The cost-of-living crisis and competition from cash have dealt a blow to the retail wealth management industry.
Gross flows for the second quarter were stable at £54bn, but net flows dropped to just £812m— a 72% drop on the previous quarter — the worst net sales since Q322.
Q1 had got off to a slow start with business only really gaining traction in March in the run-up to the tax-year-end. We all hoped that the momentum would continue, but Q2 was the same, only in reverse — April was strong thanks to ISAs, but it was downhill from there on.
Overall, the first half of 2023 has not been a good for the industry and the economic backdrop means there’s very little chance it will improve in the second half.
With conditions this bad, you need all the help you can get. Why leave business to chance when data science can pinpoint your opportunity? We will help you identify with pinpoint accuracy who is in the market for your products.