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Ex-bank and society staff &#39will be new generation of advisers&#39

The next generation of IFAs will be former high-street bank and building society employees who decide to become independent, according to a panel of leading advisers and product providers.

Speaking at the Top 100 Summit, members of the panel of IFAs and providers said the Sandler suite of products, if adopted by high-street providers en masse, could mean fewer bank and building society employees needed to advise on products.

Scottish Widows intermediary and partnerships director Robert Wylie said these employees would be good recruits for the IFA market.

Although they would still have to retrain as financial advisers, they would be in a far better position to gain the FPC qualifications than new graduates.

Latest figures show the growing demand for independent financial advice is set to increase in the next 10 years.

Berkeley Independent Advisers sales and development director Hazel Hodge said: “To cover this need, the industry will have to recruit more new advisers but there is no indication in CP166 of where the new blood in the advisory pool is going to come from so perhaps it will have to be the high street.”

Panel member Clerical Medical strategic marketing manager David Shelton told the summit: “The FSA proposals for qualifications show advisers where they can specialise if they want to, which will particularly interest high-street employees who are already highly trai-ned and may consider a move across to independent advice if Sandler is adopted.”

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