Outgoing Aifa director general Chris Cummings has urged IFAs to come together to prove to the Government that the sector is a “core part” of the future of financial services.
In his final column for Money Marketing as director general of Aifa, Cummings says IFAs have spent too long fighting internal “wars”.
He says: “I hope the advisory profession recognises its own strengths soon. For too long, too much time and too much energy have been wasted in internecine wars between different types of adviser holding different types of qualification.
“The challenge has always been to serve those who have turned their backs on the financial sector and who are under-saved, under-protected, underpensioned but over-indebted as a result. I sense a change in Government policy to address these issues.
“It is my belief that the advisory profession could be a core part of the solution but it is for us to prove our case.”
Cummings says there are opportunities for IFAs to service an ageing population that will have to be better prepared for retirement and engage with younger generations through technology-based solutions. He says: “For the practices who understand how to use technology, to serve their existing clients and reach out to new ones, these are exciting times.”
Aifa is understood to have interviewed a short list of candidates to succeed Cummings as director general.