The adviser and personal finance landscape is going through unprecedented change – and not all for the good. In fact, it is change that is causing confusion for all.
Diminishing adviser numbers and a move from commission impacts on the “average” consumer, not the wealthy. Advisers need a trade association that attempts to set its own agenda, not just accept regulatory dictat by tinkering around at the edges. We need to restore pride in the sector. It is time to stop apologising and promote the social good we do.
Here is an idea: rather than waiting for regulatory social engineers to come up with their next destructive “solution” why don’t we stop being so supine and come up with our own ones that are not to the detriment of consumers?
It is our role to be proactive. As representatives of the industry and as agents of the client we will work with regulators and the Government to come up with a way to all move forward. We believe that with proper and accountable regulation to Parliament we can create a more certain future for clients and advisers.
We need a two-pronged approach:
- We need the regulator to understand the vital role of advisers and the practical value we bring to our clients and consumers.
- We need advisers to stand up and be counted.
We believe Libertatum is the trade association for the 21st century and it is time for us to ensure rhetoric becomes action.
Garry Heath is director general at Libertatem