Sales drought for retail wealth management in 2023

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.

Finscape flows June 2023 qtrly

Finscape flows June 2023 mthly

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.

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Photo by Dan Gold on Unsplash

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