View more on these topics

Magnificent obsession

Harry Katz suggests in Money Marketing that I am becoming obsessive regarding both the FSA and the RDR.

While younger than Harry, I recently entered my 33rd year in the industry and can witness that never have the pension and protection gaps
been so wide. The country is in crisis and we are storing up financial chaos to be unleashed at a future date.

Regulation has rid the industry of the cowboys as well as badly designed and penal contracts. It has also rid the industry of 90 per cent of its distribution and the widening of the afore-mentioned gaps is not coincidental. The RDR promises more of the same, with dwindling adviser
numbers and fewer consumers engaging.

It is revealing that on the same day I read Harry’s letter, I also discovered that Prudential is planning to reactivate its direct salesforce – a recognition that products are sold and not bought.

Having a nucleus of highly qualified advisers with a fee basis that disenfranchises the majority of consumers is not a step forward. It might be for the CII and the PFS but it is not for society. In this context, it is no surprise that the RDR and this regulatory vandalism should exercise my mind on a regular basis.

ALAN LAKEY
partner,
Highclere Financial Services

Recommended

Out of context

“Nigel and Laith they start handing each other love notes in the office.”Hargreaves Lansdown head of pensions research Tom McPhail reveals the office antics of colleagues, pension analysts Nigel Callaghan and Laith Khalaf. “I spent eight hours investigating critical illness on my laptop.”Highclere Financial Services partner Alan Lakey telling a MM hack about how he […]

Flexibility factor

Flexibility in adviser technology has never been more important. With the double whammy of RDR and the global economic turmoil, businesses are realising that they need much more from their chosen software provider than ever before. This refers in equal measure to requiring constantly evolving functionality from software platforms and also ensuring the flexibility of […]

All boutiques great and small

Sometimes, a perfectly reasonable word turns itself into a fashionable concept, and starts to grate,” wrote Charles Moore recently in his weekly column for The Spectator. “We have reached that point with the word ’hub’. Everything – a city, a café, a church, a school, a website – feels the need to claim that it […]

1

Hub of the matter

Financial Relationships joint founder Alex Morris describes how the firm is taking a hub and spoke approach to service by building professional connections and making advice the product

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com