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Demand for advice will outstrip supply

Ernst & Young global insurance leader Shaun Crawford says there will not be enough financial advisers to meet consumer demand within the next three years.

At the Sesame symposium in London last week, Crawford said the number of financial advisers in the marketplace will dwindle and the sector will be unable to service the growing need for financial advice.

He said: “There are about 30,000 to 40,000 advisers in the marketplace. As a result of the RDR and pure economics, those numbers are going to decline. When we look at the changes in the defined-benefit and defined-contribution markets, plus changes to longevity, it is clear to me that demand for advice is going to outstrip supply within two or three years.”

Crawford said the retail distribution review will cause banks to cut back on their in-house advice teams and, as a result, the IFAs left in the industry will benefit from increased business.

He said platforms will also benefit because they will be vital in providing information and services to customers following the RDR.

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