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Industrial revolution needed for advisers

The retail distribution review will drive down the cost of advice and IFAs will have to find industrialised processes to serve the mass market as a result, says independent consultant John Cowan.

At the Money Marketing RDR Invitational, Cowan said: “The RDR is a back door that is all about driving down the cost of advice. Once the public sees the cost of advice, the vast majority will not pay for it and so we, the IFA community, are going to have to invent ways to serve wealthy clients through fee-charging while looking to industrial-ised processes to find ways of serving the mass market.”

Halton Insurance Service director Mike Fry says that developing these extra services will be difficult for directly authorised IFAs. He says: “I am not part of a network so I would have to set up these processes myself and it would be hard work to find the time or I would have to buy in the services and that would be another expense on top of everything else.”


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Business Secretary Vince Cable says banks still face “fundamental surgery” in terms of the link between investment and retail banking and the lack of competition in the sector. In an interview on The Andrew Marr Show on BBC 1 on Sunday, Cable said the Independent Commission on Banking, chaired by Sir John Vickers, will bring […]


Rethink your client priorities

Standard Life says many IFAs do not recognise which parts of the advice chain clients value most when pricing their services. Speaking at Money Marketing’s RDR Invitational last week, Standard Life director of intermediary distribution Stephen Ingledew said: “Your customers value some parts of your role more than others. Advisers spend more time on administration […]


MM leader: FSA spins new myth with misleading comparison

The FSA’s gross manipulation of Financial Ombudsman Service statistics in an attempt to undermine the argument that IFAs offer a better service than banks has quite rightly angered the adviser community. We doubt that, even in a mischievous moment, the British Bankers’ Association would have attempted to massage FOS stats in the way the FSA […]


Out from the long grass? An IT and NI merger

Those with a long memory will recall that at the start of the last parliamentary term George Osborne announced his intention to merge income tax (IT) and national insurance (NI).  Headline grabbing as the initiative was, the reality of the complexities, challenges and costs of such a move resulted in this idea being kicked into the political long grass.


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There is one comment at the moment, we would love to hear your opinion too.

  1. How can the costs of providing advice possibly be brought down when the FSA is doing everything it can think of to make the advice process and the dangers of long term liability for it more and more expensive?

    Perhaps Mr Cowan might benefit from a few years experience at the advisory coalface to gain a better insight into just what life is like out here in today’s increasingly toxic regulatory climate.

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