legacy systems, disjointed processes and difficulty implementing change were all flagged as obstacles.

Advisers report spending just 34% of their working day on direct client-facing activity, with the rest taken up by administration, compliance and internal processes.

Demographic shifts add further pressure

Firms are also preparing for major changes in who they serve and what those clients expect.

The research highlighted three trends reshaping the advice market over the next decade:

• The intergenerational transfer of wealth

• The growing influence of women as wealth holders

• The "retirement revolution"

Owen James says these shifts will increase pressure on firms to rethink how they attract, engage and retain clients.

What Owen James says

James Goad, managing director at Owen James, said the data reflects a mismatch between ambition and infrastructure:

He added that demand for advice remains strong, but firms need the right technology, talent and productivity in place to make the most of it, and that those who modernise fastest will be best placed to hit their growth targets.

Over the past 12 months, Unbiased has recorded nearly 170,000 enquiries from consumers seeking a financial adviser, mortgage broker or accountant.

This figure suggests consumer appetite for professional advice shows no sign of slowing, even as firms wrestle with the operational challenges highlighted in the research.

What this means for consumers

For anyone weighing up whether to seek financial advice, this pressure on firms to modernise is unlikely to be visible on the surface, but it can affect the experience you get.

Advisers juggling legacy systems and heavy admin loads have less time for the direct, personalised conversations that matter most when you're planning your finances.

That's why it's worth choosing an adviser who's the right fit for your needs, not just the first name you come across.

Unbiased matches you with a shortlist of regulated financial advisers, mortgage brokers, or accountants based on what you're looking for, making it easier to find professional advice that puts your priorities first.