I am writing in response to Kevin O’Donnell’s column on how adviser firms need a boost (FA, 7 January).
This is all good stuff, and well-reasoned comment. There are indeed a number of key business issues facing IFA firms going into 2016 and beyond, but in my view the key ingredient missing is a concerted and unified approach to raising awareness of the value of advice. Only when consumers – and regulators – understand the value of advice rather than simply obsessing on driving down costs will any progress be made in addressing the ever-growing advice gap.
As IFAs we need one professional body to drive business forwards – a body not afraid to stand up to the critics and negative commentators. Right now we have various groups all talking the talk, but in reality working within their own silos and promoting their separate identity and objectives.
Surely the Financial Advice Market Review has to be a wake-up call for IFAs to get on the front foot and raise consumer awareness about the positive benefits delivered through financial advice.
Nick McBreen
IFA,
Worldwide Financial Planning,
Cornwall
