To me, entrusting the future of the profession to product manufacturers (who hardly have a strong track record as consumer champions) with all the inherent conflict and perverse incentives that will come with it, feels like a huge risk.
I can’t believe there aren’t better options – here’s a few for starters:
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- Lowering costs of provision by reforming the Financial Services Compensation Scheme levy and professional indemnity market.
- Reducing barriers to entry for young advisers and second careerists by changing the (often exploitative) competent adviser status sign-off rules.
- Reducing uncertainty by stopping the endless regulatory changes that make planning for the future and growing an advice business so difficult.
Daniel Wiltshire is founder of Wiltshire Wealth
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