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&#39Incompetence offers planners an opportunity&#39

The financial services market is rife with failure, incompetence and ignorance and this situation offers financial planners a key opportunity to increase their business, Seven director Justin Urquhart Stewart told this year&#39s Institute of Financial Planning annual conference.

He believes that the public now has an innate distrust of the Government, regulators, the markets, banks and providers, coming from across-the-board failure and incompetence from debacles such as pension misselling and split caps.

Added to this, he said that investors are in the strange situation of having a certain amount of investment know-ledge but are still being led by the sensational positioning of the media.

Urquhart Stewart said this scenario has meant there is a growing demand for financial planning services and improved investment management facilities.

He said: “Now is the time for financial planners to rebuild trust and confidence in the marketplace. We need to reset expectations of future growth and begin to plan instead of punt.

“Financial planners are in a unique position because only they are able to rebuild confidence and trust with clients.”

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