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Preparation is key for depolarisation

I would like to respond to Friends Provident managing director Ben Gunn’s belief that depolarisation is going to “pose a big challenge for the market”(MM, November 4).

There is no doubt in my mind that preparation is the key to understanding the changes in legislation and regulation, consumer behaviour and the market.

Ironically, I think depolarisation will trigger a polarisation of clients between those with significant assets who will need sophisticated solutions to their financial needs and the mass-market clients whose needs will be for simpler products and less comprehensive advice.

All these changes are going to have a huge impact on how high-net-worth clients seek advice and how we all need to conduct business in the future. Indeed, this new simplified world is causing the whole services landscape to change and ultimately thorough understanding and preparation is the key to being ready.

Mike KellardChief executive officer,Winterthur Life,Basingstoke, Hampshire

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