While RDR may have reduced the supply of advisers across the industry, the demand for advice continues to be there.
This is driven by a number of factors, most notably an increased responsibility for individuals to fund their own retirement, the demise in the availability of defined benefit pensions, the choices clients face at retirement and the complexities arising from the tax-treatment of pensions (in respect of annual or lifetime allowances).
Added to this will be the growing need for advice around intergenerational wealth transfers due to take place over the coming years. Access to the profession and the provision of quality financial advice has arguably never been more important.
FTA: What effect will the consumer duty have on the market you operate in?
ACJ: The vast majority of advice firms will continue to deliver good client outcomes and we know that good advice – whether from SJP or another regulated adviser – adds a tremendous amount of value to clients, both financially and emotionally.
The key change for firms will be a heightened focus on evidencing the good outcomes delivered and the intrinsic value that sound financial advice provides to the client.
FTAdviser is running an event later this month, exploring how advisers can build on the experience of the past 10 years of RDR to succession-proof their businesses for the next 10 years. Find out more and sign up HERE.
carmen.reichman@ft.com
