Ken Davy: Unique chance to comment on advice gap
In a previous article I drew attention to the unique opportunity for you to have your say on the future shape of financial advice. Time is passing and action is needed now, so I urge you to write or e-mail.
The overriding objective of this government-inspired review is to “radically” improve the consumer’s access to financial advice. Radical is a strong word, and clearly indicates a willingness to consider fundamental changes to the current delivery, regulation and cost of accessing financial advice.
In considering the ‘advice gap’, the review wants to know how people who work hard and want to save for their future can more easily access the financial advice they need. Pre-RDR, advice was more freely available as many advisers subsidised the cost of serving less well-off clients. In the new fee-based world, this is neither possible nor practical, nor is going back to commission.
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