FT Adviser Top 100 Financial Advisers 2025
Unveiling the top UK financial advice firms of the year, and introducing the FT Adviser top 50 boutique firms
Welcome to the FT Adviser Top 100 advisers and Top 50 boutique firms 2025
What a year it has been — and we are still not done: the 2025 Budget looms ever near, inflation remains persistently high at 3.8 per cent and those rate cuts the market had been pricing in might not come this side of Christmas.
Everyone has been talking tax since chancellor Rachel Reeves announced in November 2024 that, from 2027, defined contribution pensions would be brought within the scope of inheritance tax.
Retirement planning has not only become more complicated as a result but it is, according to various studies throughout the year, now being seen as a necessity by more Britons, rather than the preserve of the wealthiest.
Add to this the hugely significant work the Financial Conduct Authority is doing around mortgage provision in the UK, as well as Treasury consultations over the future direction and rules governing the Financial Ombudsman Service, and it is not surprising that advisers have been extra busy.
Yet despite tax changes and sweeping regulatory reform (or maybe because of it), it is encouraging to see so many British financial advice businesses flourishing.
Fear, or suspicion, of potential government changes to the taxation of accumulated wealth is on the increase, motivating people to seek professional financial planning advice
This year has been marked by a significant growth in the numbers of people seeking financial advice, which is demonstrated by the highest ever levels of new gross sales among advice firms, at least the highest I have seen for over a decade.
This was not just among the firms with offices across the nation, but even small, two-person firms in more remote parts of the UK.
Usually, the initial sweep is carried out based on gross sales, and these have averaged between £150mn and £170mn for the past five years. Last year, it crept up to £185mn.
This year, approximately 150 companies brought in £200mn or more in gross sales: that's a significant jump in new business and one, which according to some of the companies approached for comment, has largely been ascribed to an increasing need to talk tax following the 2024 Budget.
According to Alexandra Loydon, group advice director at St James’s Place, a combination of factors has driven strong flows into advice firms across the UK as uncertainty and lack of clarity play on peoples’ minds.
She points out that 2024 was a period of political change that brought with it a fear of the unknown: "Rachel Reeves’ July statement, followed by her much-anticipated Budget in 2024, created surprise and raised a lot of questions before, during and after."
The changes to pensions, the non-dom regime, capital gains tax and to business and agricultural property relief created confusion, particularly given the delivery dates for some changes providing a window of opportunity to potentially do some planning.
Loydon adds: "This uncertainty has continued in 2025. We have had glimpses of how these future changes will be implemented, and with the next Budget on the horizon, any further tinkering to the pension legislation can create more confusion and uncertainty.
"This is driving more people to take advice, which will naturally lead to more people investing. As well, firms are increasingly developing their advice propositions, in part aligned with the FCA’s Advice Guidance Boundary Review, enabling greater access to advice."
Add to this the prevailing, challenging economic environment, where inflation and interest rates are directly impacting people’s personal wealth, and this again drives more people to turn to trusted financial advisers to help them navigate the conditions and secure their long-term financial futures.
Loydon says: "Political, economic and regulatory factors are creating an environment that is driving more people to engage with advice and in turn realise the value of long-term financial planning and investing.”
But not all are pointing to Budget changes as a reason for growth, including Nottinghamshire-based Fiscal Engineers.
David Jones, managing director of the company, expressed the firm's "delight" to be featured in the Top 20 again this year, but said this was down to a combination of factors.
He says: "From our perspective, the increased inflows are simply a continuation of new client growth, thanks to consistent referrals from existing clients and longstanding clients adding further funds.”
Launch of the Top 50 Boutiques
As a result of this resurgence in advice, FT Adviser, together with ISS Market Intelligence, launched the Top 50 Boutiques, which aim to celebrate those firms with 10 or fewer registered financial advisers who are going all-out to help their clients and communities.
It has been encouraging to see so many smaller firms, especially outside of London and the south east, get the recognition they deserve for the work they have done during the past year.
Indeed, many of these have been bringing in as much, or almost as much, in gross sales, as some of the largest companies on the Top 100, proving that size does not really matter — it's what you do with it that counts.
