A significant minority of financial advisers are turning away clients for not being wealthy enough, a new industry “census” shows.

Thirty percent of advice firms said they turned away at least one in five clients during 2019, though this was balanced by the 46 percent who said they turned away fewer than one in ten enquiries.

The census also showed a change in the way adviser charge clients, with far fewer charging purely on a ‘percentage of assets’ ba...