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Quality of Advice Review lead Michelle Levy discussed in detail her ‘good advice’ proposals with Professional Planner and how the regime would prevent the return of conflicted advice models from major institutions.
Three consulting firms have joined forces on a submission to the Quality of Advice Review, highlighting the need to follow the UK’s regulatory model of clearly labelling the difference between restricted advice and independent advice models.
Clockwise from top left: Karen Eleyu, Steven Fine, Simon Burke and Peter Horsfield While researchers and Professional Planner poll respondents predict adviser numbers will soon drop to 13,000 and below, many industry observers quietly predict the number will settle at a far more conservative 15,000 to 17,000. A recent Professional Planner poll asking advisers “ How low will registered adviser numbers go before they stabilise and start to grow again?” received a grim response; 17 per cent believe the number will reach 13,000 and a further 52 per cent said the number would fall below 13,0...
The only advice model that works for advisers now and in the future is an active advice model, where advisers are more engaged and embedded into the financial lives of their clients according to Encore Advisory managing director Tom Reddacliff. Speaking on the Advice Evolution in 2021 webinar with Consultancy Evergreen’s Angela Ashton, Reddacliff explained how the regulatory push for ‘active advice’ will become an all-pervasive trend at the advice practice level this year. “Active is the only viable business model,” Reddacliff said. “That’s become far, far more obvious in recen...