PIMFA Unveils Research from its Leading Lights Forum on Trust, Culture, AI and the Future of Financial Advice

PIMFA, the leading trade association representing wealth managers, financial advisers and financial planners across the UK, has today published its Leading Lights Forum Research Report 2025 - 26, showcasing insights from emerging leaders across the sector.

The Forum brings together talented professionals from across PIMFA's membership to collaborate, learn, and deliver thought leadership on issues shaping the future of the industry. Over the past ten months, participants worked in four specialist groups exploring barriers to advice, trust, artificial intelligence (AI) and company culture.

Liz Field, Chief Executive of PIMFA, said:
"This year's Leading Lights Forum has delivered an outstanding body of work that captures the challenges, opportunities and evolving expectations facing our industry.

Their insights demonstrate not only the importance of trust, culture and technological innovation, but also the critical role financial advice plays in improving long-term financial wellbeing. We are immensely proud of the commitment and insight shown by all participants, whose contributions will help shape PIMFA's strategic thinking as we all work across the industry to support better client outcomes.

I would like to extend our sincere thanks to all members of the Forum, our research partner Savanta, and everyone involved in the programme."

Key findings from the four research groups covered within the report include:

1. Unlocking Financial Futures: The Advice Benefit

• The long-held perception that financial advice is "only for the wealthy" is shifting. Two-thirds of respondents believe advisers work with clients holding under £100,000, while almost half believe £50,000 is sufficient.~
• Barriers to engagement stem from both affordability and accessibility. Among those who felt they lacked the money to seek advice, 47% turned to self-directed investing, while 50% did not invest at all.
• Financial literacy remains low, with only 9% of UK adults receiving regulated advice last year despite 91% of advised consumers reporting it as helpful.
• Regulatory reforms such as Targeted Support and Simplified Advice may expand access to advice for underserved groups.
• Consumer demand for one-off, event-driven advice has risen by 10% since 2023.
• Employer-led advice and hybrid advice models blending digital tools with human expertise present scalable solutions for early engagement.

2. Do You Trust Us?

• Trust should be treated as a measurable, manageable asset. Firms can use structured trust frameworks - credibility, reliability, intimacy and self-interest - to set KPIs and strengthen performance.
• Research indicates trust declines after age 45, emphasising the need to engage younger consumers earlier through digital, low-cost, or subscription-based services.
• A more balanced narrative from regulators and the media is needed to counteract perceptions of industry self-interest. Firms must also improve communication, visibility and client intimacy.

3. AI: Evolution, Revolution or Devastation?

• Successful AI adoption relies on clear strategy, problem definition, and alignment with firm-wide objectives.
• Human interaction remains crucial at emotionally or financially significant "moments that matter." AI should augment, not replace, the adviser.
• Strong ethical and governance frameworks are essential to avoid poor client outcomes or operational risk.
• Firms must choose AI solutions that align with their strategic vision and target specific opportunities, particularly across younger wealth accumulators.
• AI is not a one-size-fits-all solution; effective deployment requires clarity, oversight and targeted application.

4. Company Culture: Who Even Cares?

• Culture must operate as both a "carrot and a stick," with practical application in everyday behaviours - not just words on a whiteboard.
• A firm's culture is most visible when things are not going well, poor cultural alignment shapes decisions, behaviour and overall resilience.
• To build trusted, resilient and future-ready organisations, firms should:
  - Adopt dual strategies for generational engagement
  - Embed culture in operations and governancE
  - Prioritise inclusion and representation
  - Accelerate digital transformation and personalisation
  - Foster continuous adaptation
  - Align external messaging with internal reality
  - Measure and publicly report cultural impact

The full report is available for free download here.

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NOTES TO EDITORS

About PIMFA

PIMFA (The Personal Investment Management & Financial Advice Association) is the trade association for firms that provide wealth management, investment services, and financial advice and planning to everyone from individuals and families to charities, pension funds, trusts and companies. The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.

PIMFA represents both full and associate member firms. Full members provide a range of financial solutions, including wealth management, financial advice and planning, as well as investment and execution services. They assist everyone from individuals and families to charities, pension funds, trusts and companies. Associate members provide professional services to the PIMFA community.

PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to help create a UK culture of thriving financial health through constructive advocacy, fostering connections, and providing practical support.

PIMFA was established in 2017 as a result of the merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA), which has a history as a trade association dating back to 1991.

Further information can be found at www.pimfa.co.uk.

Contact PIMFA

For more information on this press release, or other press matters, please contact:
Sheena Gillett, PR & Communications Director, PIMFA
[email protected] / (+44) 7979 493225.