More than two in five advisers (42 per cent) feel that open-ended liability is a significant issue when considering selling their business or acquiring another business, new research from the NMG IFA Census, commissioned by Association of Professional Financial Advisers and Zurich, has revealed.
Before anyone can criticise a financial adviser for dumping liability, one needs to allow financial advisers the benefit of the longstop and the statute of limitations. If you restrict any adviser from an exit without even the benefit of a 15 years longstop then I am afraid no one in their right mind will ever consider joining such an industry.
Simon Mansell
Article continues after advert
Managing director
Temple Bar Independent Financial Advice
Worcester
