Consolidation will “not be the end game” for the financial advice industry, according to Defaqto CEO John Milliken.
Speaking at its Future of Advice conference today (26 November) in Birmingham, Milliken outlined what he thinks will be the major impacts on the future of the advice industry. These were technology and artificial intelligence (AI), consolidation and ownership of IFA firms, and the political and regulatory outlook. Milliken said that he believes that over the next ten to 15 years, there will be similar number of advisers supporting a similar number of around four million clients. "It will end up being around the same number of clients per adviser," he said. Milliken noted that ag...
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