One company punching above its weight is Informed Choice — and, just as some of the national firms have concurred, the Cranleigh-based company says it has seen many inquiries as a result of people needing help with their tax planning.
Managing director Shelley McCarthy, who is a chartered financial planner and wealth manager herself, said: "We see lots of reasons triggering new client enquiries including job changes, retirement, inherited funds and other life events.
"Uncertainty in general — be that government, global political climate or personal circumstances, also drives enquiries.
"Fear, or suspicion, of potential government changes to the taxation of accumulated wealth is on the increase, motivating people to seek professional financial planning advice, and we have certainly noted an increase in such enquiries.”
A note about the methodology
The final lists are put together in collaboration with ISS Market Intelligence. The methodology is refined each year based on a variety of metrics, although as said previously, the initial sweep is done on size.
For example, ISS examines whether the business has been given a charter by an accrediting body, its client retention levels, or when the company was founded, and scored it accordingly.
This year the average longevity for firms in the Top 100 was 46, compared with 43 last year, while 18 out of the top 20 firms were chartered or accredited.
Only the top 20 are ranked in order; the rest of the Top 100 are listed alphabetically.
Political, economic and regulatory factors are creating an environment that is driving more people to engage with advice
Some new entrants into the top 20 this year include Boolers, which is also new to the full Top 100, while Verso Wealth Management rose from 51 in 2024 to first place this year.
Edinburgh’s Johnston Carmichael, which had retained its top ranking for three years in a row, fell - but only just - out of the top 20.
Alan Mathewson, Group Chief Executive of Verso Group, outlines some of the contributors to Verso's success this year: “Our Chartered and Accredited status sets a clear benchmark for professionalism and ethics. These are not easy accreditations to achieve or maintain.
"They reflect the calibre of our advisers, our technical expertise and our commitment to delivering the highest quality advice for every client.”
Mathewson adds: “Ours is a people business. We nurture our talent, support professional growth and empower our advisers to do what they do best – providing our clients with the best advice and service to make confident financial decisions.
"This focus on people, both clients and colleagues, is what drives stability, trust and long, strong relationships.”
He adds the company builds strong relationships with clients, because they know the planners are "invested in their goals".
According to Mathewson: "We don’t just design strategies – we take the time to understand their ambitions, challenges and values so that every plan is personal, resilient and designed for the long term."
Part of the reason for Johnston Carmichael falling down the rankings was actually positive for the advice sector: it welcomes many new joiners this year, which will account for a lower score in terms of the proportion of chartered individuals.
Our focus is very much on investing in the future of financial planning and growing talent within our team
Also, as the firm was bought earlier in 2025 by Partners Wealth Management LLP, this will have affected its overall scores.
We expect it will rise up again into the top 20 in 2026. Indeed, as Craig Hendry, managing director for the firm says: "The fact that we’ve been in first place for the past three years is an incredible achievement and one we’re extremely proud of.
"We’re still delighted to be recognised as one of the top planning firms in the UK. That said, our focus is very much on investing in the future of financial planning and growing talent within our team - recruiting those starting out in their careers who are studying towards chartered status."
He added: "This benefits our business and the wider profession where we know there’s a real shortage of advice professionals."
More than just a number
Obviously, there’s more to what makes a top firm than just numbers, and a focus on training new advisers and helping to bridge the advice gap through growth is to be commended.
This is why the Top 100 list - and even the top 50 Boutiques - is just a snapshot of what great looks like.
Indeed, as Ben Doob, head of ISS Market Intelligence, states: “Stability, experience, professionalism and client focus are hallmarks of the firms recognised in this year’s FT Adviser Top 100 Financial Advisers and Top 50 Boutique Firms lists”.
Doob added: “These firms stand out not just for their scale or credentials, but also for their ability to build deep, lasting client relationships and consistently deliver value in a rapidly evolving market."
