You recently reported the drop in financial advisers during 2012, but the reductions in people does not reflect the reduction in the availability of advice.
The key figure was the 44 per cent (3,849) reduction in bank advisers. The average bank adviser will see more new customers (some will see 5-10 per week) and have larger client banks than most and, more importantly, they predominantly deal with the lower net worth clients.
Thereon, 20 per cent IFAs and tied advisers have stopped trading last year in the run up to RDR and 20 per cent of those remaining have lost customers (80 per cent reported no loss of customers).
It appears the opponents for RDR have been proved right and that the access to advice has been significantly reduced and that it will now be the preserve of the wealthy.
Also, while many might cheer at the reduction in bank advisers, they have been the training ground for many IFAs and the banks have successfully initiated many of their customers getting investment advice instead of leaving it in their savings accounts.
Temple Capital Finance Ltd