The Personal Finance Society is launching a campaign to improve the financial advice industry’s reputation among consumers.
Speaking at PIMS on board the Aurora last week, PFS chief executive Keith Richards said there continues to be a lack of trust in financial services which he said is exacerbated by the absence of a unified adviser voice.
He said: “The industry needs to put aside its differences and make consumers aware of the levels of professionalism the RDR has achieved.
“Although individual clients trust their adviser, consumers on the whole do not have trust in the industry and that is something we need to change.”
Richards said improving the industry’s reputation is one of his main aims as chief executive.
He said: “We have made our members aware this is something we will be working on over the coming months. If we are to achieve this we need our members on board and the early indications are good.”
Jacksons Wealth Management managing director Pete Matthew says: ”It has got to be a good thing that there are efforts to raise the amount of trust in the sector, however it is a bit sad that we need initiatives to do this.”
Separately, Richards said the PFS has seen a significant increase in the adoption of paraplanners by advisers who want to remain independent.
He said: “Over recent months we have seen a growing number of paraplanners as the requirements of independence in particular create further strain on firm principals’ time.
“At the PFS we are providing CPD support specifically aimed at the paraplanner community and see it as a good way to train potential new advisers.”