Simoney Kyriakou is editor of FT Adviser
Top 100
The top 20 are ranked; the remaining 80 are listed alphabetically
- Verso Wealth Management Ltd
- Forvis Mazars Financial Planning Ltd
- Clayton Holmes Naisbitt Financial Consultancy LLP
- Boolers
- Crocus Wealth Ltd
- McHardy Private Wealth Ltd
- Westminster Wealth Management LLP
- Becketts Financial Services Ltd
- Craven Street Wealth Limited
- Barclays
- AAB
- EQ Investors Ltd
- Fiscal Engineers Ltd
- NatWest
- DGS Independent Financial Advisers Ltd
- HFMC Wealth Group
- Pharon Independent Financial Advisers Ltd
- Strategic Solutions Financial Services
- Fidelius Ltd
- Beckett Investment Management Group
A-E
Acumen Financial Planning Ltd
Advanta Wealth Limited
Altor Wealth Management LLP
Amber River
Aon Group
Argyle Consulting Ltd
Artorius Wealth Management Ltd
ASHL Group
Attivo Group
Azets Wealth Management Ltd
BBT Group Ltd
Beacon IFA Ltd
Benefact Group
BRI Wealth Management plc
Canaccord Genuity
Canter Holland Ltd
Castlegate Financial Management Ltd
Charles Stanley & Co Ltd
Chase de Vere
Close Brothers
Continuum (Financial Services) LLP
Corbel Partners Ltd
Cox Financial Ltd
Cullen Wealth Ltd
Dennehy Wealth Ltd
Douglas Steers & Co Ltd
F-M
Fairstone Group
FB Wealth Management Ltd
Finitor Wealth Group
Finli
First Service Financial Ltd
Flying Colours Advice Ltd
Futura Wealth Management Ltd
Handelsbanken Wealth & Asset Management Ltd
Harvest Associates Ltd
Hilltop Financal Planning
HSBC
Inpartnership
Jamieson Christie Wealth Management Ltd
Johnston Carmichael Wealth Ltd
Julius Baer International Ltd
Kerr Henderson
Landmark IFA Ltd
Liberate Wealth Group
Lumin Wealth
Martin Aitken Financial Services Ltd
McCrea Financial Services Ltd
MKC Wealth
N-Z
New Leaf Distribution Ltd
Old Mill Financial Planning Ltd
Openwork
Origen Financial Services Ltd
Paradigm Norton Financial Planning Ltd
Pareto Financial Planning Ltd
Partners Wealth Management LLP
Pembroke Financial Services Group
Penguin Wealth Planners Ltd
Perspective
PI Financial Ltd
Pivotal Growth Group
Progeny Wealth
Quilter
Rathbones
Reeves Independent Ltd
Rice Whatmough Crozier LLP
Rosemount Financial Solutions (IFA) Ltd
S G Wealth Management Ltd
Saltus
Shackleton
Simpson Wood (Financial Services) Ltd
Smith & Pinching Financial Services Ltd
Sound Financial Management Ltd
St James's Place Wealth Management plc
Succession
The Private Office
Thomson Tyndall Ltd
Truly Independent Ltd
Validpath
Vintage Wealth Management
Wren Sterling Financial Planning Ltd
Top 50 Boutique Financial Advisers
1-10
- Gerald Pepper Financial Management Ltd
- Just Financial Planning Ltd
- Croft & Oakes Financial Planners Ltd
- East Anglian Financial Planning Ltd
- WKM Wealth Ltd
- Beaumont Financial Planners Ltd
- Innes Reid Investments Ltd
- RPG Consulting Ltd
- Gresham Wealth Management (FS) Ltd
- Hills Insurance Services Ltd
The rest of our Top 50 Boutique Firms, ranked in alphabetical order:
Arena Investment Management Ltd
Asset & Investment Management Ltd
Atholl Scott Financial Services Ltd
Beacon Wealth Management Ltd
Blackbear Financial Group Ltd
Capelin Financial Management Ltd
Capital Asset Management (Financial Planning) Ltd
Clear Financial Advice Ltd
CMS Wealth Ltd
Darnells Wealth Management Ltd
Estate Capital Financial Management Ltd
FMIFA
Frank Corrigan & Co Ltd
GSI Wealth Management Ltd
Hanbury Wealth Management Ltd
Harding Financial Ltd
Hartsfield Financial Services Ltd
Hazlewoods Financial Planning LLP
Hearnden Associates Ltd
Herbert & Webster Ltd
Informed Choice Ltd
Investment Quorum Ltd
Jonathan Davis Wealth Management Ltd
Legacy Wealth Management Ltd
Mearns & Co Ltd
MC Wealth Management (UK) Ltd
MLP Wealth Management Ltd
Moneyweb Ltd
Next Chapter Financial Planning Ltd
North Financial Planning Ltd
Optimum Independent Financial Advisers Ltd
Partridge Muir & Warren Ltd
Pensionhelp Ltd
Robson Laidler Financial Planning Ltd
SMG F S Ltd
The Ethical Investment Co-Operative Ltd
The Path Financial Ltd
Unbiased Financial Group LLP
Wealth Matters Ltd
Woodward Markwell Financial Advisers Ltd
Top 100 methodology
The FT Adviser Top 100 is compiled based on MarketPro data from ISS Market Intelligence, a leading provider of data, analytics, and insight solutions to the global financial services industry.
