The FT Adviser Top 100 rankings are out, showcasing the financial advice companies across the UK which have delivered top service, brought in new clients and improved their professionalism over the course of 2024.
This year, firms who took in at least £185mn in new client money were considered for the long list of 150 firms.
But, as a spokesperson for ISS Market Intelligence explained, the rankings are created through applying a variety of metrics, “which means size alone isn’t enough to guarantee a spot”.
For example, the FT Adviser team examined things such as whether the business had been given a charter by an accrediting body, as well as when the company was founded. Length of service and professionalism in terms of individual and corporate charters are scored highly.
This year, the average longevity for firms in the Top 100 was 43 years, while 19 out of the top 20 firms were chartered or accredited.
Client retention is also a key component; businesses who retain existing clients as well as bringing in new ones are given high scores. Continuum Financial Services was one of the top 20 in the 2024 rankings. One of its clients, Lorna, in her 50s, said she has been using the company for five years.
For her, the personal touch was vital, and a reason why she has stayed with the company. She said: “My adviser has been so helpful to me. I can call him as many times as I need throughout the year.”
Likewise, companies with high staff turnover tended to score lower than those companies which keep their employees and train them to a high standard.
All these scores are added to provide an overall number, which determines whether an adviser makes it into the Top 100. By doing this, the list avoids being skewed only to the UK’s biggest financial adviser firms.
Top ranking
Edinburgh’s Johnston Carmichael has retained its top ranking for the third year in a row, in part due to its ability to keep hold of its highly-trained and personally chartered advisers.
Craig Hendry, managing director of the firm, said: “We need to look after our teams and make sure we create the right culture and environment for the team to succeed.
“Keeping that talent in house will help provide the best possible outcome for clients.”
Hendry added: “We have a team large enough to support clients, do the research and diligence required, and share market knowledge, while still being small enough to act quickly to market changes and deliver a personal service.”
By looking at why companies are scored highly across various metrics, the list also endeavours to show Britons what sort of service they should expect from financial advice firms.
Because past performance can be a poor guide of future returns, it is important for people to know that companies can keep on doing what they are doing well.