The list looks at a variety of factors, including gross inflows throughout the year, client retention, the chartered or accredited status of the firm and its length of service.
MarketPro receives data directly from fund managers and investment platforms, with a combined coverage of over 90% of the UK’s intermediary fund flows. Fund manager coverage is made up of over 60 of the UK’s leading fund managers, including coverage from fund managers outside of the Investment Association rankings – such as discretionary fund managers and alternative providers.
The top 100 list is created by first selecting the 150 largest firms by gross sales in the previous 12 months, April 2024 – March 2025 for the 2025 List. Individual firms that are affiliated with a wider group are included within the figures for the group, and appointed representatives are included within the figures for their principal, regardless of whether they could appear individually. This year firms with gross sales of over £200m were eligible for inclusion compared with £185m in 2024.
Each firm is then scored on six different factors the sum of which produce the ranking:
- AUM Score – 110% of the Natural Logarithm of March 2025 AUM.
- Net % Score – Last 12 months (April 2024 to March 2025) Net-Sales percentage of March 2024 AUM, broken down into quintiles awarding points as follows: 1, 5, 9, 12 & 14 points for each quintile, respectively.
- Years Score – 1/8 point for each year in service up to a maximum of 10 points. This year, the average years in service for the Top-100 firms is 46 years.
- Retention Score – Pence outflows per each £1 inflows – the lower the better. Broken down to quintiles awarding points as follows: 4, 3, 2, 1 & 0 points for each quintile, respectively.
- Estimated Performance Score – Based on AUM growth over the period once Net-Sales are taken away. Broken down to quintiles awarding points as follows: 0, 0.5, 1, 1.5 & 2 for each quintile, respectively.
- CII or CISI Chartered/Accredited – Firms that are chartered or accredited by CISI or CII received points based on the percentage of the AUM held by chartered or accredited firms. This factor awards a maximum of 10 points.
The average weight for each of the above factors in this year’s Top-100 firms:
- Assets held accounted for an average of 49.7 per cent of each adviser’s score.
- Net-flow accounted for an average of 22.9 per cent of each adviser’s score.
- Years of service accounted for an average of 9.1 per cent of each adviser’s score.
- Retention accounted for an average of 5.7 per cent of each adviser’s score.
- Estimated performance accounted for an average of 2.4 per cent of each adviser’s score.
- CISI or CII Chartered/Accredited accounted for an average of 10.1 per cent of each adviser’s score.
The displayed figures have been rounded to two significant figures and include assets invested in retail advisory investments and pensions, reported to MarketPro by its partners. Other assets, such as those invested in discretionary funds or model portfolios were included, when submitted to us as such.
We considered whether firms were chartered or accredited Financial Planners as a mark of their professionalism and commitment to their clients. In the case of groups where some members were chartered or accredited and others were not, points were awarded based on the percentage of the AUM held by chartered or accredited firms. Firms can become chartered by the CII or Accredited by the CISI by meeting the organisations’ respective criteria details of which can be found on their websites, www.cii.co.uk or www.cisi.org
Top 50 Boutique Financial Advisers methodology
The FT Adviser Top 50 Boutique Financial Advisers is our new award, designed to recognise companies that by nature of their size just would never naturally be brought into the top 100.
The list is compiled based on MarketPro data from ISS Market Intelligence, a leading provider of data, analytics, and insight solutions to the global financial services industry.
The list aims to award firms with 10 or fewer registered financial advisers, and who are committed to excellence for their clients.
The methodology looks at a variety of factors, including gross inflows throughout the year, client retention, the number of registered individuals, the chartered or accredited status of the firm and its length of service.
MarketPro receives data directly from fund managers and investment platforms, with a combined coverage of over 90% of the UK’s intermediary fund flows. Fund manager coverage is made up of over 60 of the UK’s leading fund managers, including coverage from fund managers outside of the Investment Association rankings – such as discretionary fund managers and alternative providers.
The list is open to firms with 10 or fewer people on the FCA register or directory, as the aim of this award is to recognise the smaller firms who have shown solid performance and a commitment to their clients. The numbers were checked in July 2025.
The list is created by first selecting approximately 100 firms by number of registered individuals and gross sales in the previous 12 months, April 2024 – March 2025 for the 2025 List.
Individual firms that are affiliated with a wider group are included within the figures for the group, and appointed representatives are excluded as their sales are included within the figures for their principal in the larger Top 100 list.
Firms with sales of over £200m were excluded as they are eligible for inclusion in the larger Top 100 List. This year firms with gross sales of between £100m and £200m were eligible for inclusion.
Each firm is then scored on seven different factors the sum of which produce the ranking:
- AUM Score – 55% of the natural logarithm of March 2025 AUM.
- AUM Growth Score – Percentage increase of Assets Under Management in March 2025 compared to March 2024, broken down into quintiles awarding points as follows: 1, 5, 9, 12 & 14 points for each quintile, respectively.
- Net % Score – Last 12 months (April 2024 to March 2025) Net-Sales percentage of March 2024 AUM, broken down into quintiles awarding points as follows: 1, 5, 9, 12 & 14 points for each quintile, respectively.
- Years Score – 1/8 point for each year in service up to a maximum of 10 points. This year, the average years in service for the Top-50 firms is 26 years.
- Retention Score – Pence outflows per each £1 inflows – the lower the better. Broken down to quintiles awarding points as follows: 4, 3, 2, 1 & 0 points for each quintile, respectively.
- Estimated Performance Score – Based on AUM growth over the period once Net-Sales are taken away. Broken down to quintiles awarding points as follows: 0, 0.5, 1, 1.5 & 2 for each quintile, respectively.
- CII or CISI Chartered/Accredited – Firms that are chartered or accredited by CISI or CII received points based on the percentage of the AUM held by chartered or accredited firms. This factor awards a maximum of 10 points.
The average weight for each of the above factors in this year’s Top-50 firms:
- Assets held accounted for an average of 21.6 per cent of each adviser’s score.
- Assets Growth accounted for an average of 20.5 per cent of each adviser’s score.
- Net-flow accounted for an average of 21.2 per cent of each adviser’s score.
- Years of service accounted for an average of 6.7 per cent of each adviser’s score.
- Retention accounted for an average of 5.4 per cent of each adviser’s score.
- Estimated performance accounted for an average of 1.9 per cent of each adviser’s score.
- CISI or CII Chartered/Accredited accounted for an average of 22.6 per cent of each adviser’s score.
The displayed figures have been rounded to two significant figures and include assets invested in retail advisory investments and pensions, reported to MarketPro by its partners. Other assets, such as those invested in discretionary funds or model portfolios were included, when submitted to us as such.
We considered whether firms were chartered or accredited Financial Planners as a mark of their professionalism and commitment to their clients. In the case of groups where some members were chartered or accredited and others were not, points were awarded based on the percentage of the AUM held by chartered or accredited firms.
Firms can become chartered by the CII or accredited by the CISI by meeting the organisations’ respective criteria details of which can be found on their websites, www.cii.co.uk or www.cisi.org
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